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"Mobil"

Loan "MOBIL" for purchase of a car 

The loan is provided to RA citizen and/or resident private individuals for purchase of a car and other vehicle/s/ for personal usage /hereinafter referred to as the Car/ from primary markets.

Conditions of lending:

Loan currency and amount
  • Maximum AMD 20 mln.
  • Minimum AMD 2 mln
Maturity
  • Maximum 60 months
  • Minumum 24 months
Interest rate Advance payment Annual interest rate PTI*
40% and more 13% Revenue analysis is not required
30-39.9% 13.9% <=60%
20-29.9% 14.9% <=55%
Loan disbursement fee 1% of the loan amount, minimum 25,000 AMD
Fee for review of the loan application AMD 5,000, is charged once, at the time of recording the loan application
Loan account service fee
Monthly AMD 2,000

* PTI - The ratio of the maximum amount of monthly installments for the principal loan amount and the accrued interest to the monthly net income of the borrower and other members running common household with the borrower and the co-borrower, if any.

General provisions and conditions

Restrictions

  •  PTI≤55-60%, depending on the size of the down payment
  •  if the down payment is 40% and more, analysis of the income is not required
  •  At the time of applying for the loan, the sum of the borrower's age and the loan maturity cannot exceed 65
  •  Availability of 1 guarantor/co-borrower
  •  Requirements towards the credit history of the borrower and other persons running common household with the borrower (according to ACRA inquiry and based on other information collected by the Bank from other sources):

a) At the time of applying for the loan, the applicant shall not have overdue credit liabilities (including guarantees), as well as current guarantees classified by a class stricter than standard
b During the last one year preceding the date of applying for the loan, there shall not be any classification stricter than standard, as well as delays for total 25 and more days in repayment of all loans existing in the applicant's name (these conditions don't apply towards guarantees)
c) At the time of applying for the loan, a person running common household with the applicant shall not have current overdue credit liabilities and/or liabilities classified by a class stricter than standard (including guarantees)

Procedure of repayment of the loan and interest amount

Is repaid monthly, in one of the following manners:

  • Annuity
  • Spring-like

Penalty

In case of violation of the repayment terms specified by the agreement, the Borrower pays penalty to the Bank at the rate of 0.13% of the overdue amount for each day of delay.

Security

The loan is secured with pledge of the purchased Car.

Car/s/ purchased from car salons are acceptable for pledging.

The loan/collateral ratio is calculated taking as a basis the cost specified in the reference issued by the car salon or the value specified in the contract/agreement concluded with a cooperating company:

Cost of the car Maximum loan/collateral ratio
Up to AMD 12 mln. inclusive 80%
AMD 12 mln. to AMD 17 mln. inclusive 75%
Above AMD 17 mln. 70%

List of required documents to be submitted to the Bank

1. The loan application-questionnaire
2. Personal identification document, public services number, or a reference on absence of a public services number issued by the body running the state register of the population (isn’t required, if the client submits an identification card, where the public services number is specified)
3. Reference from the place of employment /a document containing the requisites, the issue date of which as of the day of submission to the Bank shall not exceed 20 calendar days/. The Borrower can also be required to present a copy of his/her available annual individual statement presented by the employer for the Borrower
3.1. In case of conducting other not entrepreneurial activity /e.g. investments, giving property for rent, investments in deposits, etc./ reference on income received from those activities should be submitted
3.2. In case of conducting entrepreneurial activity:
• a reference on income received from the activity – for legal entities;
• financial analysis – for private entrepreneurs and private individuals.
3.2.1. If required, if the borrower is a PE implementing a certain type of activity that requires licensing or permission for activity – the relevant license and/or permission shall be submitted, if it is a factor significantly affecting the borrower's income
4. Reference issued by the car salon, specifying the model of the car, packaging, VIN code, engine capacity, and value
5. Reference on the place of residence, specifying the family members living together (after approval and before issuance of the loan)
6. 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 the vehicle
7. Ownership right certificate for the car (after approval of the loan)
8. Reference regarding restrictions on sale of the vehicle (after approval of the loan)
9. Marriage certificate/s/ (if any) of the Borrower and pledgers (if they are different persons)
10. If the Borrower is a private entrepreneur – a reference from the SRC regarding the Borrower's liabilities towards the state
11. Other documents, as requested by the Bank.

Other

In certain cases, by decision of the Management Board, fees, fines, and penalties can be charged for early repayment of the loan, except for the cases specified by the RA Law on Consumer Lending.
Starting from the date of informing the car salon that the Bank has made a positive decision to issue the loan and until the date of pledging the Car in favor of the Bank and issuance of the loan amount, the relations concerning usage of the Car are regulated by the contract concluded with a partner organization; in certain cases, insurance of the Car might be required for a specified time period.