Credit for purchasing a car

My Car

Credit for purchasing a car on the secondary market or on the car security

Purpose

On payment for purchasing a car on the secondary market or on the car security

Requirements to borrower

Natural persons, residents of RA, having a stable income.

Credit sum

15 000 000 AMD or 50 000 USD

 for the car 2007 year of production or over

7 000 000 AMD or 20 000 USD

 for the car up to 2007 year of  production

Credit currency

AMD

 USD

Minimum                   pre-payments

30%, for the car 2007 year of production or over

40%, for the car up to 2007 year of  production

Annual interest rate

20% - if credit is given in AMD

16% - if credit is given in USD

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

up to 36 months, if pre-payment is 30-40%

up to 48 months, if pre-payment is over 40%

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 60%

Collateral valuation

Obligatory by independent licensed estimating company at the expense of the client.

Third person guarantee

Is obligatory

Credit giving order

Cashless

Credit repayment order 

Monthly repayment. Pre-term repayment is allowed without limitations.

Insurance

Property /KASKO/

 Is obligatory

Personally/ from accident/

 Is obligatory

Commission

Single commission at the rate of 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 and guarantee

- In the presence of a delay of more than one month of former loans and guarantee

- In the presence of a delay of existing loan and guarantee.

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, in case of  actual presence of the car. 

Car model

Models

Year of  production

Mercedes

C class, E class, ML class, G class, S class (only W221)

2004

BMW

series 3, series 5, X5, X6

2004

AUDI

A4, A5, A6, A7

2005

Volkswagen

Golf, Jetta, Passat, Touareg

2007

Opel

Astra

 2007

Lexus

IS, ES, GS, RX, GX, LX

 2004

Porsche

Cayenne

 2005

Range Rover

Sport, Vogue

 2005

Toyota

Corolla, Camry, RAV4, Land Cruiser Prado, Land Cruiser 100, Land Cruiser 200

 2007

Nissan

Altima, Murano, Pathfinder, Patrol, Qashqai, Teana, Tiida, X-Trail

2008

Infinity

EX, FX

 2005

Mitsubishi

Pajero, Outlander, ASX

 2005

Mazda

Mazda 3, Mazda 6

 2008

Suzuki

Grand Vitara, Swift, SX4

 2008

Hyundai

Elantra, Sonata, Ix35, Tucson, Santa Fe

 2010

Kia

Cerato, Sportage

 2010