- ATTENTION: THE INTEREST RATE OF THE LOAN MAY BE CHANGED BY THE BANK. If the customer does not agree with the interest rate change, he/she has the right to early and unilaterally dissolve the contract, by repaying the principal amount of the loan in full and paying the calculated interest and other fees. Regardless of the amount of the tariff set by the Bank, the loan (borrowing) interest rate may not exceed twice the bank base rate set by the Central Bank of Armenia. Certificate of Marriage (if married), Certificate of Divorce (if divorced), as well as a court decision (if divorced in court) or Certificate of Death (if a widow) (if the property was acquired after the marriage or before the divorce).
- Any amount deposited to the account is as a rule directed by the Bank to repay the amounts payable to the Bank under the Loan Agreement, including commissions, penalties, interests and Loan amount available at the time of deposit. The Bank has the right to make the repayment defined by this Clause in another sequence.
- ATTENTION: LOAN INTERESTS ARE CALCULATED BASED ON THE NOMINAL INTEREST RATE, AND THE ANNUAL INTEREST RATE INDICATES HOW MUCH WILL THE LOAN COST IN CASE OF PAYING INTERESTS AND OTHER FEES IN TIME AND AMOUNT SPECIFIED. SEE THE ANNUAL ACTUAL INTEREST RATE CALCULATION PROCEDURE IN THE FILE LINKED TO THE SECTION "ANNUAL ACTUAL INTEREST RATE CALCULATION GUIDE".
- The interest rate is applied to the decreasing balance of the loan, based on the calculation of 365 days a year.
- WARNING: IN CASE OF NON-REPAYMENT OF INTEREST AND PRINCIPAL OF THE LOAN AMOUNT IN TIME THE PLEDGED PROPERTY AND/OR CASH FUNDS MAY BE CONFISCATED AS STIPULATED BY THE LAW AND THE CUSTOMER INFORMATION WILL BE SUBMITTED TO THE CREDIT REGISTER. IF THE CUSTOMER FAILS TO FULFILLL THE OBLIGATIONS, IN CASE THE COLLATERAL IS NOT SUFFICIENT WHEN PAYING THE OBLIGATIONS AT THE EXPENSE OF THE COLLATERAL, THE OBLIGATIONS MAY BE PAID-OFF AT THE EXPENSE OF OTHER PROPERTY OF THE CUSTOMER.
- The age of the borrower at the time of applying for loan should be between 21 and 65.
Criteria for loan approval
- sustainable income source
- positive or neutral credit history
- reliable and complete documents.
Criteria for loan rejection
- insufficient incomes for loan repayment
- unreliable data submitted by the customer
- negative credit history
- risk area of the customer’s source of income.
- Approval of loan and notice to the customer within up to 1 working day.
- Loan disbursement period - within up to 7 working days after loan approval.
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Loans are processed at the Bank's branches and Central Office.
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Before concluding a loan agreement, the Bank issues an Individual Form in accordance with Regulation 8/05 “On procedure, terms, forms and the minimum requirements for communication between bank and depositor, creditor and consumer” approved by the Board of the Central Bank of the Republic of Armenia.
- The list of car showrooms cooperating with the Bank is available on the Bank's official website.
- Commissions that are subject to VAT taxation are also VAT-inclusive.
- Borrower’s Identity document and personal public service number (PPS)
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Certificate of marriage (if married), Certificate of divorce (if divorced), as well as a court decision (if divorced in court) or Certificate of death (if a widow) (if the property was acquired after the marriage or before the divorce)
- In case of being married or divorced, the identity document of the spouse (if the property was acquired after the marriage or before the divorce)
- Application provided by the car showroom, indicating the data and terms of the vehicle for sale
- Invoice on the cost of the vehicle provided by the car showroom
- Document provided by the car showroom on the customs clearance of the vehicle (not required in case of purchasing vehicles acquired through Trade-in service)
- Copy of the document certifying the car showroom ownership of the car if the latter was acquired by the car showroom through Trade-in service
- Document for income proof, including reference from the workplace (upon request)
- Other documents (upon request)
Required documents after loan approval
- Copy of the vehicle registration certificate or its electronic version
- Examination Department/ (submitted to the Bank by the “RA Road Police” Service)