Credit line on pledged car

Loan purpose
Credit line on pledged car
Loan currency
USD
EURO
Annual interest rate
Currency Annual Interest Rate
2000-2004years(excluding Russian Federation) USD, EURO 18%
2005-2009 years (excluding Russian Federation) USD, EURO 17%
2010 year and years after RF production cars (excluding Russian Federation) USD, EURO 16%
Loan term
Currency Maximum Period
2000-2004 years (excluding Russian Federation) USD, EURO Up to 24 months
2005-2009 years (excluding Russian Federation) USD, EURO Up to 36 months
2010 year and years after RF production cars (excluding Russian federation) USD, EURO Up to 48 months
Redemption frequency
Monthly
Security
Pledged car (Audi, Bentley,BMW, Ford, Honda, Škoda, Suzuki, Toyota, Volkswagen, Volvo, Infiniti, Kia, Land Rover(Range Rover), Lexus, Mitsubishi, Nissan, Opel, Porsche, Mazda, Mercedes-Benz)
Loan to pledge value ratio
Maximum 50% of the liquidation value of the pledged car
Grant way
Cashless
Commission fee
Flat fee.
AMD 5000 for the study of the loan application which is non-refundable
2% of loan amount.
Loan arrangement is realized
“ARMECONOMBANK” OJSC branches
Decision Period
Up to 10 working days (The loan is provided within 2 business days following the receipt of collateral registration right)
Attention! In case of Visa classic PLUS types of plastic cards, you will be given 30-day grace period, and 16% annual rate.
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.
Pledged vehicle appraisal
Assessment is realized by any assessment organization having a license according to RA legislation 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,
4. 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,
5. Marriage certificate and spouse's passport (if any) or declaration about being single,
6. Car property certificate provided by the state authority and state registration certificate,
7. Statement about limitations on the car, given by the state authority (after loan lending decision),
8. 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
Credit line on pledged car
Loan currency
USD
EURO
Annual interest rate
Currency Annual Interest Rate
2000-2004years(excluding Russian Federation) USD, EURO 18%
2005-2009 years (excluding Russian Federation) USD, EURO 17%
2010 year and years after RF production cars (excluding Russian Federation) USD, EURO 16%
Loan term
Currency Maximum Period
2000-2004 years (excluding Russian Federation) USD, EURO Up to 24 months
2005-2009 years (excluding Russian Federation) USD, EURO Up to 36 months
2010 year and years after RF production cars (excluding Russian federation) USD, EURO Up to 48 months
Redemption frequency
Monthly
Security
Pledged car (Audi, Bentley,BMW, Ford, Honda, Škoda, Suzuki, Toyota, Volkswagen, Volvo, Infiniti, Kia, Land Rover(Range Rover), Lexus, Mitsubishi, Nissan, Opel, Porsche, Mazda, Mercedes-Benz)
Loan to pledge value ratio
Maximum 50% of the liquidation value of the pledged car
Grant way
Cashless
Commission fee
Flat fee.
AMD 5000 for the study of the loan application which is non-refundable
2% of loan amount.
Loan arrangement is realized
“ARMECONOMBANK” OJSC branches
Decision Period
Up to 10 working days (The loan is provided within 2 business days following the receipt of collateral registration right)
Attention! In case of Visa classic PLUS types of plastic cards, you will be given 30-day grace period, and 16% annual rate.
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.
Pledged vehicle appraisal
Assessment is realized by any assessment organization having a license according to RA legislation 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,
4. 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,
5. Marriage certificate and spouse's passport (if any) or declaration about being single,
6. Car property certificate provided by the state authority and state registration certificate,
7. Statement about limitations on the car, given by the state authority (after loan lending decision),
8. 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 Monday, 12 December 2016 10:35