Individual loans provided to individuals by products / Terms and Tariffs /
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- EvocaHOME
- Individual INVESTMENT Loan
- Personal loans secured by property (creditworthiness rating)
- Personal loans secured by property (without income source verification)
- Personal loan with guarantee
- Loans with gold pledge (Lombard loan)
- Gold mortgage (pawnshop) loans with credit rating
- Deposit secured loan / credit limit
- Overdrafts with payment cards (credit cards)
- Credit limit provided by Visa Infinite payment cards
- Student consumer loans (program)
- Evolution
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- Housing mortgage loans
- Housing mortgages with floating interest rate
- Housing mortgages for non-resident individuals
- Commercial mortgage loans
- Mortgage Loans under the National Mortgage Company program
- Renovation loan under National Mortgage Company
- Construction loans under the program of the National Mortgage Company
- Mortgage loans "Affordable Housing for Young Families"
- Mortgage loan to displaced families from Nagorno-Karabakh
- Home renovation mortgage loans from families displaced from Artsakh
- Mortgage loan to displaced families from Artsakh regions
- Affordable housing for servicemen under NMC program
- Affordable housing for servicemen
- Land Acquisition Loans
Car purchase loan
1. |
Loan purpose |
Car loans are designed for acquisition of new or second-hand cars for personal use. |
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2. |
Eligibility |
RA residents aged 18 – 65 who during the loan period will not turn 65 or the loan will be shared by a co-borrower who meets these requirements. |
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3. |
Loan currency |
AMD |
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4. |
Loan amount |
4,000,000 - 50,000,000 |
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5. |
Loan repayment period |
For fixed rate loans: 36 - 60 months |
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6. |
Loan repayment schedule |
Annuity payments (the total of the principal and interest amounts will be payable in equal amounts on a monthly basis) |
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7. |
Place of loan documentation |
Car showroom/partner organization (through online lending system) |
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8. |
Annual (fixed) interest rates |
Acquisition in primary market[1] |
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Nominal |
Maximum actual rate |
With income verification |
13% - 15% |
18.95% |
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Without income verification |
16% - 17% |
21.36% |
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Acquisition in secondary market |
With income verification |
15% - 16% |
20.68% |
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Without income verification |
17% - 18% |
23.12% |
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9. |
Annual nominal (floating) interest rates |
Acquisition in primary market |
Interest rate starting from: 14% (fixed component starting from 5% + variable component) |
17.50% |
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Acquisition in secondary market |
Starting from 15% (fixed component: starting from 6% + variable component) |
19.17% |
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Maximum and minimum range of fluctuation of floating interest rate: +4% |
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The variable component of the floating interest rate will be revised starting the first due date following the 36-month period after the loan origination and every 6 months afterwards using the interest rate (published on the website) applicable in the Bank at the time of revision. |
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10. |
Penalty for early loan repayment |
Not applicable |
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11. |
Penalty for late payment of the principal and interest |
For past due principal amount - 0.015% per day, |
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12. |
Loan security |
The vehicle to be purchased, while it should be under 7 years of age, |
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13. |
Collateral appraisal |
If the car is purchased from a car showroom, no appraisal will be needed, rather the collateral value will be based on the value/selling price indicated by the selling company in the Bank’s electronic system or certificate issued by the latter. |
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14. |
Down payment |
Primary market |
With income verification |
Without income verification |
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Minimum 10% |
Minimum 30% |
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Secondary market |
With income verification |
Without income verification |
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Up to 3 years (inclusive) minimum 20% |
Minimum 40% |
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15. |
Loan disbursement method |
Non-cash |
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16. |
A lump-sum fee for loan disbursement or monthly loan service fee |
Not applicable |
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17. |
Additional payments by the borrower |
Payments to competent state bodies for car purchase and collateral registration. |
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18. |
Insurance |
Fully comprehensive (KASCO) insurance: each year throughout the loan period, to cover at least the loan principal balance. |
[1] In individual cases, when relevant legal foundations are available, the Bank can consider the fully functional, flawless cars imported to Armenia for a period of up to a month as purchased in the primary market. In such cases the car appraisal will be required, in line with the Bank's current procedures.