Vehicle pledge loans

 

Vehicle pledge Loans 
Loans provided that the vehicle remains under the company’s control
Loan purpose and Creditor Consumer loans are provided to at least 18 years old , RA resident and non-resident individuals 
Loan amount From 100,000AMD to 20,000,000 AMD
Loan term  1-24 months
Annual nominal interest rate 24% 
Loan service fee  12% per-year
Loan interests and service fees calculation method Applied on the actual (non-overdue) balance of loan
Collateral

Vehicle, the manufacture date of which mustn’t be earlier than 

  • For Russian manufactured vehicles:  5 years, 
  • For other countries manufactured vehicles: 20 years.
Collateral appraisal

The collateral should be appraised by the licensed independent appraisal company cooperating with Fast Credit Capital UCO CJSC and/ or by the company employee,

The appraisal by the employee of the organization is free of charge. 

Loan to value maximum ratio  Maximum 50% of liquidity value
Collateral location Car remains under the company’s control
Loan providing method In cash, lump sum
Payment of principal , interests and service fee  Monthly 
Payments
  • Principal payments: 2(two) percent of the principal amount each month and the unpaid balance(the difference) is paid in the end of the term. 
  • Payments of the interests: monthly according to calculation method. 
Maximum period to make a decision about the loan application and notifying the customer 15 (fifteen) minutes after the evaluation of the vehicle. 
Other additional services provided by third parties*
  • Joint certificate of motor vehicles by RA Police:3,000-4,000 AMD,
  • Collateral notarization fee:12,000AMD,
  • Collateral registration state fee by RA Police:2,000-3,000 AMD.
*The amount of other additional services provided by third parties can be changed by third parties.
Loan provision term  1 business day after providing all requested documents for providing the loan
Loan providing method In cash, lump sum
Positive decision  factors The loan can be provided if the creditor and the pledge meet the criteria set out in these terms .
Loan rejection factors

The loan providing can be rejected if 

  • the creditor and/or the pledge doesn’t meet the criteria set out in these terms,
  • the pledge doesn’t belong to the creditor,
  • other factors.
Requires documents

Identification document 

Other additional services provided by third parties*
  • Joint certificate: 3,000-4,000 AMD,
  • Collateral notarization fee: 12,000AMD,
  • Collateral registration state fee: 2,000-3,000 AMD.
Loan providing branches
  • Yerevan- Erebuni branch, 
  • Ararat region – Artashat branch,
  • Armavir region- Armavir branch,
  • Shirak region- Gyumri branch.
Loan early maturity penalty Not charged
Penalty of not providing additional pledge within a month in case of impairment of collateral value 5% of credit balance, lump sum
WARNING
  • IF YOU DO NOT MAKE REPAYMENTS OF INTERESTS AND PRINCIPAL AMOUNT ON TIME, THE INFORMATION ON YOU WILL BE REGISTERED IN CREDIT REGISTER.  
  • YOUR PROPERTY(house, car and other) MAY BE SEIZURED AS STIPULATED BY LAW IF YOU DO NOT MAKE REPAYMENTS OF INTERESTS AND PRINCIPAL AMOUNT ON TIME.
  • IN CASE THE CREDITOR FAILS TO ACCOMPLISH THE LOAN LIABILITIES ARE COVERD BY THE COLLATERAL AND ITS VALUE IS NOT SUFFICIENT FOR COVERING THE WHOLE LIABILITY, THE COMPANY CAN COVER IT BY YOUR OTHER PROPERTY. 
Overdue principal amount penalty The penalty is calculated on daily basis of overdue loan amount annually 36%
ATTENTION 
  • CREDIT INTERESTS ARE CALCULATED BASED ON NOMINAL INTEREST RATES. ANNUAL PERCENTAGE RATE SHOWS HOW MUCH THE CREDIT WILL COST FOR YOU, IF INTERESTS AND OTHER PAYMENTS ARE PAID IN PREDETERMINED TIME PERIOD AND IN PREDETERMINED SIZE. PROCEDURE ON CALCULATION OF ANNUAL PERCENTAGE RATE COULD BE FOUND IN REGULATION 8/01 OF CENTRAL BANK OF RA.
  • YOU CAN MAKE YOUR CREDIT PAYMENTS IN ALL BRANCHES OF FAST CREDIT CAPITAL.