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OverdraftsYou can apply for a revolving credit facility/overdraft offered to individuals on favourable terms.
LENDING TERMS AND CONDITIONS
For purchase/order of goods (works, services) intended for personal, family, household or other uses, except for entrepreneurial activities.
RA resident individuals aged 21-60 who are bank cardholders.
Minimum amount: AMD 100,000, USD 200, Eur 200, and maximum amount: AMD 3,000,000, USD 6000, Eur 6000
AMD, USD, Euro
Nominal interest rate
For loans in AMD - 18 %, in USD- 16%, in Euros - 16%
The credit limit will be advanced for the entire period of the card validity but no longer than 36 months.
Requirement for monthly minimum repayment amount
By the due date indicated in the account statement you must repay 5% of the limit used during the previous month, but no less than AMD 5000, USD 10, Eur 10. A calendar month is a period from 1st date of each month to the 1st date of the next month.
Account statement date
1st date of each month
Payment period starting from the account statement date
15 days (the deadline is 16th date of each month)
Fines and penalties
In case of a failure to repay the monthly minimum repayment amount - a fine at 0.015% per day;
In case of a failure to duly pay the accrued interest – a fine at 0.1% per day.
Appraisal of creditworthiness /loan approval terms
- If the potential borrower has a credit history:
- they must not have had classified loans during the past 12 months, besides, the days overdue must not exceed 30;
- when filing the loan application, they must have no overdue or classified loans (including sureties).
- The individuals with no credit history may be eligible for a loan if their income for the past 6 months is registered with the NORK information system;
- At the time of filing a loan application, the total amount of client's unsecured loans cannot exceed AMD 3 million or its foreign currency equivalent, while their number should not exceed 5.
A one-time fee for review of the credit limit - AMD 2,000
Timelines for making decision on approval or rejection of the loan application
- The decision on approval or rejection of the loan application will be made within 1 (One) day;
- In case of a positive decision, the loan will be made available to the borrower within 5 (Five) business days.
Documents required for the lending
- Passport or ID card, social card or certificate on the lack of the social card (moreover, the social card and certificate on the lack of the social card are not required in case the person has submitted an ID card),
- Reference from the actual place of residence (3rd form),
- In case of need, other documents can also be required.
Criteria of the loan repayment approval or denial
Criteria of the positive decision on the loan disbursement:
- the availability of permanent residence,
- positive or neutral loan history,
- the availability of authentic and valuable documents.
Criteria of the loan disbursement denial:
- submission of inauthentic documents,
- negative loan history.
WARNING to borrowers
- In case of a failure to promptly pay the loan principal amount and interest, the information on your default will be recorded in the Credit Registry.
- Non-fulfillment or inadequate fulfillment of financial obligations will affect your credit history which is a set of information on your financial liabilities that is collected, accumulated and regularly updated by your credit organizations and/or Credit Bureau. The credit history is examined during the loan application review and plays a significant role in taking a decision on a loan application.
- In case of the delays of payment obligations under the loan agreement (loan principal amount, interest amount) THE BORROWER PAYS FINES according to the agreement: for overdue principal amount - 0.015% daily and for overdue interest - 0.1% daily.