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Customer Success
“I am very thankful to FINCA for providing the opportunity to pay for car insurance. While car insurance may not seem like a significant expense per year, it truly depends on the car you drive and the timing of your insurance renewal. This is my second car loan with FINCA, and I feel very comfortable using their services. I will definitely recommend this loan to my friends.” – Murad
About the Loan
| Main terms and conditions | ||||
|---|---|---|---|---|
| Loan currency | AMD | |||
| Purpose | Signing of the APPA contract | |||
| Loan amount | 20 000 – 300 000 | |||
| Loan maturity1 | 1-8 months | 9-12 months | ||
| Loan annual interest rate | 0% | |||
| Loan annual percentage rate2 | 0% | 23.18%-23.61% | ||
| Loan service fee [monthly] 3 | 0% | 1% | ||
| Loan disbursement fee [one off] | 0% | |||
| Loan disbursement method | non cash4 | |||
| Requirements for the borrower/co-borrower(s)5 | |||
|---|---|---|---|
1. Legal entities or individual entrepreneurs registered in Armenia who receive stable income from their commercial activities. |
| Minimum requirements for loan security | |||
|---|---|---|---|
1. Credit rating |
| Loan repayment | |||
|---|---|---|---|
The loan is repaid in equal monthly installments consisting of principal amount, interest (if any) and service fee (if any). |
| Other terms and conditions | |||
|---|---|---|---|
Loan disbursement in installments (in installments) | Not applicable | ||
Parallel loans | A maximum of 3 parallel “Consumer APPA” loans | ||
| Notes | |||
|---|---|---|---|
1. Depending on the repayment schedule, the loan term can be extended to a maximum of 45 days. |
| Required Documents (To Be Submitted In Person) | |||
|---|---|---|---|
Required
| Additional
The documents are submitted in paper form within three days from the date of applying for a loan or within three days after that. | ||
| Factors Influencing The Loan Decision | |||
|---|---|---|---|
Positive factors
| Negative factors
| ||
| Timing | |||
|---|---|---|---|
Loan application decision | Up to 1 business days | ||
Provision of a written or verbal notification on the decision | Up to 1 business days | ||
Loan disbursement | Up to 1 business days after the submission of the application | ||
| Other Notes | |||
|---|---|---|---|
|
| Early Repayment | |||
|---|---|---|---|
The borrower can repay the loan earlier than stipulated by the payment schedule without incurring penalties. Upon early repayment, together with the reduction of the principal, the borrower’s total credit expenses (interest, other fees) are reduced proportionally, except for the cases when the payer submits a different written order. Penalties and other fees incurred as a result of failure to properly fulfill obligations stipulated by the RA legislation and the loan contract, as well as the fees defined by the Article 15 of the RA Law on Consumer Credit are not reduced. Upon full early repayment of the loan, the borrower pays the service fees and other charges, interest and principal amounts calculated as of the payment date. Payments for future months can be made in advance by submitting a written order. Repayments for each upcoming month are made in the following order: 1) service fees and other charges, 2) interest, 3) principal. |
| Warnings And Penalties | |||
|---|---|---|---|
In case the borrower breaches the contractual obligations, FINCA may change the interest rate of the loan following the order provided by the contract and the terms constituting an integral part of the contract. In case of failure to fulfill the contractual obligations according to the payment schedule, the borrower is obligated to pay a PENALTY for each overdue day in the amount of: 1) 0.13% of the overdue principal, 2) 0.13% of the overdue interest. If the borrower fails to repay the principal on time, application of the contractual interest rate towards the overdue amount is terminated and a 24% annual interest rate is applied from the day of breaching the schedule till the loan repayment date. If the amount paid is not sufficient to cover all overdue obligations, the creditor’s expenses incurred in efforts to receive the due payments from the borrower are paid first, followed by the service fees, penalties, interest and principal. This order may change per the creditor’s decision based on the borrower’s written request. |
The annual percentage rate calculation is based on the following formula: |
| Calculation Example | |||
|---|---|---|---|
Loan amount | 100 000 | ||
Loan maturity | 6 months | ||
Loan annual interest rate | 0% | ||
Loan service fee | 1.60% | ||
Loan Repayment | Equal monthly repayments | ||
Loan disbursement day | March 1, 2023 | ||
Loan first repayment date | April 1, 2023 | ||
Loan annual percentage rate | 37.1 % | ||
* In the cases and according to the order provided by the contract and the terms constituting an integral part of the contract, FINCA has a right to unilaterally change the interest rate of the loan by up to +5 percentage points but not more than twice the bank reference rate set by the Central Bank of Armenia. The borrower should be notified about the change 7 business days prior to its entry into force. * Loan statements provided on the spot; other information is provided within 10 business days upon request. Provision of statements and other information is free of charge. * You can communicate with FINCA by using the channel of your preference: either postal services or electronic communication. It is more convenient to obtain information electronically as it is free of the risk of losing information on paper. * To compare the loan types offered to individuals and to choose the most suitable option, you can visit the electronic platform Your Financial Directory at www.fininfo.am. * When pledging property as collateral for a loan, a need to use third party services arises. The prices of those services and the respective service providers are presented below. |
| Service | State Agency Or Cooperating Organization Providing The Services | Service Fee | |
|---|---|---|---|
Ratification of the pledge agreement | Notary Offices of the RA | AMD 3,000 – 20,000 | |
Registration of pledge rights with respect to real estate | Cadastre Committee of the RA | AMD 3,000 – 30,000 | |
Provision of a unified certificate on the real estate unit | Cadastre Committee of the RA | AMD 500 – 10 000 | |
Registration of pledge rights with respect to agricultural machinery | The Ministry of Justice of the RA | AMD 2,000 | |
Registration of pledge rights with respect to vehicles | Records and Examinations Divisions of the Road Police Service of the RA Police | AMD 2,000 | |
Provision of a certificate on limitations with respect to vehicle alienation | Records and Examinations Divisions of the Road Police Service of the RA Police | AMD 3,000 | |
Bank transfer (transfer of service fees) | RA banks | AMD 300 per transfer | |
Independent appraisal of real estate pledged as collateral | Cost Consult LLC | Depending on the type and size of the property, minimum AMD 5,000 | |
| Insurance Company Cooperating With Finca Uco List Of Organizations | |||
|---|---|---|---|
Name | Address | Contacts | |
Armenia Insurance | RA, Yerevan | (+374 11) 56 04 04 | info@armeniainsurance.am |
Nairi Insurance | RA, Yerevan, Avet Avetisyan St., 116/1, 116/5 Building | +374-10-500010 | info@imnairi.am |
SIL Insurance CJSC | RA, Yerevan, Arami St., 3 | “374 60 540000 | info@silinsurance.am |
Liga Insurance | RA, Yerevan,1 Northern Ave | +(37412) 88-88-88 | info@liga.am |
Ingo Armenia Insurance | RA, 0010, Yerevan, Republic, 51, 53 | +374 (10) 59 21 21 | info@ingoarmenia.am |
