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Loans for acquisition of "CASCO" insurance certificates

Loans for acquisition of "CASCO" insurance certificates

The loan is provided to RA citizen and resident private individuals for the purpose of acquisition of CASCO insurance certificates at one of the insurance companies cooperating with the Bank

Loan currency AMD
Loan purpose Acquisition of CASCO insurance certificates
Borrowers and security for the loan  

At the time of applying to the Bank, have active loans at Converse Bank secured with pledge of movable or immovable property, and at the time of loan disbursement the loan/collateral ratio of the existing initial loan and the loan to be provided does not exceed the maximum loan/collateral ratio set at the time of disbursement of the existing loan

At the time of applying to the Bank, the borrower should not have liabilities overdue for 10 and more days within the last 12 months or classified liabilities during the last 3 years, at banks and credit organizations.
Insured person borrower, third person /beneficiary/
Maximum number of certificates provided to each borrower 1 certificate
Insurance term 6-12 months
Minimum and maximum loan maturity 6 -12 months, but not more than the term remaining until repayment of the initial loan
Loan disbursement form Non-cash - the amount is transferred to the transient account of the respective insurance company opened for the given type of insurance (see the Regulation on the Activity of an Insurance Agent /PR 72-42/)
Maximum loan amount Maximum AMD 500,000
Annual interest rate of the loan 21%
Loan repayment procedure Annuity; in case of availability of collateral, the collateral item pledged as means of security of the initial loan terminates after proper performance of all liabilities for the initial loan and the loan to be provided
Insurance object Passenger cars used for personal and service purposes
Required documents
  1.  Personal identification document of the vehicle’s driver, the public services number or a reference on absence of it /isn’t required if the customer presents an identification card where the public services number is fixed/, and the driving license (in case of an authorized person – also the power of attorney);
  2.  Registration certificate of the insured vehicle /technical passport/;
  3.  In case of existence of a guarantor, the guarantor’s personal identification document, the bases for being a guarantor and the guarantor’s consent for making an inquiry to ACRA.
  4. Also other documents requested by the Bank.
Other conditions Insurance is made by the Bank.