Information on changes to the Car Loan Rules

Dear customers, we would like to inform you of the upcoming changes to the Rules for granting and servicing car loans secured by vehicles, effective from June 6, 2023. The changes concern clarifications and additions to some clauses of the Rules to improve their interpretation, namely in sections "General Terms and Conditions of Loan Provision and Servicing" (clause 1.9.2), "Rights and Obligations of the Bank and the Borrower" (clauses 2.2.1, 2.3.21), "Rights and Obligations of the Bank and the Borrower" (clause 4.3.2). The updated Rules are available here.

Below you will find a more detailed account of the changes, where the added text is underlined:

1.9.2. Interest shall be accrued monthly on the loan repayment date (the day of the month specified in the Loan Repayment Schedule as the payment date) (hereinafter referred to as the Loan Repayment Date).

2.2.1. Checking the availability and condition of the Pledged Item, which is defined in clause 2.4. of the Agreement (hereinafter referred to as the Pledged Item);

2.3.21 In case of pledging property rights under the vehicle purchase and sale agreement that is the Pledged Item, the Borrower is obliged to provide the Bank with the original vehicle registration certificate within 30 calendar days from the loan issuance date, and in case of discrepancies between the identification data of the vehicle specified in the vehicle purchase and sale agreement and in the Agreement (in the section on the description of the Pledged Item) and the identification data specified in the vehicle registration certificate – additionally provide an agreement on amendments to the vehicle sale and purchase agreement with the relevant changes in the description of the vehicle identification data and conclude an agreement on changes and amendments to the Agreement or provide for its conclusion by the Pledgor.

4.3.2. The Pledgor shall have the right to dispose of (transfer, transmit the title and/or transfer for enjoyment in any way) and/or encumber the Pledged Item, in particular, to further pledge the Pledged Item; and/or dispose the Subject of Pledge; and/or transfer the Pledged Item to joint activities, leasing, rent, use, as a contribution to the authorized capital (fund); export the Pledged Items (independently or by a third party to whom the right of enjoyment has been transferred) abroad, etc. exclusively (only) upon condition of obtaining the prior written consent (must contain the signature of an authorized person and a seal) of the Bank to this effect.