Electric Vehicle Loans

You must have:

• an account with us
• at least 3 months’ employment with a company maintaining a satisfactory banking relationship with us or with another bank in RA
• a net monthly salary of at least AMD 200,000

Your salary should be transferred to your account after loan drawdown (in case if prior salary transfer is not required by us)⁴.

If you don't have account with us, you must:

• have account with another bank
• at least 3 months’ employment history
• a salary transferred to your account for 3 months
• a net monthly salary of at least AMD 250,000

You must have a satisfactory banking relationship with us or other local banks for a period of 3 months and more, and the last 3 months average monthly balance and average balance of the last month have been at least:

• AMD 200,000 (or equivalent in foreign currency) if your account is with us
• AMD 250,000 (or equivalent in foreign currency) if your account is with another bank

The loan amount of cars purchased from primary market:

• from AMD 3 million up to AMD 40 million
• 90% of the car value, respectively minimum prepayment by customer 10%
• loan amount is calculated based on the lower of the current market value as per the car valuation act and car purchase price

The loan amount of cars purchased from secondary market:

• from AMD 3 million up to AMD 20 million
• 75% of the car value, respectively minimum prepayment by customer 25%
• loan amount is calculated based on the lower of the current market value as per the car valuation act and car purchase price

The ratio of overall monthly loan payments to net monthly income cannot exceed 70%.

You can apply for a loan at any of the Bank branches / offices.

Loan is provided in AMD.

The loan will be transferred to the merchant / dealer / seller.

The following repayment options are available for the borrowers:

Option 1 (reducing): Principal amount is repaid in equal monthly instalments, while the interest charges decrease over time as the size of principal amount due reduces. Therefore, your total monthly repayments will decrease over the loan tenor.

Option 2 (annuity): Repayments are calculated on an annuity basis. In this instance, over the loan tenor your total monthly repayment amounts will remain consistent, however the proportion of principal loan repayments and monthly interest charges may change.

Note: The accrued interest will be billed monthly and is subject to payment along with the monthly principal amount repayment.

In case you have outstanding obligations towards the creditor, the following repayment order will apply, when you fulfil your obligations:

1. Penalties
2. Interest
3. Principal 

In case of overdue/default on loan principal and/or interest the Bank will apply penalty interest rate of 5% p.a. in addition to the nominal interest rate on the overdue amount.

No early repayment fee is applicable.

You can make loan early repayment by decreasing the outstanding loan amount as follows:

1. By equally reducing the amount of monthly payments and leaving the loan term fixed, or
2. By reducing the loan term by leaving monthly payments fixed.

Note

In case of loan early repayment, the Bank will proportionately decrease the total crediting cost of the loan by proportionally reimbursing the customer the interest amount to be paid and other costs charged by the Bank (if applicable).

The bank will provide customers with statements for their loan accounts in the manner and terms stipulated by the RA legislation. These statements can be delivered to your postal address or sent via email. You can familiarise yourself with the conditions, terms and fees for provision of statements, copies of statements or other information by referring to our Tariff of Charges and Terms and Conditions.

BEFORE SIGNING THE LOAN AGREEMENT, INDIVIDUAL BULLETIN TO BE PROVIDED AS PER CENTRAL BANK OF ARMENIA REGULATION 8/05 "ON BUSINESS CONDUCT RULES OF FINANCIAL ORGANIZATIONS"

Before signing the loan agreement, you have the opportunity to get acquainted with the essential terms of the loan and, if desired, compare it with the essential terms of the loan offered by other creditors.

The Individual Bulletin defines the essential terms and tariffs of the given credit, consumer rights and obligations applicable to the customer and the negative consequences in case of non-fulfilment in time.

The Individual Bulletin includes, but is not limited to:

• type of credit
• credit amount
• credit currency
• credit provision term
• credit annual nominal interest rate
• credit annual percentage interest rate
• payment frequency
• prepayment
• credit related payments
• penalties and fines in case of not properly paying loan or interest amounts

If the fulfilment of the consumer's obligations is secured by a pledge and (or) guarantee, security section should cover:

• type of pledge
• note on the guarantor
• and other conditions

We would also like to inform you that there may be differences between the Individual Bulletin and mortgage lending agreements due to changes in the repayment schedule and (or) the exchange rate (if applicable).

The terms of the individual bulletin are effective 10 working days after informing you, as a consumer (guarantor), about the positive decision of the credit application. In case the consumer (guarantor) wants to sign the Individual Bulletin immediately, the Bank gives sufficient time to the consumer (guarantor) to read the Individual Bulletin in detail. If the consumer submits the signed Individual Bulletin to the Bank later than the established term, the Bank decides whether to sign the lending or mortgage lending agreement under those conditions in accordance with its internal legal acts or no.

You have the right to unilaterally terminate the credit agreement without any reason within 7 working days following its conclusion․