URALSIB Bank recently made car loans more accessible to its customers, making it easier for them to get loans and making the loan rates lower through a state subsidy program.

URALSIB offers car loans ranging from $1,423.94 to $53,397.90, requiring an initial contribution of 20 percent, according to a press release. The loan period ranges from one to five years.

The loans are available to a wider age range of customers. The bank has increased its maximum age to 65 years old and reduced its minimum to 21 years old. 

Further, those approaching the bank for a loan can now do so with less documentation. URALSIB now only requires two of the following documents for the issuance of credit: a Russian passport and an additional identifier such as an individual insurance account number (SNILS) certificate, a military ID or an officer’s license.

Loan rates range from 8 percent to 17 percent annually, a reduction made possible by a state program subsidizing interest rates, according to the release. The bank offers both its own car loan program and some loan programs offered in conjunction with car manufacturers.