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07.08.09
Absolut Bank Offers a “Stabilization Loan” to Its Clients
Within the loan restructuring program for private individuals Absolut Bank announces a new offer for the borrowers called “Stabilization Loan”. According to its terms, a client can get a loan to repay overdue debt on mortgage or car lending, or to early repay total debt on credit cards to Absolut Bank.
“Stabilization Loan” is meant for the clients who face difficulties in repaying the debt to the Bank. This program foresees release of the clients from the charged fines and penalties in case they pay 10% of the overdue debt at a time. Additional financing enables the client to promptly recover the normal mode of the loan repayment.
According to the program, the loan is granted for a term of up to sixty months (but not more than the validity term of the car loan and/or mortgage contract), or up to 24 months, in case of the credit card loan restructuring. Interest rate on the loan makes 17% per annum for repayment of overdue debt on the mortgage or car loan and 21% for repayment of overdue debt on the credit card.
Collateral or guarantees are not required, for the stabilization loan of Absolut Bank is secured by the effective collateral provided for the restructured loan. Oleg Skvortsov, Deputy Head of the Absolut Bank Management Board, says, “We’ve made one more step forward to our borrowers suffering difficulties in the current situation. An opportunity to get a “Stabilization Loan” following the restructuring program and loan amnesty has opened another stage of work with overdue debt, which is now a priority for all banks”.
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