Otkritie Bank has started accepting applications for preferential car loans under the Russian government programs named First Car, Family Car, Car for State Medical Personnel, and Car in Trade-in. These initiatives aim to make new vehicles more accessible by offering significant discounts that reduce the purchase price for qualifying buyers. The bank highlights that the discount can reach up to 20 percent of the vehicle cost, and in the Far Eastern Federal District regions, the rebate may rise to 25 percent, depending on local program rules and eligibility.
Under the state framework, buyers can choose any model from manufacturers such as UAZ, Lada, and GAZ with a price ceiling of 2 million rubles. The program is designed to support various applicants, including families with one or more minor children, first-time car buyers, and employees of medical institutions. In addition, the plan also accommodates car owners who trade in a vehicle that is older than six years, provided they have owned the car for at least one year prior to applying for the trade-in program.
Industry observers note that the preferential loan scheme is expected to have a stabilizing and invigorating effect on the domestic car market, which has faced a slowdown over the past year. The expectation is that more affordable financing will spur demand for local brands and help rebuild momentum in consumer spending on motor vehicles, especially among households that previously hesitated to buy. This sentiment is echoed by market participants who see government-backed lending as a catalyst for renewed activity and a clearer path toward increasing sales of cars produced within the country.
According to Mikhail Zadornov, who serves as chairman and head of the board at Otkritie Bank, the initiative is anticipated to boost consumer confidence and stimulate more robust demand for domestically manufactured automobiles. His assessment underscores the role of subsidized lending as a lever for revitalizing a sector that has experienced fluctuations in demand, while also highlighting the bank’s position within the market as a key source of car financing.
Otkritie Bank ranks among the leading institutions in the car loan segment, consistently appearing in the top tier for loan portfolios and market share. In the current year, the bank has approved more than 25,000 auto loans, totaling around 31 billion rubles. Even amid an overall downturn in auto lending across the industry, Otkritie Bank has maintained growth in its auto loan book, expanding in volume and share to exceed 93 billion rubles as of mid-year 2022, marking a year-to-date increase of roughly 9 percent. These figures reflect the bank’s sustained capability to provide competitive financing options for buyers seeking domestic vehicles, aligning with broader policy measures intended to support the national automotive sector.