Auto loan

Car loan is a type of credit granted to purchase a car on the primary market.

 

Basic car loan requirements:

Term

Annual interest rate

Down payment amount

Grace period

up to 3 years

24,9%

20% of the loan amount

up to 3 months

up to 3 years

23,9%

36% of the loan amount

up to 3 months

up to 3 years

22,9%

50% of the loan amount

up to 3 months

up to 4 years

25%

30% of the loan amount

up to 3 months

 

As a loan security can be accepted:

  • a vehicle to be purchased (the vehicle must be insured commensurate with the loan period);
  • insurance policy confirming credit default insurance in favour of the bank before pledging collateral for the vehicle to be purchased;
  • collateral deposit in the amount not less than the amount shown in the table above (once collateral for the vehicle to be purchased is issued, the collateral deposit will be forwarded in full to loan repay);
  • a third-party guarantee based on the Bank's Credit Policy requirements.

Documents to be submitted by the car loan recipient:

  • a copy of the passport;
  • a sale contract for vehicles sold domestically through an official dealers network.

Information on the income of a borrower (co-borrower, individual guarantor) is obtained from the State Tax Committee (STC) database

If the information is not possible to obtain from the STC database (should an application for a loan be submitted by citizens not paying income tax, having income tax benefits, as well as should technical failures occur in the STC database and information system of the Bank) it is provided by the borrower (co-borrower, individual guarantor).

Documents required from the guarantor if a third party guarantee is provided as the loan security:

from an individual guarantor:

  • a copy of the passport (an original is provided).

from a legal entity guarantor:

  • the balance sheet and appendices of a guarantor company;
  • auditor's opinion;
  • minutes of the meeting of founders agreeing to issue the guarantee;
  • Constituent documents (Certificate, Regulations and Articles of Association).
18-08-2020

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