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Credit lines

Convenient instrument to receive consumer loans    


Credit lines are provided by local and international plastic cards issued by the Bank. Existence of a credit line gives instant access to financial resources when necessary, avoiding the necessity of searching cash or loans in the shortest period.      


  • Annual nominal interest rate
    19-20%AMD
    17-18%USD
    15-16%EUR
  • Term
    up to 60 months
  • Minimum limit
    200 000 AMD 
    or
    500 USD/Euro
  • Maximum limit
    4 X net income


The page was updated 12.07.2021 11:13

Credit lines 

Convenient instrument to receive consumer loans

by Decision No 253-L of the
Management Board of “IDBank CJSC
as of June 25, 2021
Enters into force starting July 5, 2021

The terms mentioned in the bulletin may have been amended.
If you are looking through the bulletin on the website of the Bank, please pay attention to the action date of the bulletin.
If you are looking through the bulletin in a paper form, please visit the Bank’s website www.idbank.am for detailed information (paying attention to the action date of the bulletin), apply to any branch of the Bank or contact the Bank’s Call center: (+37410) 59 33 33 or (+37460) 27 33 33.

INFORMATION BULLETIN FOR CREDIT LINES

General terms and conditions

1.

Type of loan

Credit line

2.

Purpose

Other

3.

Currency

AMD, USD, EUR

4.

Minimum/maximum limit of the credit line[1]

4 X net income

MasterCard Standard

MasterCard Gold

Visa Platinum

Visa Infinite

200,000 - 1,500,000 AMD

500 - 2,500 USD/EUR

1,500,001-3,000,000 AMD

2,501-5,000 USD/EUR

3,000,001 -  5,000,000 AMD

5,001 - 8,000 USD/EUR

5.

Annual nominal interest rate

AMD

20%

20%

19%

USD

18%

18%

17%

EUR

16%

16%

15%

6.

Annual actual interest rate[2]

AMD

21.86% - 23.85%

22.04%-22.72%

21.22% -22.39%

USD

19.62% -20.99%

19.81-20.49%

18.86% - 20.08%

EUR

17.33% - 18.38%

17.59%-17.98%

16.55% - 17.81%

7.

Interest against unused part of funds

Not specified

8.

Minimum term

12 months

9.

Maximum term

60 months

10.

Method of provision

Non-cash through payment card

11.

Minimum monthly repayment amount

5%

12.

Grace period

Up to 45 days

No interest will be calculated with regard to the part of the credit line used during the preceding month in non-cash method (other than card to card transfer, interbank and intrabank transfers within RA and among own accounts), if the customer repays the due amount before the 15th day of the current month

13.

Method or repayment of the credit line and interest amounts

Monthly mandatory entries to the card account to be done before the 15th of the current month in the aggregate amount of interest given in point 11 hereof accrued to the sum used by the last day of the previous month and the accrued interest amount; repayment of the principal amount should be done at the maturity

14.

TDI ratio[3]

 (total debt (average monthly) to net income ratio)

45% - 55%

15.

Security

Cash flows

16.

Extension of credit line

1) The term of credit line can be extended by the Bank, according to the lending conditions as provided by the information bulletin of the current credit type, acting in the Bank as of the day of loan term extension, according to the Bank’s internal assessment.
2) The credit line of the client can be extended as a loan, by setting an equal repayment regime (annuity), according to the Bank’s internal assessment.

Requirements to the borrower/guarantor

17.

Status

RA citizen physical person

18.

Eligible age

As of the date of application the borrower/guarantor must be at least 21, and maximum 65 by the maturity

19.

Requirements to the credit history (good credit history)

1. no existing overdue /classified liabilities (loan, credit line, overdraft etc.)
2. the total days on overdue loans of the borrower throughout the year preceding the date of application (365 days) must not exceed 30 days, or
3. No credit history
4. The customer should not be included in the list of unwanted customers of the bank.[4]

20.

Requirements to the borrower’s income

The structure of income and its share are defined by Annex 1 hereto

Fees

21.

Loan application processing fee

Not specified

22.

Upfront fee

Not specified

23.

Credit line monthly service fee

Not specified

24.

Type of payment card

According to tariffs applicable for each type of card, available at Information bulletin of cards

25.

Security

Not specified

Fine, penalty

26.

On overdue credit line amount, daily

0.1%

27.

On overdue interest, daily

0.1%

28.

 Early repayment fee

Not specified

29.

Grounds on which early repayment of credit line may be required

1) The Bank may claim early repayment if:
2) The customer withholds from the payment card,
3) Information provided for the credit line is inaccurate or untrue,
4) Other grounds, according to the agreement

Other terms and conditions

30.

Positive factors for provision of the loan

5) compliance of the credit history with the terms of crediting,
6) Good solvency appraisal
7) enough cash flows

31.

Why the credit line may be rejected

1) Bad credit history,
2) such information on the borrower, which rise suspicion to information provided/declared by the customer to the Bank
3) such information on the borrower, which rise suspicion to return of the loan,
4) insufficient level of cash flows
5) absence of email address of the client
6) other grounds

32.

Maximum term for decision-making

Maximum 2 business days after submitting all necessary documents to the Bank

33.

Maximum terms for giving notice to the customer

Maximum 1 business day after making decision

The borrower may be notified of the loan decision in the Bank’s premises, by phone call or e-mail

34.

Maximum validity period

15 business days

The Bank has the right not to provide the approved loan during the validity term of the decision on the grounds specified in point 24 hereof

35.

Term of providing the loan amount to the borrower

Date of signing the credit line agreement

36.

Place of acceptance, registration and providing the loan application

All branches of the Bank

37.

Documents to be submitted to the Bank by the Borrower

According to Annex 3



[1] Aggregate of all unsecured loans must not exceed 10-fold of net income.
[2] THE INTEREST AMOUNTS OF THE LOAN ARE CALCULATED UPON THE NOMINAL ANNUAL INTEREST RATE. THE INTEREST AMOUNT OF THE LOAN IS CALCULATED ON THE ACTUAL LOAN BALANCE, AND THE NOMINAL INTEREST RATE INDICATES HOW MUCH THE LOAN WOULD COST THE CLIENT GIVEN THE INTEREST AMOUNTS AND OTHER PAYMENTS WERE PAID ON TIME AND IN THE DEFINED AMOUNTS
[3] 55% ratio is applied for employees involved in the fields specified in Annex 2 hereof, while 45% ratio is applied for all other clients. Revolving credit lines are included in TDI calculation in the terms of annuity repayment method for the period of 60 months, in the amount of monthly repayment.
[4] The legal relations regarding the classification of the bank as an unwanted customer are regulated by the procedure "Оn defining the criteria of classification of a client as unwanted and management of relations with them". 

Annex 1

Structure and the share of income

Type of income Share
1 Salary (equivalents), received for the main work time, based on the professional skills and abilities, and the basic income (profit) received as a result of private entrepreneurship, which is proved on the basis of statements presented to the RA tax authorities 100%
2 Lease income, which is received within at least 3 months preceding the date of application and justified by lease agreement duly signed within the scope of the law 4 100%
3 Pension for long term service (officers of police, Ministry of Defense, Penitentiary and other similar authorities, pedagogues, judges, etc.), death of breadwinner and etc. (other than age and incapability pensions) 100%
4 Receipt of express money transfers, if such transfers have been received according to the frequency of receipt of “Transfer” type of loan 100%
5 Income from investment to the government treasury bills, CBA securities, other securities, during at least one-year period preceding the date of application. 60%
6 Providing paid works or rendering services throughout at least a year 60%
7 Interest received from funds (deposit) maintained in the Bank and/or other financial institution during at least one year preceding the loan application, but not earlier than 3 months preceding the loan application 50%

Annex 2

Fields of economy, for the credit lines of which higher TDI ratio is applied
- Employees of state financed organizations (institutions financed by state and/or community budgets),
- employees of RA health care field,
- employees of international organizations in RA, Embassies, representations
- Employees of state non-commercial organizations
- Employees of state and private specialized higher educational institutions,
- Employees of IT and communication related companies in RA
- employees of RA banking system, credit organizations, audit companies
 - employees of insurance and investment companies in RA
- Organizations involved in RA energy substructure
- RA Notaries

 

Annex 3

List of required documents

N

Name of document

Description

Validity term

1.

ID document of the borrower /guarantor

Required (original)

-

2.

Social card / SSN/ reference on non-receiving SSN of the borrower/ guarantor (if any) / except for cases, when Identification card was presented

Required (original)

3․

In case of transferring the salary (income) to the Bank the borrower presents a statement to the Bank on transferring the salary to ID Bank CJSC from now on

If required

4.

Email address of the client

-

Valid

4.

Documents proving incomes of the borrower 5

Provision

Validity terms

4.1

Employment certificate6,7

If any

maximum 15 days

4.2

Pension certificate (other than old age and disability pension)

If any

-

4.3

Lease agreement signed in the procedure provided by the law

If any

-

4.4

Foundation documents of an organization, statements of the last reporting period presented to the competent authorities

If any

-

4.5

Documents certifying receipt of money transfers

If any

Maximum 15 days

4.6

Documents certifying receipt of interests accrued to cash facilities (deposit) placed in banks/financial institutions – deposit agreements, bank account statements

If any

4.7

Documents certifying performance of paid works or rendering services (Service agreement, reference, statement issued by physical persons)

If any

-


1Aggregate of all unsecured loans must not exceed 10-fold of net income.
2 THE INTEREST AMOUNTS OF THE LOAN ARE CALCULATED UPON THE NOMINAL ANNUAL INTEREST RATE. THE INTEREST AMOUNT OF THE LOAN IS CALCULATED ON THE ACTUAL LOAN BALANCE, AND THE NOMINAL INTEREST RATE INDICATES HOW MUCH THE LOAN WOULD COST THE CLIENT GIVEN THE INTEREST AMOUNTS AND OTHER PAYMENTS WERE PAID ON TIME AND IN THE DEFINED AMOUNTS
Actual interest rates herein are calculated in accordance with tariffs on MasterCard Standard and MasterCard Gold cards respectively. In case of receiving cards by other type of card the mentioned actual interest rates may vary.
355% ratio is applied for employees involved in the fields specified in Annex 2 hereof, while 45% ratio is applied for all other clients. Revolving credit lines are included in TDI calculation in the terms of annuity repayment method for the period of 60 months, in the amount of monthly repayment.
4In case the payment amount specified in lease agreement varies from the actually paid amount, the amount appraised by an independent appraisal company shall be accepted.
5Documents provided by point 4 of the list shall be presented according to the type of income (at least one is a must).
6The Bank requires bank account statement and/or personal account statement (with notifications) of a physical person provided by the State Revenue Committee of the RA in the following cases:
-          If the person is employed with an individual entrepreneur.
7Employment certificate must include information on the salary, position held by the borrower. The reference must include the date of issue, be signed and sealed (if any) by the organization.

GENERAL PROVISIONS

1. Prior to concluding loan agreement the Bank must provide to the customers personal paper of essential terms of consumer loan the amount of which is not above 15 million AMD, in which the personal terms and conditions of the loan to be provided are indicated.
2. A customer has the right to unilaterally terminate the loan agreement without any reasoning within 7 (seven) business days (time to think) after signing the loan agreement by returning the received overdraft amount in full and paying interests calculated in accordance with the annual nominal interest rate as defined by the agreement.
3. In case of early repayment, the Bank’s income-generating payments which constitute to the total lending cost in terms of the client are decreased proportionally.
4. The customer also has the right to fulfil (repay) its contractual liabilities ahead of schedule irrespective of the circumstance whether the agreement provides such a right or no.
5. Loan interest is calculated on the basis of nominal interest rates. The loan interest is calculated with regard to actual balance of the loan.
6. The nominal interest rate indicates how much the loan would cost the client given the interest amounts and other payments are paid on time and in the defined amounts. 
7. The order of calculation of annual nominal interest rate is presented at the following link: Instruction on calculation of annual nominal interest rate.
8. For foreign exchange loans the calculation of the actual interest rate is based on the exchange rate published on the CBA official site as of the date of the loan. Actual interest rate can be changed depending on the change of the value of the exchange rate published on the official site of the CBA. 
9. For foreign exchange loans the interest calculated with respect of the principal amount can be paid in the currency of the loan, if requested by the borrower.
10. For foreign exchange loans the changes of the foreign exchange rate can affect the repayment of the loan.
11. In case of failure to make the loan and interest amount payments the pledged funds and/or property of the customer can be confiscated in an order prescribed by law, and the Bank shall send the information on the client to the credit bureau within maximum three business days where the client’s credit history is built. Once a year the client has the right to receive information on his/her credit history free of charge. 
12. Bad credit history can prevent a customer from getting a loan in the future. 
13. In case if the client fails to perform its obligations, the latter’s obligations can be paid at the expense of other property of the client. 
14. Repayments of overdue liabilities are made in the following order: confiscation expenses, including judicial expenses (if applicable), interest penalty, loan principal amount penalty, interests, service fee and commissions /if applicable/ and loan amount. The Lender has the right to unilaterally change the order of repayments mentioned in this paragraph at any time. 
15. Disputes arising between the parties according to the RA legislation can be settled through court or by means of the Financial system mediator (as prescribed by RA law on “Financial System Mediator”): address – 15 M. Khorenatsi St. Yerevan 0010, “Elite Plaza” business center, 7th floor, e-mail – info@fsm.am, phone number – (+37460) 70-11-11, fax – (+37410) 58-24-21. Moreover, in case if the amount of property claim does not exceed 500 000 (five hundred thousand) AMD or equivalent in foreign currency, the decision of the Financial System Mediator cannot be appealed by the Bank. 
16. For the purpose of proper study of the client in accordance with the RA law “On combating money laundering and terrorism financing” the Bank may require additional documents or information on the “know your customer” principle.
17. According to the agreement with the USA based on the Foreign Account Tax Compliance Act (FATCA) the Bank may collect additional information for the purpose of identification of the fact of the client being a US taxpayer. 
18. The client has the right to communicate with the Bank through a preferred means of communication: e-mail of regular post. The electronic means of communication is the most comfortable. It is available 24/7 and is free of the risk of losing information in paper as well as ensures confidentiality. 
19. The conditions on providing statements, their copes, references throughout the term of the loan agreement can be found at the following link: tariffs.
20. The list of branches and ATMs of the Bank, information on their locations and working hours can be found at the following link: Branches and ATMs.
21. Remote service by the Bank is provided thought IDBanking.am online system the information on the terms and tariffs of which is given in “Public terms of providing remote banking services.

ATTENTION: THE BANK IS CONTROLLED BY THE RA CENTRAL BANK

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The page was updated 12.07.2021 10:49
To open credit line the following documents must be submitted to the bank:

  • ID document

  • SSN/ reference on non-receiving SSN / social service number/identification card /or reference on non-receiving social service number (if available)

  • Borrower’s income statement

  • Customer email address

The page was updated 06.11.2020 12:14
Attention: The Bank does not bear any responsibility for the inaccuracy of information on the linked web sites, nor does it accept any responsibility for the advertisements therein or possible consequences arising out of use of information provided on the linked web-sites. In case of any discrepancies in the website materials in Armenian, Russian and English languages, the Armenian version is prevailing.