A new program will start in April this year in Armenia, making low-interest car loans available to more than 100 families.
Deputy Minister of Sports and Youth Affairs Arsen Karamyan says that the program helps fulfill President Serzh Sargsyan’s campaign promise to offer cars and apartments to young families at affordable prices.
The target groups of the program are families where the total age of the spouses does not exceed 65, and neither spouse must own a car. The couple must make a 10-20 percent down payment at a maximum pay off of 10 years on a purchase ranging from $13-18,000. Recipients of the special loans will pay 10 percent interest, rather than the common 13-14 percent.
Kia Motors Company will partner with the government.