Personal loan secured by property collateral (with credit assessment)
Do you need money to cover current financial needs? Are you looking for low interest loans? Then you are in the right place! Welcome to Evocabank!
1. |
Loan purpose |
Loans are designed for purchasing, ordering of goods (services) for non-commercial personal, family, household use, or for refinancing the old loans advanced by other financial institutions. |
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2. |
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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3. |
Loan currency |
AMD, USD, Euro |
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4. |
Loan amount |
AMD (real property as collateral) |
2,000,000 – 100,000,000 |
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AMD (vehicle as collateral) |
5,000,000 – 50,000,000 |
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USD |
5,000 – 200,000 |
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Euro |
5,000 – 200,000 |
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5. |
Loan repayment period |
For fixed interest rate |
Real property as collateral |
24 - 84 months |
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Vehicle as collateral |
60 months |
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For floating interest rate |
36 - 120 months |
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6. |
Annual (fixed) interest rate |
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Up to 60 months |
61- 84 months |
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Nominal |
Actual |
Nominal |
Actual |
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AMD |
Real property as collateral |
15% |
17.03% |
16% |
17.68% |
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Vehicle as collateral |
17%[1] |
18.59% |
- |
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USD |
Real property as collateral |
9% |
10.24% |
10% |
10.86% |
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Vehicle as collateral |
13% |
14.23% |
- |
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Euro |
Real property as collateral |
8% |
9.07% |
9% |
9.72% |
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Vehicle as collateral |
12% |
13.06% |
- |
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7. |
Annual (floating) interest rate |
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Nominal |
Actual |
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AMD |
Started at 14% (fixed component: started at 5% + variable component) |
Maximum started at 15.59% |
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USD |
Started at 8% fixed component: started at 7% + variable component) |
Maximum started at 8.88% |
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Euro |
Started at 7% (fixed component: started at 7% + variable component) |
Maximum started at 7.75% |
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Maximum and minimum range of fluctuation of floating interest rate |
+4%, but not more than 21% |
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The variable component of the floating rate will be revised starting the first due date following the 24-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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8. |
Loan repayment method |
Annuity or equal principal payments |
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9. |
Refinancing loans with other banks and credit organizations (special provisions) |
In case of refinancing loans with other banks and credit organizations, the customer can be optionally provided with a grace period for the principal of up to 6 months. |
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10. |
Penalty for early repayment of the loan amount |
For loans subject to 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 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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No penalty will be applied to the loans denominated in foreign currency. |
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11. |
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. |
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12. |
Loan disbursement method |
AMD |
Non-cash (loan amount will be credited to the customer’s card account) |
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USD, Euro |
Non-cash (loan amount will be issued through a payment card by crediting the loan amount to the card account). |
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13. |
Loan security |
Real or movable property (vehicle):
- Russian cars under 3 years old, - Non-Russian cars under 7 years old;
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14. |
Loan-to-Value ratio |
Real property as collateral |
Up to 70% of the appraised value |
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Movable property (vehicle) as collateral |
Up to 50% of the appraised value of the property |
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15. |
Insurance |
Vehicle insurance if it serves as loan security |
Each year to cover the amount of loan balance |
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16. |
Fees and charges |
If the loan amount is withdrawn from the loan account, the Bank will charge a cash withdrawal fee according to the Bank fees. |
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17. |
Timeline for making decision on loan application approval or rejection |
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18. |
Other provisions |
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[1] The mentioned interest rates will be applied if the vehicle is bought and paid by the Bank. If the insurance is bought and paid by the borrower, the Main Credit Committee may decide to apply an interest rate which is 2.5% lower than the mentioned one. The same principle will be applied to foreign currency loans.
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