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Home  / Personal Banking / Loans / Auto Loan
Auto Loan
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Auto Loan

• Low Customer’s own Contribution
• Competitive Interest Rates
• Speedy  Approval Procedures
• With No Bank Charges
Significant discount  on  the premiums of Atlantic Insurance’s Executive Programme providing Full Comprehensive Coverage *
o 50% for the 1st year
o 25% for the second year


Product Description

• Type: Loan Account
• Maximum amount: €40.000
• Maximum Duration :  7 years
• Customer Profile: New or existing customers aged from 25 up to 65 years (at the scheduled maturity date of the loan).
• Car Types: Financing  for the purchase of new motor passenger cars for private use only
• Minimum Customer Contribution : 20%
 Expenses: No Bank Charges for the granting of the loan
• Interest Rate: The debit interest rate will be connected to the Base rate (ΒΕΧ) of AstroBank. Specifically, the interest rate will be BEX 3,50%, plus a margin depending on the customer’s own contribution  against the  purchase price of the car:
Customer Contribution           Pricing
>40%                                    ΒΕΧ + 0,40% = 3,90%
30% - 40%                           ΒΕΧ + 0,65% = 4,15%
20% - 30%                           ΒΕΧ + 1,40% = 4,90%

 There will be a further discount of 0,25% in the interest margin in the event that the new car purchased is a :

* Hybrid vehicle

*  Dual propulsion vehicle (i.e. vehicle powered by two energy sources such as natural gas, liquid gas, liquid fuel combined with electricity)

*  Electric vehicle

* Vehicle with lower CO2 emission (=<90g CO2/km)


The granting of this loan is subject to:

• Pledging of the car in favor of AstroBank
• Car Insurance (comprehensive coverage - executive) which will be assigned in favor of the Bank. *
• Life insurance (Term / Bancassurance), which will be assigned in favor of the Bank (the insured amount will be equal to the loan amount plus 5% and will be renewed  on the 1st January of each year and it will be adjusted accordingly depending on the balance of the loan on that date plus 5%) **

* Discount on the car insurance (for comprehensive coverage) at 50% on premiums for the first year and 25% for the second year if the relevant insurance policy is issued through Atlantic Insurance Co. Public Ltd.
** Discount on premiums for life insurance policies (Bancassurance type) at 25%  for the first two years if issued through Universal Life Insurance Public Co Ltd.

Insurance coverage:
- Any application  for insurance coverage via   Atlantic Insurance will be subject to the latter’s approval  pursuant to its risk assessment policy.
- Age of designated drivers 24-70 years
- There is no restriction on the value of the car to be insured

-  The APR (Annual Percentage Rate) amounts to 3,98% and has been calculated for the purchase of a new non-hybrid car, with a notional loan amount of €20.000,  with a duration of seven years , with 40% customer contribution, a monthly installment of € 272,19 and without bank charges for the granting of the loan. The calculation of the APR has not taken into account the insurance premiums (either of life or  automobile) which will be paid  on a monthly basis. Consequently, the  above calculation has not also taken into account the benefits that arise  from the above-mentioned discounts on premiums offered  by Atlantic Insurance & Universal Life (in case these are (if opted  by the customer)
-  The debit interest rate will vary will vary according to changes in the BEX
- Any application for the granting of a car loan will be subject to the approval of the Bank  at its  absolute discretion pursuant to its    credit and/or lending policy, being in force from time to time.
- The Bank reserves the right to modify the terms of this offer or to withdraw it at any time at its absolute discretion.
-  For more information contact one of our branches