- The first digital bank in Armenia
- ServicesRetail bankingLOANSShopping Card
Shopping CardGet fast online credit limit any time during seven days of the week without much paperwork and red tape.
The credit limit will be approved automatically 24/7 while the notification on the loan approval will be received within several minutes after filing the loan application through EvocaTouch app. The payment card can be used both in Armenia and around the world and help you purchase services and/or consumer goods.
TERMS AND CONDITIONS
RA resident individuals aged 21-60 who are bank cardholders.
- Minimum amount: AMD 300.000, USD 600, Eur 500,
- Maximum amount: AMD 3.000.000, USD 6.000, Eur 5.000
VISA CLASSIC (card issuance – free )
Nominal interest rate
For loans in AMD - 13 %, in USD- 11%, in Euros - 11%
Annual actual interest rate*
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 5,000. 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.
The repayment of the principal of the credit line is performed at the end of the card validity
Appraisal of creditworthiness /loan approval terms
- If the potential borrower has a credit history:
- they must not have had classified loans during the past 24 months, besides, the days overdue must not exceed 30;
- when filing the loan application, they must have no overdue or classified loans (including sureties).
- At the time of filing a loan application, the total amount of client's unsecured loans cannot exceed AMD 5 million or its foreign currency equivalent, while their number should not exceed 3.
In case of approval of your loan application, your individual sheet and loan agreement will be forwarded to the electronic address indicated in your loan application.
Payment Card Issuance and Service tariffs:
Card annual service fee
Cash disbursement and card-to-card transfers
Non-cash transactions at trade outlets through POS-terminals of the Bank and other banks
Non - cash disbursement daily maximum limit
Maximum number of non-cash disbursement daily transactions
20% per annum
- Interest calculation is based on a 365-day year. If the due date is not a business day, this date will be extended to the next business day.
- NO PENALTY WILL BE CHARGED for loan early repayment.
- Interest accrual will start from the date of depositing the loan amount into the payment card.
- The amount of interest on the loan is computed on the basis of NOMINAL INTEREST, while the ACTUAL ANNUAL INTEREST RATE* shows the cost of the loan when you duly pay interest and other charges. The procedure of annual actual interest rate computation (CBA Regulation 8/01) can be found on the web-site of RA Central Bank.
- Mandatory information (changes that have taken place during the validity of the agreement in nominal interest rates, ways of communication between the parties, general and other service charges and information on amendments to legal documents affecting the parties' rights and obligations under the agreement) can be obtained by postage service or in other preferred manner. Once every 30 days the Bank will provide you with a account statement.
- Contractual relations between the bank and its clients are regulated by TERMS AND CONDITIONS OF COMPLEX BANKING SERVICES, which are a public offering and considered as accepted once a duly filled out and signed bank service application is submitted by the client in-person or online. Terms and Conditions of Complex Banking Services can be found here.
- The terms and conditions of other available consumer loans can be found at relevant pages of our web-site.
- Complaints arising during the term of validity of the loan agreement can be filed to the Bank. The process of reviewing client’s complaints is outlined on www.evocabank.am website. You are entitled to file your complaints and claims to the Financial system defender in the manner envisaged by RA legislation. You can also protect your rights taking the case to a court. The process of protecting rights can be found at the following link.
Your loan application may be declined:
- In case of inadequate credit worthiness set under these terms and conditions,
- In case of unreliability of the data and documents submitted to the Bank,
- In case of a negative credit history.
- IN THE EVENT OF FAILURE TO DULY REPAY YOUR LIABILITIES UNDER THE SET SCHEDULE THE BANK AFTER THREE BUSINESS DAYS FOLLOWING YOUR DELINQUENCY WILL FORWARD YOUR DATA (INFORMATION ON NON-FULFILLMENT OR INADEQUATE FULFILLMENT OF FINANCIAL OBLIGATIONS) TO THE CREDIT BUREAU.
- 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.
Prior to filing a loan application and concluding a loan agreement you can obtain oral information and explanations from Bank employee on online loan service by calling: +374 10 605555.