Gold Secured (Pawn) Loans Based on Creditworthiness

Evocabank offers gold secured loans in cash and non-cash.

Gold Secured (Pawn) Loans Based on Creditworthiness
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1.

Loan purpose

Gold collateral loan is provided by pledging gold items for the purpose of ordering or purchasing goods (works, services) for personal, family, home or other use, unrelated to business activities.

2. 

Eligibility

RA residents aged 18– 70 who during the loan period will not turn 70.

3. 

Loan currency

AMD

4. 

Loan amount

100,000 –10,000,000

5.

Loan repayment period

24-36 months

6. 

Loan repayment method

Annuity payments

7. 

Loan disbursement method

Non-cash

8. 

Nominal interest rate per annum

19.5%

9. 

Penalty for early loan repayment

Not applicable

10. 

Penalty charged for late payment of the principal and interest amounts

For past due principal amount - 0.015% per day,

For past due interest - 0.1% per day.

11. 

Loan-to-value ratio 

Up to 150%[1]

12. 

Special condition

A single borrower can have credit liabilities which are equal to or below AMD 10,000,000.

13. 

Creditworthiness assessment (required for loan approval)

  • Creditworthiness assessment  /for loan approval/

14. 

Timeline for making decision on  loan application approval or rejection

The decision on approving or declining the loan application will be made within 1 (one) day.

The loan will be provided within 1 (one) business day after the approval of the loan application by the Bank.

15. 

Other terms and conditions

  • Loans denominated in AMD will be credited to the bank account,
  • Upon repayment of the loan, the gold securing the loan will be returned to the  borrower within 2 business days.

[1] The portion exceeding 100% of collateral value cannot be more than AMD 1,000,000.

Creditworthiness assessment  /for loan approval/

  1. A necessary condition for granting is (in the presence of a credit history) the absence of supervised and classified loans in the last 12 months, the absence of overdue or classified loans (including guarantees) at the time of application submission, the number of overdue days in the last 12 months does not exceed 30 days.
  2. The minimum FICO score threshold for applicants with a FICO score is 570 points, and in case of not having a FICO score or less than 570 (but not less than 520);
  • The client must have at least the last 6 months of recorded income data in the New Information System, or
  • in the case of self-employment, a registered and continuously operating business for the last 6 months (availability of reports) or,
  • in case of being an employee of a power structure, a reference from the workplace must be submitted.
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