Secured Car Loans - Fast Bank

Vehicle pledge loans

VEHICLE PLEDGE LOANS

24%

Nominal interest rate

20.000.000 Դ

Loan amount

24 months

Loan term

Not required

Early loan repayment penalty

TERMS AND TARIFFS

updated 05-08-2021, 09:00

Loan currency

AMD

Borrower

loans are provided to at least 18 years old, RA resident and non-resident individuals

Loan term

12-24 months

Annual nominal interest rate of the loan

24%

Annual percentage rate of the loan

42.61% - 49.25%

Please be informed that this type of loan has a high annual actual interest rate, so consider other similar services available in the market in advance and evaluate your loan repayment opportunities.

Loan service fees

12% per-year

(applied on the actual balance)

Loan amount

AMD 300,001 – 20,000,000

Loan disbursement fee / lump sum/

Not required

Late loan principal fee

Not required

Late interest fee

Not required

Loan early repayment

· The borrower has the right to make an early repayment of the loan: fully or partially

· Early repayment penalty is not applied

Pledged asset

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

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

Loan to collateral value maximum ratio

Maximum up to 50% of liquid value of collateral

Car remains under the Сompany’s control

Pledge appraisal

The pledge is subject to appraisal by an independent property appraisal agency cooperating with the Organization and / or an employee of the Organization.

The evaluation is carried out by the employee of the organization free of charge.

Repayment method

· Repayment of the principal amount - monthly payment in the amount of 2 (two) percent of the initial loan amount, and the outstanding balance at the end of the term

· Interest repayment - monthly

OTHER TERMS

Introduction

1. In order to use the services provided within the framework of these tariffs, the Borrower shall pay the following amount for the services provided by the third parties mentioned below:

§ Certificate on vehicle restrictions - 3,000-4,000 AMD,

§ Fee of state registration of rights - 2,000-3,000 AMD,

2. Regardless of the third party fee rates mentioned in these terms, the fees for the services provided by the latter may change.

3. Loan interest and service fees are calculated on the active (non-overdue) balance of the loan, based on the calculation of 365 days a year.

4. The list of required documents, as well as the list of insurance companies and independent assessors cooperating with the Organization are defined in separate Annexes.

5. The loan is provided in cash, lump sum.

6. The loan is provided in all branches of the Organization.

7. The factors for making a positive loan decision are the following:

§ Compliance of the Borrower, Pledge and Guarantor (if any) with the requirements set forth in this document

8. The factors for loan rejection are the following:

§ Non-compliance of the Borrower and/or Pledge and/or the Guarantor (if any) with the requirements set forth in this document,

§ The pledge does not belong to the borrower with the right of ownership.

9. Making a decision on the loan application after submitting the required documents, informing the borrower on the day of submitting the application.

10. Provision of loan within up to 2 working days after submitting all required documents.

11. As a rule, any amount deposited for the purpose of loan repayment is directed by the Organization to the repayment of the amounts to be paid to the Organization by the Customer by virtue of loan agreement at the time of depositing, including penalties, service fees, interest, Loan amount repayment. The organization has the right to define a different order of amounts to be paid in the contract with the Customer.

12. In case of early repayment of the loan by the Customer, the loan interest amounts and the service fees, if any, are proportionally reduced if the latter is accrued on a daily basis, while the payments made to third parties are not subject to reduction.

13. Tariffs for non-financial services, including terms of provision of statements, copies of contracts and other information are published on the official website of the Organization: www.fastcredit.am, as well as posted in the places of business of the Organization.

14. WARNING: IF THE INTEREST AMOUNTS, LOAN AMOUNT, SERVICE FEES ARE NOT PAID IN TIME THE PLEDGED PROPERTY CAN BE CONFISCATED BY THE PROCEDURE ESTABLISHED BY LAW.

15. ATTENTION: IN CASE OF NOT FULFILLMENT OR INCOMPLETE FULFILLMENT OF THE OBLIGATIONS BY YOU, THE ORGANIZATION SENDS THOSE DATA TO THE CREDIT BUREAUWITHIN 3 WORKING DAYS WHERE YOUR CREDIT HISTORY IS FORMED. YOU HAVE THE RIGHT TO GET YOUR CREDIT HISTORY FROM THE CREDIT BUREAU FREE OF CHARGE ONCE EVERY YEAR. ATTENTION: BAD CREDIT HISTORY MAY HINDER RECEIVING A LOAN IN THE FUTURE.

16. ATTENTION: LOAN INTEREST AMOUNTS ARE CALCULATED BASED ON THE NOMINAL INTEREST RATE, WHILE THE ACTUAL ANNUAL INTEREST RATE SHOWS HOW MUCH THE LOAN, INTEREST AMOUNT AND OTHER PAYMENTS WILL COST IN CASE OF PAYING IN THE ESTABLISHED TIME AND AMOUNT. ACTUAL ANNUAL INTEREST RATE CALCULATION PROCEDURE IS POSTED ON THE OFFICIAL WEBSITE OF THE ORGANIZATION (www.fastcredit.am).

17. ATTENTION: YOU HAVE THE RIGHT TO COMMUNICATE WITH THE FINANCIAL ORGANIZATION IN THE MANNER PREFERRED BY YOU BY MAIL OR ELECTRONICALLY. GETTING INFORMATION ELECTRONICALLY IS THE MOST CONVENIENT. IT IS AVAILABLE 24/7, IS FREE OF RISK OF LOSS OF PAPER INFORMATION AND ENSURES PRIVACY.

18. ATTENTION: YOUR "FINANCIAL DIRECOTRY" IS AN ELECTRONIC SYSTEM THAT MAKES IT EASIER FOR YOU TO SEARCH AND COMPARE SERVICES PROVIDED TO NATURAL PERSONS AND CHOOSE THE MOST EFFECTIVE OPTION FOR YOU.