The first four beneficiaries are from Bucharest, Arges and Tulcea and accessed loans from Alpha Bank and CEC Bank, FNGCIMM said in a statement Friday.
Romanian government decided to assign RON350 million (EUR79 million) as guarantees for the “First Car” program this year.
Program beneficiaries may get loans for maximum five years for cars that cost up to RON50,000 plus VAT. The state will subsidize half the interest on the loan. Prospective buyers will have to make a down-payment of 5% to 10% of the loan.
The program mainly targets people aged 18 to 35, but other age groups are not excluded. State guarantees on car loans will cover maximum 50% of the loan and the purchased car will represent the rest of the collateral.
The program limits car purchases to new cars that meet at least the minimum requirements of the Euro 5 standard.
The lenders registered in the program are BCR, BRD, CEC Bank, Alpha Bank, ING Bank, RCI Leasing Romania IFN, Porsche Bank Romania, CREDITCOOP, IFN Comsig Leasing S.A., Mercedes-Benz Leasing IFN S.A., Banca Romanească, Banca Transilvania and Intesa SanPaolo Bank.