Car loan (Primary Market)

Loan purpose
Car acquisition from the primary market (excluding RF)
Activity period/tenor
Maximum 36 months
Minimum loan amount
Up to 6,000,000 AMD Upon the decision of “ARMECONOMBANK” CSJC Deputy director
6,000,000 AMD and more Upon the decision of “ARMECONOMBANK” CSJC authority
Loan currency
AMD
Minimum prepayment
30%
Annual interest rate
20%
Redemption frequency
Monthly
Security
Acquired car
Loan to pledge value ratio
Maximum 70%
Grant way
Cashless
Commission fee
Flat fee.
2% of loan amount.
Loan arrangement is realized
“ARMECONOMBANK” OJSC branches
Decision Period
Up to 10 working days
The Bank is cooperating with the following organizations
«VECAR» LLC
«KARCOMAUTO» LLC
«MURAN» LLC
«MEGNA» LLC
«FORA» LLC
«GALLOPER» LLC
«UAZAVTO-HAYASTAN» LLC
Borrower requirements
Resident individual over 18 years,
Registered and living in the Republic of Armenia,
Has a constant income source acceptable by the Bank.
Loan redemption procedure
Monthly.
Equally (annuitant), or
Non-equally (differential).
Guarantee
Minimum in the size of loan amount, realized by insurance company licensed by RA CB on the tariff determined by the latter.
Negative decision grounds
Negative assessment on the customer’s financial condition.
Non-credibility of the presented documents.
Costumer’s negative credit history.
Other reasons which according to the Bank assessment will hamper the loan repayment.
Penalties
Overdue Loan 0.2% of the unpaid amount for each overdue day
Overdue Interest 0.4% of the unpaid amount for each overdue day
Attention! Early loan repayment is allowed for which no fines and penalties are charged.
Attention! In case of not performing the loan liabilities and repaying the liabilities in the account of the collateral, in case of the collateral being not enough to repay the Borrower’s loan liabilities, it is possible to make liabilities repayment on the account of another property of the Borrower and/or Guarantor(s).
Documents presented by individuals

1. Application about loan receipt,
2. Statement from the workplace about income, given maximum 20 working days prior.
3. Passport.
Document containing public services number:
• Social card, or
• RA citizen identification card, or
• Foreign citizen residence card (if any) containing public services number, or
• Documents certifying the refugee identification of RA permanent resident, individual having no citizenship containing public services number, or
• Statement containing public services number.
4. Marriage certificate and spouse's passport (if any) or declaration about being single.
5. Copy of on-credit car acquisition agreement and the application filed by the sales realizing company where it is mentioned the acquired car's (cars') brand, price and quantity.
6. Statement about limitations on the car, given by the state authority (after loan lending decision).
7. If necessary, other documents upon the Bank's claim.

Attention! As an addition loan security means, the Bank may also require the guaranty of one or more persons.

Interests are calculated on the loan balance. Loan interests are calculated based on the nominal interest rate. The actual interest rate shows how much the loan interests and other payments will cost in case of performance in defined terms and sizes.

Actual annual interest rate calculation procedure and sample.
Actual annual interest rate calculation formula.

Attention! No change of nominal interest rate throughout the term of loan agreement
Attention! In case of failure to repay the interest and the principal on time, the mortgaged property may be confiscated, and the information about the Borrower and/or the Guarantor/s will be recorded in the loan register.
Attention! Changes in currency exchange rates may have an impact on loan repayments.
Loan amount
Interest rate calculation procedure
Loan agreement termination
Pledge subject for the Bank
Overdue loan and overdue interest
Documents required for loan grant
Negative conclusion grounds on loan case are
Security
Pledged estate sales rules
Loan purpose
Car acquisition from the primary market (excluding RF)
Activity period/tenor
Maximum 36 months
Minimum loan amount
Up to 6,000,000 AMD Upon the decision of “ARMECONOMBANK” CSJC Deputy director
6,000,000 AMD and more Upon the decision of “ARMECONOMBANK” CSJC authority
Loan currency
AMD
Minimum prepayment
30%
Annual interest rate
20%
Redemption frequency
Monthly
Security
Acquired car
Loan to pledge value ratio
Maximum 70%
Grant way
Cashless
Commission fee
Flat fee.
2% of loan amount.
Loan arrangement is realized
“ARMECONOMBANK” OJSC branches
Decision Period
Up to 10 working days
The Bank is cooperating with the following organizations
«VECAR» LLC
«KARCOMAUTO» LLC
«MURAN» LLC
«MEGNA» LLC
«FORA» LLC
«GALLOPER» LLC
«UAZAVTO-HAYASTAN» LLC
Borrower requirements
Resident individual over 18 years,
Registered and living in the Republic of Armenia,
Has a constant income source acceptable by the Bank.
Loan redemption procedure
Monthly.
Equally (annuitant), or
Non-equally (differential).
Guarantee
Minimum in the size of loan amount, realized by insurance company licensed by RA CB on the tariff determined by the latter.
Negative decision grounds
Negative assessment on the customer’s financial condition.
Non-credibility of the presented documents.
Costumer’s negative credit history.
Other reasons which according to the Bank assessment will hamper the loan repayment.
Penalties
Overdue Loan 0.2% of the unpaid amount for each overdue day
Overdue Interest 0.4% of the unpaid amount for each overdue day
Attention! Early loan repayment is allowed for which no fines and penalties are charged.
Attention! In case of not performing the loan liabilities and repaying the liabilities in the account of the collateral, in case of the collateral being not enough to repay the Borrower’s loan liabilities, it is possible to make liabilities repayment on the account of another property of the Borrower and/or Guarantor(s).
Documents presented by individuals

1. Application about loan receipt,
2. Statement from the workplace about income, given maximum 20 working days prior.
3. Passport.
Document containing public services number:
• Social card, or
• RA citizen identification card, or
• Foreign citizen residence card (if any) containing public services number, or
• Documents certifying the refugee identification of RA permanent resident, individual having no citizenship containing public services number, or
• Statement containing public services number.
4. Marriage certificate and spouse's passport (if any) or declaration about being single.
5. Copy of on-credit car acquisition agreement and the application filed by the sales realizing company where it is mentioned the acquired car's (cars') brand, price and quantity.
6. Statement about limitations on the car, given by the state authority (after loan lending decision).
7. If necessary, other documents upon the Bank's claim.

Attention! As an addition loan security means, the Bank may also require the guaranty of one or more persons.

Interests are calculated on the loan balance. Loan interests are calculated based on the nominal interest rate. The actual interest rate shows how much the loan interests and other payments will cost in case of performance in defined terms and sizes.

Actual annual interest rate calculation procedure and sample.
Actual annual interest rate calculation formula.

Attention! No change of nominal interest rate throughout the term of loan agreement
Attention! In case of failure to repay the interest and the principal on time, the mortgaged property may be confiscated, and the information about the Borrower and/or the Guarantor/s will be recorded in the loan register.
Attention! Changes in currency exchange rates may have an impact on loan repayments.
Loan amount
Interest rate calculation procedure
Loan agreement termination
Pledge subject for the Bank
Overdue loan and overdue interest
Documents required for loan grant
Negative conclusion grounds on loan case are
Security
Pledged estate sales rules
Last modified on Thursday, 04 February 2016 10:58