Purchase of car from FORA PREMIUM LLC
The campaign is valid from September 3, 2018 to March 31, 2020, inclusive
The loan is provided to RA citizen and/or resident private individuals for purchase of a car and other vehicle from FORA PREMIUM LLC
The borrower’s (co-borrower’s/guarantor’s) age shall be between 23 and 65, on condition that the borrower’s age shall not exceed 66 at the time of expiry of the Loan Agreement term. The Bank may issue the loan on condition of availability of a co-borrower and/or guarantor, and the minimum acceptable age for the co-borrower and the guarantor is also 23-65, provided that the co-borrower’s/guarantor’s age shall not exceed 66 at the time of expiry of the Loan Agreement term
| Loan currency, minimum and maximum amount | From AMD 10,000,001 to AMD 50,000,000. At the same time the loan amount cannot exceed 90% of the value stated in the invoice provided by the car salon or in some other relevant document: |
| Maturity | 36 months |
| Minimum downpayment | 10% |
| Annual nominal interest rate | 3% |
| Loan disbursement one-time fee | 0.5%, minimum AMD 190,000 |
| Loan account monthly service fee | AMD 3,000 |
| Loan application processing one-time fee | AMD 10,000 |
| Security | The loan should be secured by pledge of the purchased car; in some cases, immovable property can be pledged. |
| Additional security | As additional security, the Bank might demand also a guarantee by private individuals and/or legal entities, or other movable property. |
| Revenue analysis |
The maximum amount of monthly repayments of the principal amount of the loan and the accrued interest cannot exceed 85% of the monthly net income /PTI/ earned by the borrower and co-borrower/guarantor /if any/. |
General provisions and conditions
Restrictions
At the time of submission of the loan application, according to ACRA inquiry and based on other information collected by the Bank:
- The borrower and co-borrower and/or guarantor, if any, shall not have current overdue and/or classified liabilities/guarantees,
- During the last one year, the borrower and co-borrower and/or guarantor, if any, shall not have credit liability/ies/ classified under a class stricter than watch and total of 10 and more overdue days for all loans /except guarantees/,
Procedure of repayment of the loan and interest amount
- Annuity (the sum of the loan principal amount and the interest is paid equally, on monthly basis)
- Spring-like (the loan principal amount is paid in equal sums, while the interest amount – decreasingly, calculated towards the balance of the loan; the principal and interest amounts are repaid on monthly basis)
Evaluation of the pledged property
Vehicles are not evaluated. The price specified in the reference provided to the customer by the company selling the car is considered as the collateral value.
Insurance
The customer shall make CASCO insurance with the Bank-partner insurance companies.
Penalty
- In case of violation of the repayment terms envisaged by the agreement, the Borrower shall pay penalty to the Bank, for each day of delay, equal to 0.13% of the overdue loan amount and of the overdue interest amount.
- In case of early repayment no fines/commissions are charged.
List of required documents to be submitted to the Bank
- The loan application-questionnaire;
- The borrower’s and co-borrower’s and/or guarantor’s, if any, personal identification document (original) and public services number or a reference on absence of a public services number;
- The borrower’s and co-borrower’s and/or guarantor’s, if any, consent for making of an ACRA inquiry and the ACRA inquiry itself;
- The invoice provided by the car salon or another relevant document;
- Technical certificate for the car (after approval of the loan), to be returned to the borrower after submission to the Bank of the state registration certificate for pledge of the vehicle;
- The ownership right certificate for the car (after approval of the loan);
- Reference regarding restrictions on sale of the vehicle (after approval of the loan);
- Marriage certificate/s/ (if any) of the Borrower and pledgers (if they are different persons), the personal identification document of the spouse, consent for making of an ACRA inquiry and the ACRA inquiry itself. It should be noted that the Borrower and the pledger can be different persons only in case if they are interrelated parties in accordance with the RA Law on Banks and Banking;
- Other documents, as requested by the Bank.