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Fast Credit Lines

Credit Lines in a few minutes

The credit line is provided without a collateral, as well as without an income statement. To get a credit line it is only necessary to have a positive credit history and an appropriate assessment of creditworthiness


  • Annual nominal interest rate
    21%
  • Maturity
    up to 36 months
  • Minimum amount
    100 000 AMD
  • Maximum amount
    1 500 000 AMD


The page was updated 04.04.2019 16:52

Fast Credit Lines

Credit Lines in a few minutes
 
 

General terms and conditions

1.   

Currency

AMD

2.        

Minimum amount of the loan

100 000

3.       

Maximum amount of the loan

Customers with credit history* 

3 000 000

Customers without credit history Four times the registered net income (salary and equivalent payments)  maximum 3 000 000 AMD

4.

Annual nominal interest rate

Customers with credit history* 

17%-21%

Customers without credit history  21%

5.        

Minimum maturity (months)

18

6.        

Maximum maturity* (months)

36

7.      

Method of credit line provision

Non-cash, through payment cards

8.

Amount of monthly minimum repayment

10%

9. 

Grace period

Up to 45 days 
No interest accrues on non-cash used credit line during the previous month (except for  card to card transfers, intrabank and interbank transfers within RA, and transfers between own accounts), if the customer repays the used part of the credit line on or before the 15th day of the current month. 

10.    

Repayment of credit line and interests

Monthly mandatory entries to the card account to be done before the 15th day of the current month in the amount of the accrued interest mentioned in the 8th point to the sum used by the last day of the previous month; repayment of the principal amount should be done at the end of the term.

11. 

Security   

1)  Assessment of creditworthiness,

2)  Guarantee of a physical person (upon necessity)

3) Guarantee of the physical person, in case it is necessary 

* Maximum amount, maturity and annual interest rate of the credit line shall be determined according to the customer’s score.


Commissions


12.

Loan application processing fee

N/A

13. 

Upfront fee

N/A

14. 

Loan account service fee 

N/A

15.

Type of payment card

  • Visa Classic credit card, the tariffs for which are stipulated by Annex 2.1 hereof 
  • Idram Rocket Visa co-branded card, according to acting tariffs


Requirements to the borrower/guarantor


16. 

Status

RA citizen physical person

17.  

Eligible age

On the date of application the borrower/guarantor must be at least 21, and maximum 65 by the end of the term

18.

Borrower/ guarantor credit history requirements

1. The customer must have good credit history (absence of credit history is not acceptable)

2. At least during the six months preceding loan disbursement, the customer must be a registered employee unless the latter has a credit history


Fine, penalty


19.   

On overdue loan, daily

0.1%

20.      

On overdue interest, daily

0.1%

21.

Early repayment fee 

N/A 

22.    

Why early repayment may be required

The Bank is eligible to claim early repayment if:

1) The customer refuses the payment card,

2) Information provided for the credit line is not accurate or true,

3) The customer failed to fulfil his/her obligations under agreement,

4) Other, according to the agreement



Other terms and conditions


23.

Positive factors for the credit line

1) Good credit history,

2) Sufficient cash flows

3) Good score

24.       

Factors for rejecting the credit line

1) Bad credit history,

2) insufficient cash flows

3) Bad score,

4) Providing of inaccurate or untrue information,

5) Providing such information, which puts return of the credit line into suspicion

6) Other factors

25.

Maximum term of making decision

1 business day

26. 

Maximum term for giving notice to the customer with regard to the made decision

1 business day

27.

Maximum term of the decision validity

10 business day

28.

Place of application acceptance, and the loan execution and provision   

All branches of the Bank



How to calculate actual interest rate of fast loan:
Loan amount։ 1 000 000 AMD
Annual interest rate: 21%
Maturity: 36 monts
Cash withdrawal at the Bank's cash points: 0.5%
Amount of monthly minimum repayment: 10%
Effective interest rate: 24%


Notice: 

The interest amount accrued to the principal may be paid in the currency of the credit line, if the borrower requests. 
How to calculate interest Interest amount is applied to the reduced balance with the account of 365 days a year.
ATTENTION: THE INTEREST ACCRUED TO THE CREDIT AMOUNT IS CALCULATED ON THE BASIS OF NOMINAL INTEREST RATE. THE ACTUAL ANNUAL PERCENTAGE RATE SHOWS THE COST OF THE LOAN IF YOU PAY THE INTEREST AND OTHER DUE PAYMENTS WITHIN THE DEFINED TERMS AND AMOUNTS.
Early repayment
No penalty is applied for early repayment

Exchange rate effect
Taking into account the fact that the Bank provides loans in both Armenian drams and foreign currency, the borrower should understand that foreign currency fluctuations can have either positive or negative impact on the loan repayment
Loan request rejection

The Bank may reject loan applications of those clients, which fail to meet the program requirements or where the Bank is not sure of the solvency of clients; the Bank can provide written notice on rejection upon request of the client.   The Bank is liable to provide such information on rejecting the loan to other banks of RA and credit organizations (according to the RA Law on banking secrecy). ATTENTION: IN CASE OF FAILURE TO REPAY THE LOAN INTEREST AND/OR PRINCIPAL WHEN DUE YOUR ASSETS CAN BE SEIZED. THE INFORMATION ABOUT YOUR OVERDUE LIABILITIES SHALL BE RECORDED IN THE CREDIT REGISTER.

If the funds received as a result of disposal of pledged property are not enough to cover the borrower's liabilities under the loan, such liabilities shall be paid on the account of other equivalent assets of the borrower.


The page was updated 30.07.2019 16:22

The following documents must be submitted to the Bank to receive Fast Credit Lines:


  • ID document    

  • Public service number /reference on non-receiving the PSN

The page was updated 18.03.2019 14:49
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.