Compulsory Car Insurance

Loan purpose
APPA insurance payments
Loan amount
Maximum 100,000 AMD
Loan currency
AMD
Annual interest rate
24%
Loan term
Maximum 6 months
Redemption frequency
Monthly
Security
Borrower’s financial flows
Grant way
Cashless
Loan arrangement is realized
“ARMECONOMBANK” OJSC branches
Decision Period
Up to 10 working days
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).
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. Applicant's passport copy.
2. 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.
3. Statement from the residence, given maximum 20 working days prior (if necessary).
4. Statement from the workplace (with a note on the salary size), given maximum 20 working days prior (of the Borrower and/or the Guarantor).
5. Copy of Registration certificate of the transportation car (technical passport).
6. If necessary, other documents.

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.

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
APPA insurance payments
Loan amount
Maximum 100,000 AMD
Loan currency
AMD
Annual interest rate
24%
Loan term
Maximum 6 months
Redemption frequency
Monthly
Security
Borrower’s financial flows
Grant way
Cashless
Loan arrangement is realized
“ARMECONOMBANK” OJSC branches
Decision Period
Up to 10 working days
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).
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. Applicant's passport copy.
2. 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.
3. Statement from the residence, given maximum 20 working days prior (if necessary).
4. Statement from the workplace (with a note on the salary size), given maximum 20 working days prior (of the Borrower and/or the Guarantor).
5. Copy of Registration certificate of the transportation car (technical passport).
6. If necessary, other documents.

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.

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 Wednesday, 15 July 2015 11:03