Currency

Prepayment

Amount

Ժամկետ

Interest rate

AMD

Minimum 20% from primary market

Maximum: 
- 20 mln AMD for new vehicles 

The loan amount may not exceed:
- 80% of the value of the property, if new

Maximum: 60 months

Conditions of the Contract Signed between the Bank and Car Show Centers

♦ Loan application
♦ Original an copy of the passport
♦ Reference from the place of residence. (form number 3)
♦ Reference from place of work in accordance with the relevant appendix /issue date of the reference on salary must not exceed 15 calendar days/ The customer can also be required to present the copy of his/her available annual individual statement presented by the employer to the RA Social Insurance Fund.
 - In case of conducting other not entrepreneurship activity /for example investments, giving property for rent, investments in deposits and etc./ reference on income received from those activities.
- In case of customers conducting entrepreneurship activity, reference on income received from the activity. /annex 15-1/,
♦ Passport of seller (original and copy)
♦ Registration certificate of the vehicle (original and copy)
♦ Driving license / driving license of the driver or a person authorized by the latter/
♦ Purchase&Sale agreement of the vehicle /if the vehicle has not been imported recently/
♦ The vehicle has been imported to the RA recently, then require corresponding documents subtsantiating that fact
♦ Other documents required

Pledge                                                                          

The loan is secured either with the vehicle to be purchased or by another vehicle owned by the borrower provided that such vehicle was purchased by the borrower within the RA within the last 30 days or if imported into the RA within 45 days.
Eligible for pledging:
♦ Up to 10 year-old cars  produced by countries of European Union membership, Japan, USA and Korea.
♦ For cars produced in foreign countries - up to 5 years.

Property insurance                                                       

♦ The vehicle bought with the facilities provided by the Bank must be insured in one of the insurance companies-partners of the Bank at the market price during the whole period of credit agreement. If the market value of the vehicle doesn't exceed AMD 10 million, then the Bank will make the insurance in the insurance company, which the customer will indicate in the Form of selecting an insurance company. In other cases the borrower must make insurance himself/herself in one of insurance companies, cooperating with the Bank.
♦ In case of breaching insurance terms of the pledged object intended in pledge agreement the bank can require preterm repayment of the loan.

Monthly loan repayment                                              

♦ Annuity (even monthly installments), including the principal and interest in variable amounts,
♦ Spring model (variable monthly installments), including the principal in even portions, and variable interest.

Credit account service                                                

Monthly commission is charged from the Customer's account as per the relevant schedule.

Limitations                                                                   

For each borrower:
♦ Maximum size of principle amount and accumulated interests related to one loan must not exceed 40% of monthly net income of other members conducting common economy.
♦ At the moment of loan issuance maximum monthly repayment of principle amounts and accumulated interests related to all loans must not exceed 50% of net monthly income of other members conducting common economy,
♦ At the date of applying for the loan and the loan period the borrower's age should not exceed 70 years.

Penalty for overdue payments                                 

♦ The Bank applies fines to the borrower:
- 0.1% of the overdue loan for each day of default and
- 0.3% of the overdue interest for each day of default.
♦ There are no fines and penalties defined in case of early redemption of the loan.

Other requirements                                                      

♦ The loan is granted after the collateral agreement is executed, notarized, registered in the relevant state authority and the pledged property is insured for the benefit of the Bank.
♦ All expenses related to the valuation and pledging of the vehicle and notary related costs are paid by the Customer.