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Contact           24/7
contact@kb.com.mk

contact center:
(02) 3 296 800

Loan for purchase of car


If you want to buy a used or a new vehicle, we offer a variety of different loans depending on the amount you need and your creditability.


For a loan without down payment, you need to obtain mortgage on immovable property.


Should you choose a loan with down payment of 20% of the vehicle’s value, you need one or two guarantors or a pledge of vehicle as a security for the loan, depending on the amount of the loan. You create the terms by your own.


This loan is intended for all creditworthy individuals who are full-time employees or pensioners who receive their pension through a transaction account with the Bank.



Loan purpose Purchasing vehicles from vehicle selling companies
Loan amount Depends on the creditworthiness of the Borrower and the vehicle’s value
Down payment minimum 20% of the vehicle’s value
Loan term
  • Up to 72 months
  • Up to 120 mounts for loans secured by mortgage on immovable property
  • Up to 60 months for used vehicles (if the vehicle is pledged as security) where the repayment period shall be determined inverse-proportionally in relation to the age of the vehicle, as follows:
- vehicle age up to12 months - repayment period up to 60 months
- vehicle age up to 24 months - repayment period up to 48 months
- vehicle age up to 36 months - repayment period up to 36 months
- vehicle age up to 48 months - repayment period up to 24 months
- vehicle age up to 60 months - repayment period up to 12 months
Nominal interest rate
  • 11.15% for loans approved with guarantors or pledge of the vehicle (annual, variable with denar clause)
  • 8.5% for loans secured by mortgage on immovable property (annual, variable with denar clause)
Annual rate of total expenses (RTE) from 9.06% to 13.26% p.a. (RTE extent depends on the loan repayment period, loan amount, the amount of the loan costs that are included in the calculation of RTE and the extent of the nominal interest rate). The Notary costs, the costs for registration of the lien in the appropriate public record book, the cost for all-risk insurance of the pledged vehicle (for loans secured by mortgage of vehicle in favour of the Bank) and the cost of insurance of the pledged immovable property against fundamental risks (for loans secured by pledge of real estate in favor of the Bank) are not included in the calculation of RTE and are on the account of the borrower.
Early repayment Free of commission for early partial or full loan repayment  
Criteria
  • Monthly instalment should be 1/3 of the  of the borrower’s monthly net-income
  • The age of the Borrower should not exceed 70 years with the last monthly instalment
  • The age of the guarantors should not exceed 64 years for men or 62 years for women with the last monthly installment.
  • Another 2 applicants may join the main loan applicant, who need not to be family related but must be creditworthy.
Disbursement
  • Maximum period for loan funds disbursement is 60 days from the date of loan approval
  • Loan funds are transferred on the giro account of the vehicle selling company
Loan costs for loan secured by a guarantors
  • 0.5% on the loan amount, minimum 500 denars
  • 300.00 denars loan application and processing
  • Charges for the grace period interest (the grace period interest rate is calculated from the date of disbursement of funds till the date of commencement of repayment at interest rate equal to the interest rate of the loan)
  • bill of exchange charges
  • charges for all-risk insurance of the pledged vehicle
for loan secured by pledge vehicle
  • 0.5% on the loan amount, minimum MKD 500
  • MKD 300 for loan application and processing
  • Charges for the grace period interest (the grace period interest rate is calculated from the date of disbursement of funds till the date of commencement of repayment at interest rate equal to the interest rate of the loan)
  • bill of exchange charges
  • Notary and Lawyer’s expenses for the Lien Agreement shall be in accordance with the applicable Tariff.

  • Charges for registration of the lien on the vehicle in favor of the Bank in appropriate public record book

  • Charges for all-risk insurance of the vehicle
for loan secured by mortgage of immovable property
  • 0.5% on the loan amount, minimum 500 MKD
  • 300 MKD for loan application and processing
  • Charges for the grace period interest
  • MKD 2,000.00 for property mortgaged evaluation (for each individual evaluation)
  • Notary and Lawyer’s expenses for the Lien Agreement shall be in accordance with the applicable Tariff.

  • Charges for registration of the lien in favour of the Bank in the appropriate public book

  • Charges for insurance policy for the pledge object against fundamental risks
Repayment
  • monthly instalments
  • maturity of annuity - on the 16th day of each month
 
Security for loan up to 5,000 EUR (in denar counter value)
  • one guarantor
  • administrative ban on salary
  • all-risk insurance policy signed in favor of the Bank, being renewed through the overall loan validity
for loan up to 10,000 EUR (in denar counter value)
  • two guarantors
  • administrative ban on salary  for the borrowers and the guarantors
  • all-risk insurance policy signed in favor of the Bank, being renewed through the overall loan validity
for loan over 10,000 EUR (in denar counter value) with pledge of vehicle
  • administrative ban on salary  for the borrowers
  • pledge of the vehicle in favor of the Bank
  • all-risk insurance policy signed in favor of the Bank, being renewed through the overall loan validity
with mortgaged property
  • administrative ban on salary  for the borrowers
  • mortgage on immovable property to the extent of 140% of the loan amount
  • insurance policy of the pledged immovable property assigned in favour of the Bank, being renewed through the overall loan validity
Documents required
  • Loan application
  • copies of valid identity cards for all participants in the loan
  • Birth/marriage certificate evidencing relation with the co-applicants
  • For employees in private companies acceptable for the Bank, form PP53 (Declaration for receipt from PRA) for the previous three months and solvency of the giro account with the bank they are clients to (for clients of the Bank solvency is not required)
  • For pensioners – the latest pension cheque
  • Pro-forma invoice from the seller
Additional documentation required for loan secured by mortgage of immovable property
  • property specification sheet for the estate offered as security
 
Additional documentation required for loan for purchase of used vehicle
  • vehicle registration document on the company – seller of the vehicle
  • evaluation of the vehicle made by the company – seller of the vehicle
 


Komercijalna Banka shall keep its discretion right to reject the loan application



Contact persons



Natasa Baljuk Ristovska, Head of Loan Approval and Disbursement Unit
Phone: (+389 2) 3168-290
e-mail: natasa.baljuk.ristovska@kb.com.mk

Julijana Nikcevska, Loan Approval and Disbursement Control Officer
Phone: (+389 2) 3168-298
e-mail: julijana.nikcevska@kb.com.mk