Let your dreams drive you on!

Get your dream car from your preferred showroom by getting a car loan from Inecobank in minutes.

Loan purpose

Acquisition of vehicles from car showrooms cooperating with the Bank, including those purchased by car showrooms through Trade-in service and issued maximum 5 years ago as of the time of lending

Borrower Description

RA resident individual

Loan currency

AMD

Loan term

For loans with fixed interest rate: 48 months
For loans with floating interest rate: 60, 72, 84 month

Income-based

Non income-based

Annual nominal interest rate

For loans with fixed interest rate

14.75%
In case of 30% and more prepayment- 14.25%

For loans of vehicles acquired through Trade-in service and being maximum 5 years old as of the time of lending

16.5%
In case of 30% and more prepayment - 16%

For loans with floating interest rate

Unchanged for the first 3 years - 14.75%
In case of 30% and more prepayment - 14.25%,

For loans of vehicles acquired through Trade-in service issued maximum 5 years ago as of the time of lending

16.5%
In case of 30% and more prepayment - 16%,

For loans with fixed interest rate

15.75%
In case of 30% and more prepayment- 15.25%

For loans of vehicles acquired through Trade-in service and being maximum 5 years old as of the time of lending

17.5%
In case of 30% and more prepayment - 17%

For loans with floating interest rate

Unchanged for the first 3 years - 15.75%
In case of 30% and more prepayment - 15.25%,

then floating

For loans of vehicles acquired through Trade-in service issued maximum 5 years ago as of the time of lending՝

17.5%
In case of 30% and more prepayment - 17%,

In case the Bank does not require Casco insurance, the annual nominal interest rate of the loan is set 1 percentage point lower.

Income-based

Non income-based

Annual actual interest rate

For loans with fixed interest rate

14.09%-15.83%
For loans of vehicles acquired through Trade-in service and being maximum 5 years old as of the time of lending - 16.08-17.87%

For loans with floating interest rate

14.09%-15.83%
For loans of vehicles acquired through Trade-in service and being maximum 5 years old as of the time of lending - 16.08-17.87%

For loans with fixed interest rate

15.22%-16.94%
For loans of vehicles acquired through Trade-in service and being maximum 5 years old as of the time of lending - 17.23-18.97%

For loans with floating interest rate

15.22%-16.94%
For loans of vehicles acquired through Trade-in service and being maximum 5 years old as of the time of lending - 17.23-18.97%

Loan amount (AMD)

2 000 000 - 50 000 000

Minimum amount for prepayment

10% of the value of the acquired vehicle

Lump-sum fee for loan disbursement

N/A

Loan disbursement method

Lump-sum, non-cash

Account opening fee

According to the tariff plan of the relevant bank account

Security

The purchased vehicle is the collateral.

The bank may, if necessary, require the guarantee of family members or other individuals or entities.

Insurance

CASCO insurance of the pledged vehicle which is provided by the Bank. The Bank ensures Casco insurance throughout the validity term of the contract.
The borrower's accident insurance may also be required.

The insurance is performed on an annual basis by the insurance companies cooperating with the Bank for the entire loan term, at least in the amount of the loan amount balance. The Bank is the beneficiary of the insurance.

Casco insurance may not be required if the following conditions are met at the same time:

The prepayment is 30% and more
The loan amount does not exceed 10,000,000 AMD

Repayment method

Annuity (monthly payment of interests and principal)

Early loan repayment

No penalty is applied

Fees for services provided by the third parties for lending*

Right of pledge registration fee

2,000 AMD

Accident insurance fee

0.15%-0.21% from loan amount

* Payments for services provided by third parties may change, regardless of the rates set forth in these Terms

Repayment of overdue obligations

A penalty of up to 0.13% of the outstanding amount is calculated for each overdue day

Fee for reviewing the application of Loan terms revision

20,000 AMD

Your financial informant

"YOUR FINANCIAL INFORMANT" www.fininfօ.am, IS AN ELECTRONIC SYSTEM THAT GIVES INDIVIDUALS THE OPPORTUNITY TO SEARCH FOR THE NECESSARY FINANCIAL SERVICE ON A COMMON PLATFORM, COMPARING THE TERMS OH THE OFFERED SERVICES

Other terms

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.
Loans are processed at the Bank's branches and Central Office.
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)
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)

List of required documents

Required documents before loan approval

Borrower’s Identity document and personal public service number (PPS)
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)

Updated as of 16.06.2022 18:42