Monday, October 25 2010 18:52

Unibank launches auto-crediting by card overdraft


ArmInfo. Unibank offers a new auto-crediting program, under which the credit funds as overdraft are provided for acquisition of used cars (produced not earlier than 2007) from the secondary market. The press service of Unibank told ArmInfo that autocredits worth up to 60 thsd USD are provided with 50% prepayment of the car value, at 18% p.a., and 3-year redemption period.

The source says that the new auto-crediting program has been introduced under Unibank's project of retail business activation. The bank also offers loans for purchase of new cars on the following terms: the minimal amount of prepayment is 20% (including from the primary market), the annual rate is from 15%, maximal period of the credit is 5 years, the loam amount is up to 15 mln AMD.

According to the balance data of Unibank as of 30 September 2010, the auto-crediting portfolio of the bank amounted to 7.2 bln AMD or 10% of the credit portfolio. According to the preliminary Ranking of Commercial Banks of Armenia prepared by Agency of Rating Marketing Information, by this index Unibank is in the lead in the banking market. The bank's assets amounted to 108 bln AMD, of them 69,3% or 74.8 bln AMD fell on provision of crediting. Over Jan-Sep 2010 the bank's net profit amounted to 843 mln AMD.
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