Maximum loan/collateral ratio

100%

Loan disbursement and service fees

The fees are determined by the Bank.

Procedure of repayment of the loan and interest amount

The loan and interest amount is repaid with annuity method (equal monthly installments), which includes the principal amount and accrued interests, if any, with alternating portions.

Requirements to creditworthiness

If, at the time of submission of the loan application, the applicant is a registered employee, then:

• at the time of submission of the loan application, the applicant shall not have credit liabilities classified under a class stricter than “standard” (including guarantees), and
• during the last one year before submission of the loan application, the total sum of overdue days shall not be more than 20 for all loans;

If, at the time of submission of the loan application, the applicant is a registered employee, then all the following conditions shall be met simultaneously:

• during the last two years before submission of the loan application, the applicant shall have at least two current and/or repaid loans, disbursed minimum two months before the date of applying for the loan (in the context of this condition, overdrafts/credit cards without any security and loans/credit cards secured with gold as collateral aren’t considered as loans);
• during the last one year before submission of the loan application, the applicant shall not have credit liabilities classified under a class stricter than “standard”;
• during the last one year before submission of the loan application, the total sum of overdue days shall not be more than 20 for all loans;
• at the time of submission of the loan application, the applicant shall not have overdue credit liabilities (including guarantees).

Other restrictions

• The applicant can have maximum two current loans at the bank.
• The maximum amount of the disbursed loan shall not exceed ten-fold of the applicant’s registered net income.

Penalty

In case of violation of the repayment terms envisaged by the agreement, the Borrower shall pay penalty to the Bank, for each day of delay:

• 0.15% of the overdue loan amount;
• 0.4% of the overdue interest amount;

On the 5th working day of delay in repayment of the loan and/or interest amount a one-off penalty is charged in the amount of AMD 1,000.

No penalty is charged for early repayment of the loan.

Security

The applicant’s creditworthiness and/or information on income.
The item purchased with funds disbursed in form of financing by installments is registered as collateral (in case of purchasing a service, another security might be required, including guarantee by third parties).

List of necessary documents submitted to the Bank by the point of sale

1. "Application-questionnaire for consumer lending" signed by the applicant
2. The applicant’s personal identification document and PSN, if any;
3. Identification card /detailed/;
4. Original of the properly verified agreement and the Bank’s “Individual leaflet of significant conditions of consumer loans”;
5. Invoice or delivery-acceptance act (signed by the customer and the selling organization and sealed)
6. After copying of all documents submitted to the bank by the point of sale, the copies shall bear the stamped or hand-written phrase “True copy of the original” verified by the signature of the responsible employee of the point of sale.

Other conditions

• Points of sale shall be on the list of cooperating points of sale approved and published by the Bank.
• The lending conditions regarding the requirement on security and guarantees are determined by the Bank.
• At the time of applying for the loan the sum of the applicant’s age and the loan maturity term cannot exceed 70 years.

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