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Car-backed overdrafts via MasterCard Standard, Visa Classic

Car-backed overdrafts via MasterCard Standard, Visa Classic

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If you wish to acquire or pledge Russian and foreign-made vehicles, ARARATBANK offers overdrafts disbursed by MasterCard Standard or Visa Classic cards.   

  • Maximum period

    48-60 months 60 months – for foreign cars 48 months – for Russian cars

  • Interest rate

    11%

  • Maximum amount

    USD 50.000

  • Currency

    USD

Conditions
Borrower RA citizens and residents aged 22. The age shall not exceed 55
Guaranto RA citizens and residents aged 22. The age shall not exceed 55 
Currency USD
Security* The vehicle to be purchased or pledged**
Minimum loan amount USD 2.000
Maximum loan amount USD 50.000
Minimum loan maturity 24 months
Maximum loan maturity

60 months – for foreign cars

48 months – for Russian cars

Annual interest rate 11%

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 2017 – up to 80% (including from primary market)

2.Russian cars:

2012-2014 inclusive – up to 30%

2015-2017 inclusive – up to 40%

2017 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 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 10.000
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.

The effective annual interest rate may change depending on the change of the exchange rate value published on the official website of the Central Bank of the Republic of Armenia.

Where the loan is disbursed in foreign currency, changes in exchange rate may affect the loan repayments.

Fees payable

Appraisal fee AMD 8,000 
Insurance fee 2,5%
Common reference AMD 3,000 
Collateral registration fee
AMD 2,000 
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 co-borrower 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 Co-borrowers’ 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 co-borrower had classified liabilities and/or on the whole were at least 30 days past due or had 5 past due cases 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 Co-borrowers’ revenues do not meet the requirements. 
5. the Borrower and the Co-borrower submits false documents and/or information. 
6. the rejection base of loan application is available in the loan historical database, which is not removed. 
7. the body authorized to take loan decisions rejected the loan application.
8. the loan has been approved, but the customer has failed to present himself/herself within 15 days after approval or has failed to present the necessary documents. 

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.

“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.

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Financial assistant
ABC finance

Page updated 18.12.2019 | 17:38

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