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Gold secured loans Gold Standard

Gold Standard

Gold secured loans

Get a quick and favorable loan denominated in Armenian drams, secured with gold, with the interest rate from 11%, up to 60 months maturity.       


  • Interest rate
    7%-18%
  • Maturity
    4-60 months
  • Minimum amount
    30 000 AMD 
    or 75 USD
  • Maximum amount
    30 000 000 AMD
    or 50 000 USD


The page was updated 04.02.2019 16:35

Gold Standard 

Gold secured loans
 
 

General terms and conditions

1. Currency     Armenian dram, US dollars
2. Minimum limit 30 000 AMD
60 USD
3. Maximum limit 1) 30 000 000 AMD /60 000 USD, or
2) 2 500 000 AMD / 5 000 USD
For 150%* loan to collateral ratio
4. Type of the loan 1) loan – for loans denominated in Armenian drams,
2) card loan - for loans denominated in US dollars
5. Option 1
5.1 Maximum loan to collateral ratio 100%
5.2 Principal and interest repayment Interest – at the time of disbursing the loan and the principal amount at the maturity (discount)
5.3 Maturity from 90 up to 93 days inclusive from   181 up to 193 days inclusive          
5.4 Annual interest rate  AMD 8% 11%
 USD     7%     7.5%
5.5 Loan disbursement fee (deducted from the loan amount at the moment of disbursing the loan)  AMD        2%
   USD 
5.6 Monthly loan service fee   AMD Not specified
    USD
6. Option 2
6.1 Maximum loan to collateral ratio 100% 100%
  150%* for debtors who pledged real estate
6.2 Repayment of principal and interest amount Interest – at the time of disbursing and the principal amount at the maturity (discount) Annuity
6.3 Maturity from 120 to 730 day inclusive**    from 365-to 1095-day inclusive
6.4 Annual interest rate AMD  18%     16%
    USD 14%
  11%
6.5 Loan disbursement fee (deducted from the loan amount at the moment of disbursing the loan)    AMD 1%   1%
     USD 0,3%   1%
    [1] No fee is charged for gold secured loans fully transferred from other banks of RA, credit organizations, pawn shops 
[2] No fee is charged when extending loans to individuals dealing with trade and/or output of gold
6.6 Monthly loan account service fee  AMD  Not specified 
 USD
6.7 Grace period for loan repayment  
   
-  The first 6 months of loan repayment; during this period only interest payments are made       
The first 12 months of loan payment, but the loan interest rate is set the same interest rate of the given variant + 1%.       
7. Eligible age Borrower               
Individual, the eligible age of which as of the date of accepting the loan application should not be less than 18 and not have exceed 70 at the loan maturity
The borrower should not have overdue/ classified obligations as of the date of loan application
For borrowers with a loan collateralized by real estate, when the real estate pledger and the borrower is the same person, the loan/collateral ratio can be set at 150%, but not more than 50% of total loans balance collateral, as well as gold pledge Loan repayment deadline can not exceed the deadline for repayment of mortgaged real estate.

* Loan to collateral ratio for the clients who have real estate secured loans at the Bank can be established 150%, but no more that 50% of the aggregate amount of the outstanding balance of the loans, secured with real estate. Moreover, in such case the Bank should sign an addendum with the client stating, that the real estate may be released from the collateral, provided however, that the client has repaid the loan secured with gold. 
** In independent cases the minimum maturity of the loan may be established less than 91 days.

Card type ArCa Classic / Visa Electron / Maestro Cirrus
Cashing fee Not charged
Annual card service fee 1 000 AMD
Other service rates According to applicable rates of the Bank

Fines and penalties

Late  loan payment fee (day) 0.1%
Late interest payment fee (day) 0.1%
Early repayment fee Not specified

- The Bank accepts standard gold bullions, gold jewelry,  gold bars as the subject of collateral
- The Bank doesn’t accepts white gold, jewelry the 30 % and more of which is made of white gold, or jewelry, which cannot be weighted without the part of the white gold.
- The value of  artistic integrity, precious and semi-precious  stones is not taken into consideration.
- These general terms and conditions should not refer to the loan secured with white gold, which is extended in Tigran Mets branch, according to the term and conditions independently stipulated for such type of loan.
- Appraisal of the property to be pledged is carried out by a jeweler –expert, according to the rates applicable by the Bank as of the given day.  

Other terms and conditions

Factors, which can have positive impact on the extension of the loan Compliance with the established terms and conditions
Why the  loan may be rejected · Existence of classified loan obligations as of the date of providing the loan
· Failure to provide required documents,
· Suspects with regard to the person or ID document,
· Suspects with regard to the purity of gold (during the check)
· False or untrustworthy information and false documents,
· Provision of such information, which puts the information presented/submitted by the client in question
· Provision of such information on the client, which puts the repayment of the loan in question
Maximum term of taking decision The day of submitting loan application
Term of submitting information to the client with regard to the decision on the loan The day of submitting loan application
Term of loan disbursement The day of submitting loan application
Place of accepting the loan application All branches of the Bank, except for "Vardanants" branch
Place of execution  and disbursement of the loan All branches of the Bank, except for "Vardanants" branch

[[1] The client should sign declaration on existing loan, if the loan is transferred from pawn shops and credit organizations, which are not members of ACRA system.
[[2] As a proof of performing activities the individual must present lease agreement on the place of economic activity (not necessarily be notarized).  

Example:
• Loan amount - 500 000 AMD
• Interest rate - 18%
• Maturity - 24 months 
• Single time fee - 0 AMD
• Effective rate - 19.56%

For gold secured loans the appraisal of one gram of gold is carried out according to the following prices, based on the purity:

Gold purity

Price for 1 gram

375

7 900 AMD

500

10 500 AMD

560

11 800 AMD

585

12 300 AMD

750

15 800 AMD

875

18 400 AMD

900

18 900 AMD

958 and more

20 100 AMD

 
Price for 1 gram

Method of calculation of interest amount 

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 of the loan
No early repayment fee is charged

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 08.02.2019 09:30

The following documents should be submitted to the Bank to get gold secured loan:


  • ID document    

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

The page was updated 22.11.2017 11:53
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.