YEREVAN, March 2. /ARKA/. Over 120 Armenia young families will get a chance to receive auto loans at low interest rates, Arsen Kamaryan, Deputy Minister of Sport and Youth Affairs of Armenia, said on Friday.

“On April 15, 2012, “Affordable vehicle for young families” program is going to be kicked off. The program was included into President Serge Sargsyan’s campaign trail of 2008,” he said.According to him, negotiations with the Central Bank of Armenia led to developing auto lending conditions for young families. The State will subsidize 2% of the cost of credit as a result. Thus, the recipients will get loans at 10% annual interest rate for 7-10 years. “The project received 500 million drams for implementation. Young families will have a chance to buy a car at “Kia Motors” auto salon, where they can find three car classes at very affordable prices,” Karamyan said.He also clarified that auto loans will be available for those young families whose total age of spouses is up to 60. “Moreover, none of family members should have any vehicle registered in his name, and income of each spouse should be 60,000 and more drams per month,” he noted.The project is co-funded by the German-Armenian foundation and the Central Bank of Armenia. ($1-388.57 drams). -0-