The FINANCIAL — Bank Republic, Societe Generale Group, is now offering auto loans with unprecedented conditions.
The FINANCIAL — Bank Republic, Societe Generale Group, is now offering auto loans with unprecedented conditions. With an annual interest rate starting from 5%, any person planning to purchase an automobile can withdraw an unlimited loan amount to do so, and get special gifts in addition. 6 months of auto insurance, a fuel coupon worth GEL 500 and a discount card from Gulf are the additional benefits for borrowers. The auto loan portfolio at Bank Republic has increased by 30% this year compared with the same period of last year.
“Loans will be issued on the basis of a customer’s ID card. The minimum income amount of a customer should be GEL 700 for employees in Tbilisi and GEL 500 for employees living in the regions. Income from leasing, professional employment and business, income from dividends and even remittance income are all considered by the Bank as sources of income,” Natia Prangulashvili, Head of Point of Sales Channels Department at Bank Republic, Societe Generale Group, told The FINANCIAL.
The promotion applies to everyone and is not limited solely to the clients of Bank Republic. The campaign will last till 31 December.
The cost sharing for both new and used cars starts from 20%. For payroll clients of the Bank short-term loans (up to 2 years) are offered from 0%.
The minimum loan amount is USD/EUR 2,000 or GEL 3,500. The maximum amount is unlimited, depending on the cost of the automobile.
The average annual interest rate on auto loans offered by various commercial banks operating in Georgia is 15%.
“Customers can withdraw a loan in the currency most convenient for them. Most importantly, there will be no need to wait, because the approval process is completed in the shortest amount of time, just 15 minutes,” said Prangulashvili.
The annual interest rate on a new car starts from 0% for a one year term; 5% for a 2 year loan and 8.5% for a three year term. In the case of a used car the annual interest rate will start from 11% for one year, 12.5% for 2 years and 13.5% for three years.
Previously Bank Republic launched a campaign on mortgage loans. To anyone wishing to purchase, build, renovate real estate or refinance their current mortgage loan the Bank has offered mortgage loans with improved terms of European standard.
The interest rate for mortgage loans in GEL starts at 7.90%. The maximum loan term is 25 years. The loan amount varies from GEL 10,000 to 400,000. The annual interest rate for mortgage loans in USD starts from 9.95%. The maximum loan term is 15 years and minimum amount of the loan – USD 10,000.
Customers have until the end of December to benefit from the terms of the campaign. The mortgage loans are issued with consideration to salary as well as income from a customer’s business.
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