Bicycle purchase loan

Evoca offers state-subsidized Bike loans to students and staff of vocational institutions.

Back

Retail
Loans
Loans
Bicycle purchase loan

1.	Loan purpose	Purchasing a bicycle (optionally, also helmet, knee pads, and gloves).
2.	Eligibility	Students and employees of state and accredited non-state educational institutions of the Republic of Armenia implementing vocational, secondary vocational, or higher education programs. The program beneficiary should be aged 18-65 and employed, otherwise an employed family member can act as a borrower.
3.	Loan currency	Armenian drams
4.	Loan amount	70,000 - 300,000
5.	Loan repayment period	6-36 months
6.	Annual nominal interest rates	16% -21%
7.	Government-subsidized interest rate	16%
8.	Penalty for late repayment of the principal and interest.	For past due principal — 0.015% per day, For past due interest — 0.1% per day.
9.	Loan repayment method	"Annuity"
10.	Loan disbursement method	Non-cash
11.	Where to apply for a loan	Partner organization’s offices
12.	Other fees and charges	No fees are charged for loan disbursement and/or loan account service.
13.	Penalty for early repayment	No penalties for early loan repayment.
14.	Timeline for making decision on loan application approval or rejection	1. The decision on approving or declining the loan application will be made within 3 (Three) banking days upon submission of the entire package of required preliminary documents. 2. The loan will be provided within 2 (two) banking days after the approval of the loan application.
15.	Other Provisions	1. Matters not regulated by these terms and conditions shall be governed by the terms and conditions of the Decree of the Republic of Armenia Government # 341-N of March 27, 2025.