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Car loan - Fora Premium

Loan/leasing for purchase of a car from Fora Premium LLC

The campaign is valid from February 18, 2019 to June 30, 2019, inclusive

The loan is provided to RA resident legal entities* and/or private entrepreneurs* for purchase of a car from Fora Premium LLC

Loan currency, minimum and maximum amount AMD 10,000,001 - AMD 100,000,000. 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 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/other property acceptable for the Bank 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.

*Legal entities or private entrepreneurs operating minimum for 1 calendar year.

General terms 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/or guarantor shall not have current overdue and/or classified liabilities/guarantees,
  •  During the last one year, the borrower and/or guarantor shall not have credit liability/ies/ classified under a class stricter than watch and total of 30 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 car salon 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 of the loan no fines/commissions are charged.

List of required documents to be submitted to the Bank

For legal entities and private entrepreneurs

1. Company’s charter, state registration certificate with all inserts, and TIN;
2. A copy of the passport and social card of the company’s Director (other authorized persons);
3. Copies of the company founders’ passport and social card; passport and social card of the real beneficiary;
4. The consent of all founders and Director for making ACRA inquiry regarding the borrower organization and its affiliates;
5. Statements of all bank accounts of the company in all currencies for the latest 1 year;
6. The company’s VAT, Profit Tax, Income Tax reports for the latest 1 year;
7. Statement on tax liabilities;
8. Copies of current loan and collateral agreements;
9. Ownership certificates for the business premise;
10. Other information on activities, as appropriate.

Regarding cash flows, revenues and costs, balance

  •   2018 (12 months), 2019 (current) monthly cash receipts /actual/,
  •   2018 (12 months), 2019 (current) monthly costs for purchase of goods /actual/,
  •   2018 (12 months), 2019 (current) operating costs,
  •   2018 (12 months), 2019 (current) financial expenses /borrowing, loan/,
  •   2018 (12 months), 2019 (current) investment costs / income,
  •   2018 (12 months), 2019 (current) dividend payments

Regarding the balance

  •  2018 (as of December), 2019 (last month/current) fixed assets,
  •  2018 (as of December), 2019 (last month/current) debtors, other assets,
  •  2018 (as of December), 2019 (last month/current) reserves,
  •  2018 (as of December), 2019 (last month/current) liabilities,
  •  2018 (as of December), 2019 (last month/current) creditors.