Car loan

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Car loan

Have you chosen your car yet? Your desire to have a vehicle or renew its year of production is quite normal. The terms we provide for the acquisition of Russian and foreign-made vehicles often enable customers to acquire a vehicle in mint condition or a brand-new car.

The same terms shall also work for the loans secured by vehicles.

Interest rate

14%
Maximum period

48-60 months
Maximum amount

AMD 25.000.000
Currency

AMD

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Conditions

Borrower	RA citizens and residents aged 22. The age shall not exceed 55
Co-borrower + guarantor	RA citizens and residents aged 22 . The age shall not exceed 55
Currency	AMD
Security*	The vehicle to be purchased or pledged**
Miniumum loan amount	AMD 1.000.000
Maximum loan amount	AMD 25.000.000
Miniumum loan maturity	24 months
Maximum loan maturity	60 months – for foreign cars 48 months – for Russian cars
Annual interest rate	14%
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: 2006-2012 inclusive – up to 50% 2013-2016 inclusive – up to 60% 2017 – up to 70% (including from primary market) Over 2018 – up to 80% (including from primary market) 2.Russian cars: 2012-2014 inclusive – up to 30% 2015-2017 inclusive – up to 40% 2018 and over – up to 50% (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	0.07% per day
Penalty on past-due loan	0.06% 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	0.2% of the loan to be disbursed, minimum AMD 20.000
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.

***Within the framework of PROMOTION "Spring for women" till 07.04.19, the car loans are provided at an annual interest rate of 13%. And if you have a prepayment, then in case the amount of the loan not exceeds 50% of the vehicle's liquid value, there not be income analysis for you.

Required documents

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.

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