The Loan is offered at full-service branches of the Bank.

*  No guarantor shall be required if the Borrower meets the creditworthiness requirements.

** Where the vehicle is purchased from the primary market, and the pledged vehicle is registered in the applicant's name within 10 working days upon the loan approval, the value of the invoice issued by the vendor company shall also be used as a basis.

*** The following car models may be accepted by the Bank as a loan collateral: Mercedes-Benz, BMW, Audi, Porsche, Volvo, Jeep, Ford, KIA, Honda, Chevrolet, Volkswagen, Opel, Toyota, Lexus, Nissan, Infiniti, Mitsubishi, Hyundai, Suzuki, Subaru, JAC, Land Rover, Mazda, Mini, Acura, Chrysler, Fiat, Jaguar, Renault, Peugeot, Dodge, Cadillac, Maserati, Alfa Romeo, Citroen, as well as all types of electric and hybrid cars.

Attention: Loan interest shall be calculated based on nominal interest rate, while the effective annual interest rate shall indicate how much the loan will cost you upon full and timely payment of interests and all mandatory loan processing and servicing fees.

The Loan is offered at full-service branches of the Bank.

* Where the vehicle is purchased from the primary market, and the pledged vehicle is registered in the applicant's name within 10 (ten) working days upon the loan approval, the value of the invoice issued by the vendor company shall also be used as a basis. In case of purchase of vehicle from the primary market, with a down payment of 50 percent or more, the maximum loan amount may reach up to AMD 25,000,000.

**The following car models may be accepted by the Bank as a loan collateral: Mercedes-Benz, BMW, Audi, Porsche, Volvo, Jeep, Ford, KIA, Honda, Chevrolet, Volkswagen, Opel, Toyota, Lexus, Nissan, Infiniti, Mitsubishi, Hyundai, Suzuki, Subaru, JAC, Land Rover, Mazda, Mini, Acura, Chrysler, Fiat, Jaguar, Renault, Peugeot, Dodge, Cadillac, Maserati, Alfa Romeo, Citroen, as well as all types of electric and hybrid cars.

The conditions listed above shall also apply to the purchase of electric cars.

Attention: Loan interest shall be calculated based on nominal interest rate, while the effective annual interest rate shall indicate how much the loan will cost you upon full and timely payment of interests and all mandatory loan processing and servicing fees.

Dear Customer, the ratings and the number of inquiries generated as a result of your loan applications may affect your overall credit rating in the Scoring systems.

The total amount of all current loan obligations of the Borrower (excluding the obligations secured by real estate, gold, another car, funds and provided guarantees) and the granted loan may not exceed the LTV ratio determined for the vehicle’s production year +10% of the estimated liquidation value of the vehicle for pledge.

List of documents required for lending

Required documents

• Originals and copies of the potential Borrower’s passport and social security card (if unavailable, a reference certified by the competent body)

• Copy of marriage certificate (divorce certificate, spouse's death certificate);

• Copies of family members’ passports and social security cards (if unavailable, a reference certified by the competent body)
• Proof of residence
• Proof of employment
• Copy of employment record book and employment contract (signed and sealed), except for civil servants
• Copy of driver's license
• Reference on additional income
• Copy of vehicle registration certificate (temporary registration certificate)
• Copy of ownership certificate
• Copy of vendor’s passport

• Other documents upon credit officer’s request

• A lending decision is made within a maximum of 5 working days upon the entry of the application form and all required documents.
• The borrower is notified of the lending decision within 1 working day.
• The loan is disbursed within a maximum of 6 working days after submission of all required documents.

Loan application approval and rejection factors

Fees for provision of statements, references and other data

Collateral shall be appraised by an independent appraisal company collaborating with the Bank and shall be acceptable for the Bank.

For the list of partner insurance companies, click here.

Attention: Loan interest rates shall be calculated based on nominal interest rate, while the effective annual interest rate shall show how much the loan will cost you if interests and other mandatory payments with regards to loan disbursement and service are paid in due amounts and specified timelines. For the order of effective annual interest rate calculation, visit here.

Please be informed that the borrowers who have made early repayments on consumer loans since August 16, 2019 can receive amounts recovered from charging early repayment commission fees starting from December 2021. The amounts will be credited to current accounts of ARARATBANK OJSC customers. Those customers, who are not ARARATBANK OJSC accountholders, may reach ARARATBANK OJSC branches or head office in person, presenting a proof of identity.

At the time of applying for a loan, the applicant and the guarantor(s) (if any) will be provided with a tailored list of essential consumer loan terms reflecting the individual conditions of the loan to be extended to the applicant.

Your property (house, vehicle, or other) may be confiscated in the manner prescribed by law where you fail to repay your interests and principal in time.

In case of failure to perform your loan obligations, the loan security, as well as other property of the borrower, where the loan security is insufficient, may be seized and sold in a court or out-of-court procedure both through direct sale and public auction.

Where you fail to perform your obligations, either fully or partially, the Lender shall send the data within a three-day period to the credit bureau, where your credit history is generated. You shall have the right to obtain your credit history from the bureau once a year for free. Attention: A bad credit history may hinder lending in the future. 

In the event of non-compliance or partial compliance of the borrower with its credit obligations, fines and penalties shall be imposed in accordance with the Loan Agreement.

“Your financial directory” is an electronic system which facilitates the search, comparison and selection of the best options in the services offered.

You shall have the right to communicate with the financial institution by any convenient way - by post or e-mail. Receiving information electronically is the most convenient option. It is available 24/7, free from the risks of loss of paper information and ensures privacy.

The bank may request additional documents or other information based on the "Know your customer" principle, as well as ask additional questions during oral communication, for the purpose of due diligence of the customer defined by the RA Law "On Combating Money Laundering and Terrorist Financing". .

In accordance with the agreement signed with the USA based on the Compliance Act (FATCA), the financial organization may collect additional information to determine whether you are a US taxpayer.

Other mandatory fees

Timeframes for loan approval, customer notification and loan disbursement

A lending decision is made within a maximum of 30 business days.

The Borrower is notified of the lending decision within 1 business day, and the loan is disbursed within 6 business days from the date of submission of all required documents.

In the event of acquiring a new car, the Borrower shall submit a vehicle invoice (vehicle import-related documents as appropriate) instead of the document specified under Point 9 of the list above.

Please note that you may be required to update any of the documents listed above at any time over the life of the loan.

Grounds for loan approval

1. The Borrower/Guarantor submits the complete package of the required documents.
2. According to the inquiry made to the ACRA Credit Bureau upon the submission of the loan application and the required documents, the Borrower/Guarantor has no classified liabilities (excluding redeemed guarantees) and the total number of days overdue does not exceed 45 days within the last 24 months prior to filing the application.
3. The vehicle proposed for pledge meets the defined requirements.
4. Other criteria.

Grounds for loan rejection

1. The Borrower/Guarantor fails to submit all the required documents.
2. According to the inquiry made to the ACRA Credit Bureau upon the submission of the loan application and the required documents, the Borrower/Guarantor has classified liabilities (excluding redeemed guarantees) and the total number of days overdue exceeds 45 days within the last 24 months prior to filing the application.
3. The opinion on the creditworthiness and solvency of the Borrower/Guarantor is negative.
4. The vehicle proposed for pledge does not meet the required criteria.

1. Information on the customer obtained in the course of the lending process undermines the customer’s solvency.

6. The customer’s loan application is rejected by the Bank’s competent body authorized to take lending decisions.

1. Following the loan approval, the customer fails to appear or to submit the required documents within 10 days of the approval notice.
2. Other criteria.

Fees for provision of statements, references and other data*

*VAT included

List of partner appraisal companies

List of partner insurance companies