Car-backed overdrafts via MasterCard Standard, Visa Classic


Overdrafts via MC STANDARD and VISA CLASSIC for the purpose of acquiring or pledging Russian or foreign-made vehicles  

Borrower

 

RA citizens and residents aged 22 (twenty-two). The age shall not exceed 55 (fifty-five)

Co-borrower + guarantor

RA citizens and residents aged 22 (twenty-two). The age shall not exceed 55 (fifty-five)

Currency

USD

Security*

The vehicle to be purchased or pledged**

Maximum loan amount

USD 50.000

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:

2004-2010 inclusive – up to 50%

2011-2015 inclusive – up to 60%

2016 – up to 70% (including from primary market)

Over 2016 – up to 80% (including from primary market)

2.Russian cars:

2010-2012 inclusive – up to 30%

2013-2015 inclusive – up to 40%

2016 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  

0.3% per day

Penalty on past-due loan

0.2% per day

Annual interest rate on past-due loan amount   

Annual interest rate stipulated by credit agreement 

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 and Lada.

 




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