Credit for purchasing a car
Credit for purchasing a car on the primary market
|
New Car Credit for purchasing a car on the primary market | |||
|
Purpose |
On payment for purchasing a car on the primary market. | ||
|
Requirements to borrower |
Natural persons, residents of RA, having a stable income. | ||
|
Credit sum |
25 000 000 AMD or 100 000 USD | ||
|
Credit currency |
AMD |
USD | |
|
Minimum pre-payments |
15% | ||
|
Annual interest rate |
13% - if credit is given in USD 15% - if credit is given in AMD | ||
|
Credit interest is computed on the reduced credit reminder. During the validity of the credit contract the Bank does not change the nominal interest rate if the borrower does not break the terms of the contract. Credit interest is computed on the basis of the nominal interest rate. The actual interest rate shows the cost of the credit in case of timely payment of interest and other fees. Please see the annual actual interest rate calculation formula here. | |||
|
Credit period |
72 months | ||
|
Security |
Pledge – purchased car | ||
|
Attention If credit amount and interests repayments are not realized in time, the pledged property can be confiscated and the information on the borrower will be registered in the Credit Register. If credit liabilities are not fulfilled and liabilities repayment are realized at the collateral’s expense, it is possible liabilities repayment at the expense of the other property of the borrower if the collateral is not enough to cover borrower’s credit liabilities. | |||
|
The ratio of the loan amount to the pledge |
Maximum 85% | ||
|
Third person guarantee |
Is not obligatory. By the requirements of the Bank | ||
|
Credit giving order |
Cashless | ||
|
Credit repayment order |
Monthly repayment. Pre-term repayment is allowed without limitations. | ||
|
Insurance |
Property |
Is obligatory | |
|
Personally/ from accident/ |
Is obligatory | ||
|
Commission |
Year commission at the 1% of credit balance, but no less 30.000 AMD | ||
|
Penalties |
For delay in payment of principal credit sum |
0,5% on the overdue amount for each day of delay | |
|
For not paying interests |
0,5% on the overdue interests for each day of delay | ||
|
Requirements to the credit history |
Refusal to grant credit for: - In the presence of regular delays on former loans - In the presence of a delay of more than one month of former loans - In the presence of a delay of existing loan | ||
Credit application consideration period
|
Maximum term of decision on the credit application |
2 working days |
|
Term of informing the client on the accepted decision by the Bank. |
1 working day |
|
Maximum term of credit giving |
1 working day, on the actual presence of the car. |
List of documents required for autocrediting
|
Required documents |
1. Application (in the appropriate form) 2. Passport (copy) 3. Social card (copy) 4. Reference from the work place, in which position, monthly salary and /or declaration of income are mentioned (in the appropriate form) 5. Other documents, if necessary |
Updated 10/08/18 17:15