Yerevan /Mediamax/. While providing car credits, Armenian commercial banks, besides the announced interest rates, also take payments for additional services, which leads to the increase of the credit cost.

Mediamax reports that the results of the research, held by the Central Bank of Armenia basing on the information on car crediting conditions, published by commercial banks, evidence that. The research was held, aiming at familiarizing the consumers with the real cost of a car credit.

In particular, while providing a car credit, the banks take commission payments, payments for account maintenance. The majority of banks require to insure the purchased cars or to realize cost estimation in specialized companies.

According to the research, a situation takes place, when “the interest rate, announced by one bank, may be lower than the interest rate of another bank, but in reality, taking into account the payments required, one gets the opposite picture”.

Aiming at comparing the car credit costs, provided by various banks, one interest rate (in fact the annual interest rate) was estimated, which, aside from the announced interest rate, includes additional payments.

To compare the received results for all the banks, participating in the research, single conditions were established, in particular:

sum of the credit - 3mln drams,
term - 3 years,
pre-pay – up to 30%.

The research was held separately for new cars of Russian production and used foreign models.

Complete results of the CB research are presented in the tables, brought here .