Servicii

Loans

CAR should be the first financial partners for its members.

The CAR wishes to provide its members with a range of various types of loans that would fit their needs, as well establishing a long term financial relationship with each and every member.

Granting of a loan is made upon the solicitor's reliability. The eligibility criteria are based upon the "five C-s of the Credit process": Payment Capacity, Capacity of Securing the loan, Character, and Credit History.

In case of rejecting a loan in a solicited amount, the CAR is supposed to provide the solicitor with financial advice as well making him a counter-offer in an amount corresponding to the real financial possibilities of the solicitor.

The payments as required by the loan, (including principal and interest altogether) should be made according to the contract's term.

The payments as required by the loan are to be accepted in any working day. The proof thereof will be always presented in writing.

The payment for a loan can be made in advance, without any penalties.

No member or group of members, if related by the scope of a loan, and that do depend on the same income source, are allowed to get a loan or to financially pledge themselves by a CAR over a limit of 5% of the total assets.

All loans granted to the employees or volunteers (Board of Directors, Credit Committee, Internal Auditors) will be analyzed and approved by a majority of the Board. All installments and loan terms are the same as well for employees or volunteers, as for the members. No employee or volunteer can perform a transaction related to its own loan or of to a loan of one of his family members. (The family member is referred herein as kinsman or relative).

The CAR's internal auditors are responsible for adequately applying the policy. The auditors are periodically checking upon how one respects the policy (preferably at as monthly rate, but at least quarterly), by analyzing a sample of either granted or rejected loans.