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Product Description and Terms and Fees
If you want to buy your first car or replace your current one.
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| Purpose |
Purchase of a new or a second-hand car |
| Loan amount |
500-450 000 GEL* (equivalent in USD/EUR) |
| Loan tenor |
6-120 months |
| Interest rate |
From 15.5% (GEL), from 10.5% (USD), from 9.4%( EUR) |
| Effective interest rate |
From 26.36% (GEL), from 20.67% (USD), from 19.5% (EUR) |
| Effective Interest Rate if indexed rate changes by 5 points (GEL) / 3 points (foreign currency) |
From 32.19% (GEL), from 23.94% (USD), from 22.74% (EUR) |
| Effective Interest Rate if GEL depreciates by 15% |
From 42.23% (USD), from 40.81% (EUR) |
| Disbursement fee |
1%, min. 50 GEL |
| Loan collateral |
Maximum 72 months - a car, Maximum 120 months - real estate |
| Life Insurance Rate |
0.72% |
| Property Insurance Rate |
0.28% |
| Auto Insurance Rate |
4.25% |
| Withdrawal fee (from account) |
0%-0.6% - according to the tariff for the account |
| Late Payment Penalty |
20 GEL on the first day overdue; 0.5% of the outstanding amount per each day overdue (in total, no more than 1.5x of the outstanding principal balance). |
| Ealry Repayment fee with own funds / from a different bank |
0.5% - if more than 6 months remain |
| 0% - if less than 6 months remains |
| Participation |
From 0% |
| Borrower |
A citizen of Georgia |
| Co-borrower |
Mother, father, sister, brother, spouse. Maximum 2 co-borrowers are allowed for one loan. |
| Income |
Salary, rent, money remittances, dividend |
| Ways to evidence income |
Salary account statement from a bank or Revenue Service, rent agreement, remittance statements |
Interesting offers MTPL, loan insurance, mortgage loan, travel insurance
The annual percentage rates given in the table are tied to the indexed interest rate
The interest rates given in the table are linked to the public index: GEL - refinancing rate of the National Bank of Georgia; USD - Term SOFR; Euro - Euribor
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