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Car loan

Flexible CAR LOANS for purchasing foreign or Russian-made cars of 2011 and later models from primary and/or secondary markets.

  • Currency

    AMD

  • Maximum amount

    AMD 50.000.000

  • Maximum period

    84 months

  • Interest rate

    15%, actual interest rate։19.04 - 22.57%

Documented income analysis
Borrower RA citizens and residents aged 22. The age shall not exceed 65
Co-borrower + guarantor RA citizens and residents aged 22 . The age shall not exceed 65
Currency AMD
Security* The vehicle to be purchased or pledged**
Miniumum loan amount AMD 2.000.000
Maximum loan amount AMD 50.000.000
Loan maturity 24-84 months
Annual interest rate

 

15%

 

Loan-to-value ratio

(liquidation value, and upon acquisition from the primary market, the value of invoice issued by vendor shall be considered as basis)

1.Foreign cars:

2012-2015 inclusive – up to 50%

2016-2019 inclusive – up to 60%

Over 2020 – up to 80% (including from primary market)

 

Loan and interest repayments

Monthly, annuity

No penalties for premature repayment shall be applied

Loan disbursement mode Cash/non-cash
Penalty on past-due interest   0.13% per day
Penalty on past-due loan 0.13% per day
Requirements to the Borrower’s and co-borrowers’ credit history Lack of classified liabilities within 24 months prior to submitting a loan application (except for redeemed guarantee). Total of past-due days shall not exceed 40 days    
Loan application consideration fee AMD 5000
Front end fee 0.8% of the loan to be disbursed, minimum AMD 25.000, max. AMD 200.000
Credit rating

1.Debt-to-income maximum ratio 35% (monthly repayment of the given loan/borrower’s and co-borrower’s or guarantor’s income)

2. Total debt-to-income maximum ratio 45% (all liabilities of the borrower, co-borrower or guarantor / borrower’s and co-borrower’s or guarantor’s income)

Non-taxable income shall be taken as basis.

Minimum consumer basket shall not be calculated.

Insurance

Mandatory, every year.

Insurance of the pledged car – in the amount of outstanding loan (loan limit)

* Collateral shall be appraised by one of the independent appraisal companies cooperating with the bank.                                                    

**The following car models are acceptable for the Bank - Mercedes-Benz, BMW, Audi, Porsche, Ford, KIA, Honda, Chevrolet, Volkswagen, Opel, Toyota, Lexus, Nissan, Infiniti, Mitsubishi, Hyundai, Lada, Suzuki, Subaru, JAC, Land Rover, Mazda, Mini.

Attention: Loan interest rates shall accrue based on the nominal interest rate, while the effective annual interest rate shall show how much the loan will cost to you in case interests and other mandatory payments with regards to loan disbursement and service are repaid in due amounts and specified timelines.

Other mandatory fees
Appraisal fee AMD 8,000-15,000
Insurance fee 2,5-3%
Common reference AMD 3,000 
Collateral registration fee
AMD 2,000 

Dear Customer, the ratings and the number of inquiries generated as a result of your loan applications may affect your overall credit rating in the Scoring systems.

Without documented income analysis
Please follow the Armenian version
Useful information

The loan application will be approved if 

1. the customer submits the complete package of documentation and the loan application. 
2. the query made to CBA credit register shows that the Potential borrower and/or the Potential guarantor did not have classified liabilities and/or on the whole were not at least 30 days past due within the past 24 months prior to the query. 
3. the appraised value of the Collateral or Collaterals meets the requirements. 
4. both the Borrower’s and the Guarantors’ revenues meet the requirements. 
5. the body authorized to take loan decisions approved the loan application. 

The loan application will be rejected if 

1. the customer has failed to submit all documents necessary for getting the loan. 
2. the query made to CBA credit register shows that the Potential borrower and/or the Potential guarantor had classified liabilities and/or on the whole were at least 30 days past due within past 24 months prior to the query. 
3. the appraised value of the Collateral or Collaterals does not meet the requirements. 
4. both the Borrower’s and the Guarantors’ revenues do not meet the requirements. 
5. the Borrower and the Guarantor submits false documents and/or information. 
6. the rejection basis of loan application, which is not removed, is available in the credit historical database, 
7. the body authorized to take loan decisions rejected the loan application.

 

Attention

Your property (house, vehicle, or other) may be confiscated in the manner provided for by law where you fail to repay your interests and principal in time.

Where you fail to perform your loan obligations, the loan security, as well as another property of the borrower if the former is insufficient, may be seized and sold in a court or out-of-court procedure both through direct sale and public auction.

Where you fail to perform your obligations either fully or partially, the Lender shall send those data to the credit bureau within a three-day period, where your credit history is generated. You shall have the right to obtain your credit history from the bureau free of charge. Attention: A bad credit history may hinder lending in the future.  

When applying for a loan, the Lender shall provide you and guarantor(s) (if any) with an individual sheet on essential terms, wherein you will come across individual terms of the loan to be disbursed to you.  

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Annual interest rate

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ABC finance

Page updated 29.06.2022 | 16:12

In case of discrepancy between Armenian and English versions of the information, the priority is given to the Armenian version.