Car loans
Don’t leave your dream parked.
Car Loan - Primary Market
Get a car from the primary market and your preferred dealership through Amio Bank’s Car Loan.
Interest rate
from13.7%
Amount
up to AMD 75 million
Term
up to 7 years
Disbursement
up to 1 working day
Benefits
Down payment: starting from 10%
No application review fees
No loan issuance, servicing, or early repayment fees
Wide network of partner dealerships
Type of Loan - A loan provided to individuals for the purpose of purchasing new or used cars at dealerships, for personal or family use.
Currency - AMD
Term - 1-7 years
Annual Nominal Interest Rate¹ - The nominal interest rate is determined based on the minimum down payment (as a percentage of the purchase price) and the ratio of the loan amount to the market value of the collateral (LTV).
Minimum Down Payment and LTV
- 10%–30% down payment - 13.9% (new car, LTV: 70%-90%)
- 20%–30% down payment - 13.9% (used car, LTV: 70%-80%)
- 30% or more down payment - 13.7% (new and used cars, LTV: up to 70%)
- 50% or more down payment - 15% (new and used cars, LTV: up to 50%)
¹The use of the car for entrepreneurial activities (including as a taxi) is not allowed. In the event that the car is found to be used as a taxi, the Bank has the right to require full early repayment, or to demand that the vehicle be insured as a taxi (at higher rates) at the customer’s own expense, or to increase the interest rate up to 24% (effective). The car may be purchased for use (driving) by a third party. A third party may include members of the borrower’s family.
Effective Annual Interest Rate - 14.6%-18.1%
Type of Annual Interest Rate
- For loans with a term of up to 60 months - fixed interest rate
- For loans with a term of 61 months or more - fixed adjustable interest rate²
²The fixed (adjustable) interest rate may be revised starting from the 37th month. The calculation is based on the procedure for determining and adjusting the AMIO reference rate.
Maximum Age of the Vehicle at the Time of Financing(applies also to used cars) According to the loan terms and rates for purchasing a car from the secondary market, depending on the country of manufacture of the vehicle.
Minimum Term - 1 year
Maximum Term -
- For a new car: 7 years
- For a used car: 5 years
Minimum Amount - AMD 2,000,000
Maximum Amount
- For a new car: AMD 75,000,000
- For a used car: AMD 50,000,000
If the loan is provided without income analysis:
- For a new car: AMD 50,000,000
- For a used car: AMD 25,000,000
Loan Disbursement Method - One-time, non-cash
Repayment Method -
At the customer’s choice:
- Annuity payments
- Differentiated payments
Collateral - The purchased vehicle
Income Verification - The borrower and co-borrower must provide primary or secondary income documentation.
- Primary and/or secondary income of the borrower
- For a down payment of 50% or more - without income verification
Collateral Valuation and Insurance
Collateral Valuation
- For dealerships included in this list³ a certificate provided by the dealership indicating the value of the car
- In other cases - the market value of the car as determined by an independent appraiser
³ This list may be revised by the decision of the Bank’s Executive Board or Credit Committee.
Motor Vehicle Insurance (CASCO)
The CASCO insurance of the collateral is provided on an annual basis by insurance companies cooperating with the Bank. The insurance amount is calculated to be at least equal to the outstanding loan balance.
Upon the customer’s request, CASCO insurance may also be arranged for the value of the vehicle, covering the difference between the vehicle’s value and the outstanding loan balance, with the corresponding insurance premium paid by the customer.
The Bank may not require CASCO insurance if the following conditions are simultaneously met:
- The loan is provided with income verification,
- The down payment is 30% or more,
- The loan amount does not exceed AMD 7,000,000.
If the borrower chooses to arrange CASCO insurance independently, they are required to maintain continuous insurance coverage throughout the term of the loan agreement. Failure to comply with this requirement gives the Bank the right to independently arrange CASCO insurance for the collateral, charging the insurance premium to the customer, and/or to increase the annual nominal interest rate of the loan by 2 percentage points.
Requirements for the Borrower and Co-Borrower
Residency
Residents of the Republic of Armenia (regardless of citizenship) and individuals registered in Armenia, who have a permanent registration and/or actual residence address indicated in their identity document⁴.
⁴For a non-Armenian citizen or an Armenian citizen without registration in Armenia - if the identity document does not indicate actual residence - a residence card or a registration certificate issued by the Police of the Republic of Armenia, showing the registration or actual residence address and with a validity of at least 183 days, is required.
If these documents are not available, a valid employment contract is required, with a term exceeding the loan maturity date, and the continuous employment at the current workplace must be at least 3 months.
For employees of law enforcement agencies, a document confirming actual residence may be considered as:
- a certificate issued by a military unit operating in the Republic of Armenia, indicating the person's actual residence address (at a specific address or in the territory of the military unit) and the period of residence,
- a certificate of income, indicating the date of commencement of service in the Republic of Armenia,
- a military record book indicating the date of military registration, provided that the military unit is located in the territory of the Republic of Armenia. In the absence of the above documents, proof of staying in the territory of the Republic of Armenia for at least 183 days within the last year serves as a basis, which must be confirmed by scanned copies of the relevant pages of the passport, including visa annotations.
Age - From 18 to 70 years old (at the time of loan repayment)
Co-Borrower - Any individual
Credit history requirements
- No current overdue or classified liabilities
- The total number of overdue days for all (repaid and current) loans over the past 12 months should not exceed 36 calendar days, and the number of delays in one month should not exceed 6 calendar days
- Credit risk class over the past 24 months - no higher than "monitored"
- Current borrower's collateral class - standard
- If the client has no credit history over the past 24 months, the entire history is analyzed, and the credit risk class should be no higher than "monitored"
Commissions / Fees
- One-time application review fee - not charged
- One-time loan issuance fee - not charged
- Monthly loan servicing fee - not charged
- Early loan repayment fee - not charged
- Opening and maintaining bank accounts (one-time) - according to the Bank’s applicable rates
Work Experience Requirement - At the current job - at least 3 months (if the source of income is salary)
Factors for Loan Rejection
- Negative credit history
- Collateral not meeting the Bank’s requirements
- Providing false or unreliable information
- Presence of information casting doubt on the loan’s repayability
- Other factors
Maximum Decision Time - Depending on the dealership - from 6 business hours up to 1 business day
Maximum Validity of Decision - 30 calendar days
Interest Calculation Method - The interest rate is calculated on the declining loan balance
Penalties for non-fulfillment of obligations by the borrower
The Bank has the right to:
- Continue to apply the interest calculation provided by the Agreement to the overdue loan.
- In terms of overdue interest, the Bank charges the Borrower a penalty in the amount of 0.13% of the overdue amount for each day of delay.
- In case of overdue obligations, repayments are made in the following order: 1․ Penalty/penalties 2․ Interest charges 3․ Principal amount
Client’s other expenses
- Expenses related to collateral valuation - according to the rates set by the Bank’s partner appraisal companies
- Expenses related to vehicle registration and documentation
- Expenses related to the registration of collateral rights
- Annual insurance premium - according to the rates set by the Bank’s partner insurance companies
In case of non-fulfillment or incomplete fulfillment of the obligation by the borrower, after 7 working days, the lender sends that data to the credit bureau, where the credit history of the borrower is formed. The borrower has the right to obtain their credit history from the credit bureau once a year free of charge. A negative credit history may hinder the borrower from obtaining a loan in the future.
The Bank has the right to seize or sell the collateral without going to court.
In the event of a seizure of a pledged vehicle, if the claim secured by the pledge is not fully satisfied with the proceeds from the sale, the difference is seized from the borrower's other property.
Loan interest is calculated based on the nominal interest rate, and the annual effective interest rate shows how much the loan will cost if the interest and all mandatory payments for loan issuance and servicing are made within the specified deadlines and amounts.
The terms, deadlines, and fees for providing extracts, their copies, and other information are in accordance with the Bank’s applicable service rates.
In case of non-fulfillment or improper fulfillment of obligations assumed under the loan agreement, the pledged property may be confiscated in accordance with the procedure established by law.
Car Loan - Primary Market
Get a car from the primary market and your preferred dealership through Amio Bank’s Car Loan.
Interest rate
from13.7%
Amount
up to AMD 75 million
Term
up to 7 years
Disbursement
up to 1 working day
Benefits
Down payment: starting from 10%
No application review fees
No loan issuance, servicing, or early repayment fees
Wide network of partner dealerships
Type of Loan - A loan provided to individuals for the purpose of purchasing new or used cars at dealerships, for personal or family use.
Currency - AMD
Term - 1-7 years
Annual Nominal Interest Rate¹ - The nominal interest rate is determined based on the minimum down payment (as a percentage of the purchase price) and the ratio of the loan amount to the market value of the collateral (LTV).
Minimum Down Payment and LTV
- 10%–30% down payment - 13.9% (new car, LTV: 70%-90%)
- 20%–30% down payment - 13.9% (used car, LTV: 70%-80%)
- 30% or more down payment - 13.7% (new and used cars, LTV: up to 70%)
- 50% or more down payment - 15% (new and used cars, LTV: up to 50%)
¹The use of the car for entrepreneurial activities (including as a taxi) is not allowed. In the event that the car is found to be used as a taxi, the Bank has the right to require full early repayment, or to demand that the vehicle be insured as a taxi (at higher rates) at the customer’s own expense, or to increase the interest rate up to 24% (effective). The car may be purchased for use (driving) by a third party. A third party may include members of the borrower’s family.
Effective Annual Interest Rate - 14.6%-18.1%
Type of Annual Interest Rate
- For loans with a term of up to 60 months - fixed interest rate
- For loans with a term of 61 months or more - fixed adjustable interest rate²
²The fixed (adjustable) interest rate may be revised starting from the 37th month. The calculation is based on the procedure for determining and adjusting the AMIO reference rate.
Maximum Age of the Vehicle at the Time of Financing(applies also to used cars) According to the loan terms and rates for purchasing a car from the secondary market, depending on the country of manufacture of the vehicle.
Minimum Term - 1 year
Maximum Term -
- For a new car: 7 years
- For a used car: 5 years
Minimum Amount - AMD 2,000,000
Maximum Amount
- For a new car: AMD 75,000,000
- For a used car: AMD 50,000,000
If the loan is provided without income analysis:
- For a new car: AMD 50,000,000
- For a used car: AMD 25,000,000
Loan Disbursement Method - One-time, non-cash
Repayment Method -
At the customer’s choice:
- Annuity payments
- Differentiated payments
Collateral - The purchased vehicle
Income Verification - The borrower and co-borrower must provide primary or secondary income documentation.
- Primary and/or secondary income of the borrower
- For a down payment of 50% or more - without income verification
Collateral Valuation and Insurance
Collateral Valuation
- For dealerships included in this list³ a certificate provided by the dealership indicating the value of the car
- In other cases - the market value of the car as determined by an independent appraiser
³ This list may be revised by the decision of the Bank’s Executive Board or Credit Committee.
Motor Vehicle Insurance (CASCO)
The CASCO insurance of the collateral is provided on an annual basis by insurance companies cooperating with the Bank. The insurance amount is calculated to be at least equal to the outstanding loan balance.
Upon the customer’s request, CASCO insurance may also be arranged for the value of the vehicle, covering the difference between the vehicle’s value and the outstanding loan balance, with the corresponding insurance premium paid by the customer.
The Bank may not require CASCO insurance if the following conditions are simultaneously met:
- The loan is provided with income verification,
- The down payment is 30% or more,
- The loan amount does not exceed AMD 7,000,000.
If the borrower chooses to arrange CASCO insurance independently, they are required to maintain continuous insurance coverage throughout the term of the loan agreement. Failure to comply with this requirement gives the Bank the right to independently arrange CASCO insurance for the collateral, charging the insurance premium to the customer, and/or to increase the annual nominal interest rate of the loan by 2 percentage points.
Requirements for the Borrower and Co-Borrower
Residency
Residents of the Republic of Armenia (regardless of citizenship) and individuals registered in Armenia, who have a permanent registration and/or actual residence address indicated in their identity document⁴.
⁴For a non-Armenian citizen or an Armenian citizen without registration in Armenia - if the identity document does not indicate actual residence - a residence card or a registration certificate issued by the Police of the Republic of Armenia, showing the registration or actual residence address and with a validity of at least 183 days, is required.
If these documents are not available, a valid employment contract is required, with a term exceeding the loan maturity date, and the continuous employment at the current workplace must be at least 3 months.
For employees of law enforcement agencies, a document confirming actual residence may be considered as:
- a certificate issued by a military unit operating in the Republic of Armenia, indicating the person's actual residence address (at a specific address or in the territory of the military unit) and the period of residence,
- a certificate of income, indicating the date of commencement of service in the Republic of Armenia,
- a military record book indicating the date of military registration, provided that the military unit is located in the territory of the Republic of Armenia. In the absence of the above documents, proof of staying in the territory of the Republic of Armenia for at least 183 days within the last year serves as a basis, which must be confirmed by scanned copies of the relevant pages of the passport, including visa annotations.
Age - From 18 to 70 years old (at the time of loan repayment)
Co-Borrower - Any individual
Credit history requirements
- No current overdue or classified liabilities
- The total number of overdue days for all (repaid and current) loans over the past 12 months should not exceed 36 calendar days, and the number of delays in one month should not exceed 6 calendar days
- Credit risk class over the past 24 months - no higher than "monitored"
- Current borrower's collateral class - standard
- If the client has no credit history over the past 24 months, the entire history is analyzed, and the credit risk class should be no higher than "monitored"
Commissions / Fees
- One-time application review fee - not charged
- One-time loan issuance fee - not charged
- Monthly loan servicing fee - not charged
- Early loan repayment fee - not charged
- Opening and maintaining bank accounts (one-time) - according to the Bank’s applicable rates
Work Experience Requirement - At the current job - at least 3 months (if the source of income is salary)
Factors for Loan Rejection
- Negative credit history
- Collateral not meeting the Bank’s requirements
- Providing false or unreliable information
- Presence of information casting doubt on the loan’s repayability
- Other factors
Maximum Decision Time - Depending on the dealership - from 6 business hours up to 1 business day
Maximum Validity of Decision - 30 calendar days
Interest Calculation Method - The interest rate is calculated on the declining loan balance
Penalties for non-fulfillment of obligations by the borrower
The Bank has the right to:
- Continue to apply the interest calculation provided by the Agreement to the overdue loan.
- In terms of overdue interest, the Bank charges the Borrower a penalty in the amount of 0.13% of the overdue amount for each day of delay.
- In case of overdue obligations, repayments are made in the following order: 1․ Penalty/penalties 2․ Interest charges 3․ Principal amount
Client’s other expenses
- Expenses related to collateral valuation - according to the rates set by the Bank’s partner appraisal companies
- Expenses related to vehicle registration and documentation
- Expenses related to the registration of collateral rights
- Annual insurance premium - according to the rates set by the Bank’s partner insurance companies
In case of non-fulfillment or incomplete fulfillment of the obligation by the borrower, after 7 working days, the lender sends that data to the credit bureau, where the credit history of the borrower is formed. The borrower has the right to obtain their credit history from the credit bureau once a year free of charge. A negative credit history may hinder the borrower from obtaining a loan in the future.
The Bank has the right to seize or sell the collateral without going to court.
In the event of a seizure of a pledged vehicle, if the claim secured by the pledge is not fully satisfied with the proceeds from the sale, the difference is seized from the borrower's other property.
Loan interest is calculated based on the nominal interest rate, and the annual effective interest rate shows how much the loan will cost if the interest and all mandatory payments for loan issuance and servicing are made within the specified deadlines and amounts.
The terms, deadlines, and fees for providing extracts, their copies, and other information are in accordance with the Bank’s applicable service rates.
In case of non-fulfillment or improper fulfillment of obligations assumed under the loan agreement, the pledged property may be confiscated in accordance with the procedure established by law.
Subject to amendment made to Law on Currency Regulation and Currency Control, the interest amounts accrued on foreign currency loans and deposits, which “AMIO BANK” CJSC has issued or attracted since December 2, 2017, may at your option be repaid in the same currency in which they have been issued or attracted.
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