Converse Bank

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  • News
  •  / News

News

Changes in terms of lending by "Converse Bank" for loans secured by vehicles or real estate

15.08.2007

Previously, a consumer loan secured with real estate was granted for a 2 year period, with an interest rate of 20% per annum and with the amount limit of AMD 7.500.000. Now, such loans are granted for a 7 year period, with the interest rate of 20% per annum and with amount limit of AMD 10.000.000.
For loans secured by vehicles, the former terms were a pariod of 1.5 years, 22% interest per annum and a limit of up to AMD 5.0 million. The new, improved terms are a period of 3 years, an interest rate of 22%, and a maximum amount up to AMD 3.500.000.


The foregoing is illustrated in the table below:

Granting of loans secured by real estate collateral

Period of the loan

Amount of loan

Limit

Interest rate

Up to 7 years

Up to 50% of the appraisal amount

Up to AMD 10.000.000 /mandatory insurance prior to the repayment of loan/

20%

Granting of loans secured by vehicles collateral

Period of the loan

Amount of loan

Limit

Interest rate

Up to 3 years

Up to 50% of the appraisal amount /age of vehicle up to 10 years for foreign /other than vehicles manufactured in RF/ and up to 5 years for vehicles manufactured in RF//

Up to AMD 3.500.000 /mandatory insurance prior to the repayment of loan/

22%

The interest rates per annum can be changed for account-holder customers of the Bank pursuant to the decision of its Credit Committee.

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