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Drive to new horizons with a new car!
Special spring offer designed specifically for women
Byblos Bank Armenia introduces a special offer for the purchase of vehicles by women.
Until April 30, female customers of the Bank can receive financing and obtain a new electric car* from ABC Motors on special terms:
- Down payment: from 8%
- Nominal interest rate: 12%
- APR: 12.62-12.82%
- CASCO insurance included in the nominal interest rate
- Tenor: From 1 to 7 years
- No loan arrangement or servicing fees
Other conditions set for Autoloans remain unchanged.
*The campaign is valid when purchasing a BYD Yuan Plus 510km Excellent or BYD Dolphin Honor 420km Fashion. For more information, please call +374 33 34 40 00.
- Financing of 90% of the new car is provided.
- Loan amount: minimum of AMD 2,000,000 , maximum of AMD 50,000,000.
- Loan tenor: from 1 to 6 years.
- Cars should be purchased from specialized car dealerships.
- No loan arrangement and servicing fees are applicable.
- CASCO insurance fee is included in the nominal interest rate and LIGA Insurance ICJSC acts as the insurance company. In case insurance cost is borne by the client, the Insurance Company can be chosen by the client and the nominal interest rate will be decreased by 1.5 percentage points (APR – 13.56%-19.25%).
Annual percentage rate:
For the first 3 years: fixed 14% p.a. in case the down payment is more than 25%, fixed 15% p.a. in case the down payment is between 10% and 25%.
For the remaining years: based on theBank Base rate* + 6% fixed interest margin.
Annual percentage rate:14.95%-16.42%
*The base rate, which is the basis for determining the floating interest rate, is determined by the Bank for different currencies and reflects the average weighted yield for the Bank's interest bearing liabilities. The Bank's base rate is floating and may change from time to time. Information about the current rate is always available on the homepage of the Bank's official website, as well as in branches.
The nominal interest rate of this loan can be changed by the Bank.
Loan interests are accrued according to the nominal interest rate and the Annual Percentage Rate (APR) shows how much the loan will cost you in case you make all payments in due time.
Depending on the Bank's risk assessment results, the loan application might be approved at a higher interest rate.
- The borrower should be a resident of RA aged between 21-63 years old for the validity of the loan contract.
- The borrower should be middle to an upper-income salaried individual or
self-employed such as the owner of a small/medium entrepreneur.
- The Borrower should have a working experience of at least 3 months with the last employer and a total of 1 year of experience in the same business field. In case the borrower is a freelancer, proven work experience should be at least 2 years (contracts and statements should act as proof).
- The borrower should have a minimum monthly net income of AMD 200,000 in case they are single and AMD 300,000 in case they are married.
- The ratio of the loan repayment plus all other regular debt repayments to the available income shall not exceed 50-70%.
- The borrower should purchase a vehicle insurance policy from the suggested list of insurers.
- The sum insured should be equal to the car purchase price.
- The borrower should have a good credit history.
- Only a spouse, parents, sibling and a child may become co-borrowers.
- The vehicle is pledged at the Bank until the full repayment of the loan.
- Beneficiary right of the insurance policy must be assigned to the Bank until full repayment of the loan.
- The rights arising from the pledge agreement should be registered with an authorized State body of the Republic of Armenia.
- The Bank cooperates with these Insurance companies.
- The Bank cooperates with these Appraisal agencies.
To guarantors (upon such a requirement)
- If the Borrower defaults on their loan, the Guarantor is liable for the outstanding obligation, which could damage the latter’s credit history and expose them to the risk of losing the property.
- The Guarantor will be provided with a copy of the loan and guaranty agreement and the repayment schedule.
- Communication is carried out in a manner convenient for the Guarantor.
- The Bank is obliged to notify the Guarantor about the change in the terms of the contract seven days in advance.
- The Bank is obliged to remind the Guarantor about the existing obligation one day in advance and inform them about the delay in repayment of the loan no later than one day later.
- The Guarantor may request information about the amount of the loan balance from the Bank at any time.
- The Guarantor may get back from the Borrower the money they paid for the loan, as well as other losses incurred on behalf of the Borrower.
- In case of payment delay of the loan or part of it, as well as of accrued interests, the loan interest rate defined by the loan agreement shall not be applied on the overdue loan amount and the Bank will apply a 24% annual interest rate to the amount owed by the Customer for each due day. No other fees are charged for overdue amounts.
- The borrower is entitled to repay the loan or part of it prematurely. In case of partial early repayment of the loan, the Borrower may decrease the Loan tenor, leaving the monthly installments the same, or decrease the amount of monthly installments at her/his choice.
- In case of total reimbursement of auto loans with amounts greater than AMD 15,000,000, the Bank will charge a fee of:
- 1% of prematurely repaid loan principal within 24 months starting from the date of signing the agreement
- 0.5% of prematurely repaid loan principal after 24th months from the date of signing the agreement
No partial reimbursement fee (regardless of the amount), as well as total reimbursement fee for loans below AMD 15,000,000 will be applied for auto loans․
I = Interest amount
R = Current interest rate
L = Outstanding loan amount
N = Number of days between two payments
- Example:
R=15%
L=1,000,000 AMD
N=30 days
I=1,000,000*15%/365*30=12,329
- Valuation and pledge costs are borne by the Borrower and they are as follows:
a) Pledge registration fee – AMD 2,000
b) Collateral insurance rate – 2,5 % of the appraised value of the pledged property annually during the whole tenor of the loan
- The loan is only processed at Byblos Bank Armenia branches.
- The loan is disbursed by a non-cash transfer into the client's bank account.
- The loan disbursement is executed within a maximum period of 3 working days from the date of signing the loan contracts by the client at the branch if mandatory documents are provided.
- The repayment of the loan shall be done in equal monthly installments whereas the interest accrued at the date of repayment shall be repaid first then the principal. In case there are penalties, those will be paid first.
- The main factors affecting the decision to approve or reject the loan are:
a - credit history
b - valid justification for the loan purpose
c - accuracy of the information, provided by the borrower
d - solvency of the client (financial position)
e - creditworthiness of the client (personal qualities, absence of any legal impediment)
f - the type of security.
Credit history
- Credit history is information about a borrower's obligations, showing their debts, payments, payment habits and/or data about their obligations and/or fulfillment of said obligations.
- Credit information providers are ACRA member organizations (banks, credit organizations, insurance companies, organizations carrying out deferred payment transactions, as well as state bodies that provide information about individuals from public databases to the credit bureau in accordance with the procedure established by the Government of the Republic of Armenia), which provide information (data)about the borrower.
- If there are incorrect or incomplete data in the borrower's credit history, then for the purpose of clarification and correction, the borrower, in accordance with the provisions of Article 20 of the Law "On Circulation of Credit Information and Activities of Credit Bureaus" of the Republic of Armenia, may inform the credit bureau or directly contact the credit information providers (listed above).To do so, the burrower may submit a written application to the credit bureau or apply online from the "My ACRA" portal. The process of accepting/receiving, discussing and responding to customer complaints regarding credit reports provided by ACRA, as well as actions that may follow are defined by the Dispute Resolution Procedure of ACRA Credit Reporting CJSC.
- Under the Bank's internal regulations, the credit history retention period is not limited.
- The study and analysis of credit history by the Bank is carried out in accordance with the minimum terms and conditions defined by the internal legal acts of the Bank.
- A bad credit history can serve as a basis for tightening the terms of new loans (as well as other banking services) or their non-provision at all.
Credit Score
The bank currently does not apply a credit score in lending.
Steps to improve your credit history
First, it is necessary to completely clear overdue payments. In addition, it is necessary to rule out any overdue liabilities, even for one day, with regard to current loans.
Note: Byblos Bank Armenia will provide a decision on the loan application within 7 working days.
In case of non-fulfillment or improper fulfillment of credit obligations by the Borrower, the Bank shall be entitled to receive a reimbursement at the expense of the means of security provided for in the contract, as wells as other property of the Borrower, in accordance with the legislation of Armenia. The Bank shall be entitled to foreclose the mortgaged property via in and out of court proceedings. In case of non-fulfilment or improper fulfillment of obligations under the agreement, the Customer's loan may be classified, and information about that may be provided by the Bank to the Central Bank of Armenia Credit Register and Credit Bureaus, which can lead to a negative impact on the Borrower’s credit history.
According to the law of the RA on Combating Money Laundering and Terrorism Financing and for the proper investigation of the clients' profile, the Bank can obtain additional documents or other information as per the Know Your Customer principle, as well as ask additional questions during communication (if need be).
According to an agreement with the United States of America regarding the Foreign Account Tax Compliance Act (FATCA), the Bank may request or gather additional information in order to identify Borrower’s status as a U.S. taxpayer.
Information about loans are also available the section “Your financial info center” on www.fininfo.am, which is an electronic system for searching and comparing services and choosing the option that best suits your needs.
After signing the personal loan contract, you may communicate with the Bank by post or e-mail. The most convenient way for communication is the e-mail, which is available 24/7: the risk of information loss is eliminated, and secrecy is ensured.
ABC Motors LLC
ABC Motors is engaged in the import and sale of electric vehicles and factory-made spare parts.
ՀԱՅԱՎՏՈ ՍՊԸ
HAYAVTO LLC is engaged in the import and sale of electric cars.
Redinet Motors LLC
Redinet Motors is the sole official representative of Chevrolet in Armenia.
UCAR MOTORS LLC
Ucar Motors is engaged in the import, sale and service of electric vehicles.
X MOTORS
X
MOTORS is a major importer of XPeng vehicles in Armenia.
ANDRON CJSC
Andron CJSC is the official importer of Hozon electric vehicles in Armenia.
SMART MOTORS LTD
Smart Motors LTD is a multi-brand importer of cars and auto parts.
| Title | ֏ |
|---|---|
|
Consent for change of vehicle reg. plate*
|
5,000
|
|
Consent for change of vehicle reg. certificate*
|
5,000
|
|
Fee for obtaining an electronic statement on complete information about Legal entity from the registry of Legal entities*
|
5,000
|
|
|
|
|
* VAT included
|
|
Important Note: The fees are applicable for each item of collateral.
You can receive the statement of the loan in your chosen way. Statements and certificate of loan account are provided as per tariffs bellow:
| Title | ֏ |
|---|---|
|
Provision of statement monthly
|
Free of charge
|
|
Provision of statement duplicate up to 6 months*
|
3,000
|
|
Provision of statement duplicate over 6 months*
|
6,000
|
|
Certificate of balance related to loans*
|
3,000
|
|
|
|
|
* VAT included
|
|
