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!

Back

Retail
Loans
Loans
Car Loans

Loan purpose	The loan is granted for purchasing vehicle from primary or secondary market intended for personal use/car. In case if car is purchased from the secondary market the loan can be granted: · For purchasing up to 3 old Russian made car · For purchasing up to 7 year old non-Russian made car
Who can apply	Individual residents of RA between the age of 18-63, whose age will not exceed 63 years throughout the loan service period or have a co-borrower meeting the above criteria throughout the loan service period.
Loan currency	AMD
Loan amount	5,000,000 - 50,000,000
Loan repayment period	60 months
Annual nominal interest rate	Purchasing from primary market			13.7-16.5%
	Purchasing from secondary market			17-18%
Validity of the cars purchased from the secondary market	Russian-made			Up to 3
	Non-Russian made			Up to 7
Early loan repayment penalty	In case of loans regulated by RA law “On consumer lending”		No early loan repayment fee is applicable
	In case of loans not regulated by RA law “On consumer lending”		For the first half of the loan term, penalty is applied in case of early principal payment: 1% of the amount exceeding the monthly loan amount as specified in the schedule
Penalty for loan principal and/or interest overdue	For overdue principal - 0,015 % daily, For overdue interest - 0,1 % daily
Loan repayment security measure	The car that is being purchased By the decision of the Authorized body, guarantee of an individual and/or legal entity might be required
Loan to value ratio	Primary market	Up to 80% of the car price in the showroom
	Secondary market	Up to 60% of the car market value
Insurance	Car insurance – mandatory to do each year on loan’s outstanding amount
Deadlines for approving or rejecting loan provision	· The decision to approve or reject the loan is made within 10 (ten) working days maximum, after fully providing all the initial documents requested by the Bank. · The loan is disbursed in case of positive decision made by the Bank and within maximum 2 (two) working days since the property is pledged.