
Car loan
Flexible CAR LOANS for purchasing foreign or Russian-made cars of 2011 and later models from primary and/or secondary markets.
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Currency
AMD
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Maximum amount
AMD 50.000.000
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Maximum period
84 months
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Interest rate
15%, actual interest rate։19.04 - 22.57%
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%
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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)
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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.
Please follow the Armenian version
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.
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.
“Your financial directory”is an electronic system which facilitates the search and comparison of the services offered to individuals, and selection of the best options for you.
You have the right to communicate with a financial institution of your choice by post or e-mail. Receiving information electronically is the most convenient option. It is available 24/7, free from the risks of loss of paper information and ensures privacy.
Term | Payable interest | Partial repayment of the loan | General payment |
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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.