Consumer loans secured by cars
Car pawning
12-60 month
with maturity perioduntil 20,000,000
in AMD
Currency
Armenian Dram (AMD)
Minimum loan amount
500,000
Maximum loan amount
20,000,000
Loan term
12 - 60 months.
Annual nominal interest rate
14 - 18 %
Annual effective interest rate
17.8 - 29.8 %
Loan and interest repayments
1. Annuity - equal monthly repayments of the loan principal and interest amount2. Regressive - equal repayments of the loan principal, and interest amounts - monthly
Credit security
In the case of American, European, Japanese, South Korean cars, cars not exceeding the production period of 10 years, and in the case of Russian-made cars, cars not exceeding the production period of 3 years, as well as as an additional means of securing the loan, 1 guarantor by decision of the Company's Board
Maximum loan/collateral (liquidation value) ratio
60 %
Borrower
Citizen of the Republic of Armenia, individual
Pledgor
Citizen of the Republic of Armenia and resident individual over 18 years of age, whose age does not exceed 60 years
Purpose of the loan
Car purchase
Requirements for the borrower's/guarantor's credit history
1. Absence of overdue/classified liabilities as of the date of loan receipt2. Total number of overdue days not exceeding 30 days in the previous 12 months
Valuation of the collateral
8,000 - 10,000 AMD
Collateral insurance
Not required
Penalty
-In case of non-payment of the principal amount of the loan, in the amount of 0.1 % for each day of delay-In case of non-payment of the interest amount of the loan, in the amount of 0.03 %In addition, the annual interest rate continues to be calculated on the overdue loan amount until the overdue loan amount is repaid
Place of application submission
At the organization's business addresses
Maximum decision-making period
After submitting the complete package of required documents 3 working days
Deadline for informing the client about the decision
1 business day
Validity period of the decision
15 business days
One-time loan disbursement commission (charged from the loan amount at the time of loan disbursement)
0 - 3 %
Loan disbursement method
Cashless
RA Police fee (for seizure and pledge of movable property)
one-time payment of 5,000 AMD
Attention
Dear customer, we inform you that this type of loan has a high actual interest rate, so please consider in advance other similar services available on the market and evaluate your ability to repay the loan.