OREANDA-NEWS. November 09, 2012. Under the new program, the Bank guarantees all customers an approval time of less than 60 minutes. Applicants need submit nothing more than a Russian passport and driving license. Once approved, the credited funds must be accessed within 30 days, reported the press-centre of Uniastrum.

An Auto Express loan can be used to buy a new or second-hand vehicle of Russian or foreign manufacture. The credit is issued in rubles and is repayable over a 5-year period. Uniastrum offers loans of up to Rb 800,000 for borrowers shopping for a new automobile. Interest rates range from 16% to 20% APR, depending on the size of the customer’s down payment. Borrowers looking to buy a second-hand vehicle can take out up to Rb 600,000 at rates varying from 20% to 23% APR, likewise depending on the initial installment amount. Second-hand automobiles must not be older than 9 years as of the time the loan is issued.

Many people who opt to buy a car on credit immediately face the problem of having it insured. Uniastrum enables borrowers to obtain a loan without the need to take out comprehensive coverage. Customers deciding to take advantage of this offer have 3% added to their interest rate.
Auto Express loans are currently available in the Moscow region, Saint Petersburg, Nizhny Novgorod, Rostov-on-Don, Saratov, and Chelyabinsk. Before too long, Uniastrum intends to take its latest auto finance initiative nationwide.

“We began developing our instant loan programs this spring,” says Susanna Uzunyan, Head of Uniastrum’s Retail Products Division. “Our retail products are designed to enable our customers to access credit quickly and easily, without masses of paperwork, guarantors, and protracted loan decision times. This applies equally to our auto loans and all our other consumer credit options.”