Switch to Electric Vehicle with Evoca

Evocabank for purchase of personal electric cars offers loans of up to AMD 50,000,000, repayment period - up to 7 years.

Annual nominal interest rate is 12%*.

In case you buy in primary market, you will receive up to 80% of the car showroom price of the car.

Loan terms and conditions in more detail can be found visiting the website here or calling 010605555.

What are benefits of electric cars (EVs - electric vehicles)?

Electric cars are more secure and ecologically friendly. Driving an electric car means you care for the environment since EVs emit less pollution harmful for the environment. Electric cars typically are more powerful and stronger than gas cars; due to it they seldom need repair. Unlike traditional gas or diesel cars, you won’t have problems with car engine as well as a need to change engine oil, filter, antifreeze and some other parts.

Electric cars are more suitable for driving short journeys within a town, while stops and engine restart are not a problem for the car and you do not hear any engine noise while driving. 

What are the financial benefits of switching to electric car?

In Armenia, import of electric cars is exempt from customs duties and 20% value added tax. So tax and duties exemption will total around 35% of the car price.

When driving an electric car, you are saving money on fuel and in several years the car will pay back itself as its charging costs at least 10 times are lower than those of gas or diesel. 

All-electric cars are also exempt from parking charges (red lines). 

How can you charge the electric car?

Often drivers don’t buy an electric car because they have no idea how to charge it. EVs can be charged at home, in garage or public charging stations.

In Yerevan, an average driver drives 25 km per day; this means that after a recharge the car battery will last for about a week.

In Armenia, free charging stations may be found both in Yerevan and in all provinces. The charging stations are equipped with electrical transformers for different models of cars. The map of charging stations can be found here.

The only problem linked to EVs recharging may be its duration. If you can recharge the car at home or in your garage, the charging overnight is the best solution. Otherwise the charging may take from one to several hours. Besides, there are a limited number of fast charging stations in Armenia.

Electric cars can be charged using solar batteries which can enhance the country’s energy independence.

Who to apply in case of breakdown?

Recently, EVs-targeted service centers have started their operation in Armenia. Maintenance charges of electric cars are also lower. Besides, there are Armenia-based representative offices of companies manufacturing EVs, which provide warranty, maintenance and other privileges.  To date, there are over 600 electric cars in Armenia. With the growth in the number of the cars, the service conditions and facilities will improve as well.

Evocabank keeps introducing products and services in line with international trends contributing to the improvement of the country eco-system.