Car Loans

Are you going to buy a new car? Have you already decided the brand, model and color? Evocabank will make your driving dream a reality!

Car Loans

Loan purpose

Car loans are designed for purchase of new or second-hand cars for individual use.


RA residents aged 18– 63 who during the loan period will not turn 63 or the loan will be shared by a co-borrower who meets these requirements.

Loan currency


Loan amount

4,000,000 - 50,000,000

Loan repayment period

  • For fixed interest rate:  36 - 60 months
  • For floating interest rate: 61 - 84 months

Loan repayment method

  • Annuity payments (the total of the principal and interest will be payable in equal amounts on a monthly basis)
  • Flexible (equal principal repayments), made on a monthly basis

Place of loan documentation

  • Car showroom/ partner organization(via online lending system)
  • Bank(by a loan officer)

Nominal (fixed) interest rate per annum

Purchase in primary market[1]




Income verification

13% - 15%

13.82% -18.95%

Without income verification

16% - 17%

17.58% -21.36%

Purchase in secondary market

Income verification

15% -  16%

19.47% -20.68%

Without Income verification

17% - 18%

21.89% -23.12%

Nominal (floating) interest rate per annum

Purchase in primary market

Started at 14% (fixed component: started at 5% + variable component)

Maximum 17.50%

Purchase in secondary market

(applicable only for cars up to 3 years old)

Started at 15% (fixed component: started t 7% + variable component)

Maximum 19.17%

Maximum and minimum range of fluctuation of floating interest rate: +4%

The variable component of the floating interest rate will be revised starting the first due date following the 36-month period after the loan origination and every 6 months afterwards using the interest rate (published on the website) applicable in the Bank at the time of revision.

Procedure for calculation of floating interest rate

Penalty for early loan repayment

For loans falling under the regulation of the RA law on Consumer Lending

Not applicable

For loans not subject to  regulation of the RA law on Consumer Lending

If prior to the end of the first half of the contract period,  the principal repayments exceed the monthly principal amounts scheduled under the loan agreement, the borrower must pay a penalty of 1% of the amount exceeding the monthly principal amount.

Penalty for late payment of the principal and interest

For past due principal amount - 0.015% per day,

For past due interest - 0.1% per day.

Loan security

  • The vehicle to be purchased, but it should not be older than 7 years,
  • For Russian vehicles, the loan will be issued solely for brand new cars,
  • The following vehicles cannot be pledged as security for the loan:

- Taxi vehicles and rental cars,
- Cars transporting dangerous goods: toxic substances, chemicals, radioactive and explosive materials,
- Cars intended for car competitions and car trial runs or three-wheeled or snow removal vehicles, motorcycles or special use vehicles,

  • Based on the decision of a competent body, surety bonds of individuals and/or legal entities may be required, in individual cases, other security as well.

Collateral appraisal

  • If the car is purchased from  a car showroom, no appraisal will be conducted, rather the collateral value will be based on the selling price indicated by the selling company in the Bank’s electronic system or certificate issued by the latter.
  • If the car is purchased in the secondary market, the collateral appraisal will be implemented by an appraisal company cooperating with the Bank.

Down payment

Primary market

With income analysis: minimum  10%

Secondary market

With income analysis: minimum  30%

Without income analysis

Minimum 40%

Loan disbursement method


A lump-sum fee for loan disbursement or monthly loan service fee

Not applicable

Additional payments by the borrower

  • Payments to competent state bodies for car purchase and collateral registration,
  • Other payments according to the Bank’s FEES and RATES. For loans issued online, no fees will be charged for approval (documentation) of the car as collateral.


Fully comprehensive (KASCO) insurance: each year throughout the loan period, to cover at least the loan principal balance.

If the car is purchased in primary market, KASCO insurance  may be bought at the expense of the Bank covering the loan principal balance, pursuant to the terms and conditions of the agreement signed by and between the partner company and the Bank.

[1] In individual cases, when relevant legal foundations are available, the Bank can consider the fully functional, flawless cars imported to Armenia for a period of up to a month as purchased in the primary market. In such cases the car appraisal will be required, in line with the Bank's current procedures.


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