- The first digital bank in Armenia
- ServicesRetail bankingLOANSPoint of Sale Loans
Point of Sale LoansBank provides loans for acquisition:
- household appliances and computer technics,
- mobile phones,
- air conditioners,
- heating systems and other consumer goods.
TERMS OF LENDING
Loan principal amount up to 1,000,000 Loan disbursement currency AMD Loan disbursement form non-cash Maximum period of the loan repayment
Loan interest rate
Security means (pledge) of the loan repayment
• Collateral is the Consumer goods (property). Property insurance is not required. As an additional security of the loan repayment, the Bank may require a presence of one guarantor, in case of need.• minimum LTV (loan to value) ratio - 100% of the pledge value.
Payment Up to 4% monthly of loan amount Terms of informing the customer about the decisions on the loan disbursement, loan disbursement and decision on the loan application
Decision on the loan disbursement approval or denial is made by the authorized body of the Bank during 1 working days after the submission of the documents needed (required) for the loan to the Bank.
Documents required for the lending
- Point of sale loan application given by the store,
- 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 Customer's workplace on the monthly salary at least during last six months, signed and stamped by the respective authorized bodies and/or documents on respective monthly incomes, which are acceptable for the Bank (Reference issuance period on the Bank submission day should not exceed 30 calendar days).
- In case the borrower’s salary/ income is not satisfactory for lending, the bank solvency calculation can also include the incomes of the family members living with the borrower (in accordance with the requirements of the third article of this clause on the basis of documents submitted by the borrower's family members), in case of need,
- Other documents required by the Bank, in case of need.
Criteria of the loan disbursement approval or denial:
Criteria of the decision on the loan disbursement approval:
- the availability of permanent residence,
- the availability of stable source of income,
- positive or neutral loan history / the availability of the authentic and valuable documents
- Criteria of the decision on the loan disbursement denial:
- submission of inauthentic documents,
- negative loan history,
- risk rating of the source of income / unstable incomes, incomes with imprecise periodicity, etc,
- insufficient incomes for the loan repayment.
Repayments of the loan and interests
- Repayment of the loan and interest is implemented according to the schedule under the agreement on a monthly basis in one of the following ways at the Cusotmer's will:
- ''Annuity'' (equal monthly installments), in which principal amount and accrued interests are included with variable portions,
- ''Spring'' (variable monthly installments), in which the repayment of the principal amount is included in equal portions, and the accrued interests in variable portions.
- Repayments are made from the principal amount of the loan, as well as from the accrued interests.
- No fines are applied in case of early repayment of the loan.
WARNING to borrowers
- In case of delinquent liabilities with regard to the loan principal and interests of the pledged property can be CONFISCATEDaccording to the law, and the information about the borrower will be recorded in the Credit register.
- In case of redeeming the obligations as a result of delinquent liabilities on account of the collateral, if the value of the collateral is not enough for covering the borrower's loan obligations, then the Bank (according to the existing legislation) has an opportunity to redeem the loan obligations on account of the borrower's other properties ( if available).
- 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.
Loan interests are calculated based on NOMINAL INTEREST RATES. ANNUAL PERCENTAGE RATE shows how much the loan will. ..cost for you, if interests and other payments are paid in predetermined time period and in predetermined size. Procedure on. ..calculation of annual percentage rate (Regulation 8/01) could be found by following website address: www.cba.am.