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!
Loan purpose |
Car loans are designed for purchase of new or second-hand cars for individual use. |
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Eligibility |
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. |
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Loan currency |
AMD |
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Loan amount |
4,000,000 - 50,000,000 |
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Loan repayment period |
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Loan repayment method |
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Place of loan documentation |
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Nominal (fixed) interest rate per annum |
Purchase in primary market[1] |
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Nominal |
Actual |
Income verification |
13% - 15% |
13.82% -18.95% |
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Without income verification |
16% - 17% |
17.58% -21.36% |
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Purchase in secondary market |
Income verification |
15% - 16% |
19.47% -20.68% |
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Without Income verification |
17% - 18% |
21.89% -23.12% |
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Nominal (floating) interest rate per annum |
Purchase in primary market |
Started at 14% (fixed component: started at 5% + variable component) |
Maximum 17.50% |
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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% |
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Maximum and minimum range of fluctuation of floating interest rate: +4% |
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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. |
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Penalty for early loan repayment |
For loans falling under the regulation of the RA law on Consumer Lending |
Not applicable |
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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. |
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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. |
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Loan security |
- Taxi vehicles and rental cars,
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Collateral appraisal |
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Down payment |
Primary market |
With income analysis: minimum 10% |
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Secondary market |
With income analysis: minimum 30% |
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Without income analysis |
Minimum 40% |
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Loan disbursement method |
Non-cash |
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A lump-sum fee for loan disbursement or monthly loan service fee |
Not applicable |
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Additional payments by the borrower |
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Insurance |
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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