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Profi

Loans and credit lines for public sector employees

Loan/credit line is provided to employees of state financed organizations (institutions financed by state and /or community budgets) and state noncommercial organizations, by means of providing favorable cards and on terms and fees applicable for crediting


  • Interest rate
    15-16%
  • Maturity
    up to 36 months
  • Minimum amount
    AMD 100 000
  • Maximum amount
    AMD 5 000 000


The page was updated 21.06.2019 11:02

Profi

Loan/credit line is provided to employees of state financed organizations (institutions financed by state and /or community budgets) and state noncommercial organizations, by means of providing favorable cards and on terms and fees applicable for crediting:

 

Tariffs for the cards and transactions carried out through cards

1.

Cardholder

- employees of budgetary institutions (state and /or community financed institutions) 

- employees of state non-commercial organizations

2.

Card type

MasterCard Standard

3.

Card currency

AMD

4.

Card issuance (providing)

Free of charge

5.

Quick issuance (within 1 business day) 1

5 000 AMD

6.

Validity period

60 months

7.

Annual service fee

0 AMD

8.

Card account minimum balance  

Not specified 

9.

Providing supplementary card  

Free of charge

10.

Annual service fee for 1 supplementary  card

1,000 AMD

11.

Re-issuance of expired card

Free of charge

12.

Issuance of duplicate card against damaged card, or invalid card, stolen card or PIN code for the same validity period

2 000 AMD

13.

Annual interest calculated against balance of the card account

0%


Cash withdrawal fees

13.1

Cash withdrawal fee (from the Bank’s ATMs and terminals)

Free of charge

13.2

Cash withdrawal from the Bank’s cash withdrawal points, without the use of the card 

Free of charge

13.3

Fees for cash withdrawal from ArCa system other banks’ cash withdrawal points and ATMs 

1%

13.4

Cash withdrawal fee for the withdrawal with cards from ATMs of foreign banks and banks out of ArCa system 

1.5%, minimum 1 500 AMD

13.5

Fee for card to card transfer (through ATMs and virtual card)

0.5%

14.

Maximum limit of the daily cash withdrawal

AMD 2,500,000

15.

Maximum quantity of daily cash withdrawal transactions

10

16.

Fee for non-cash transactions

Free of charge

17.

Provision of monthly statement from the card account at the Bank, through post or e-mail

Free of charge

18.

Provision of additional statement from the card account at the Bank, through post or e-mail2

1,000 AMD

19.

Card blocking

Free of charge

20.

Card unblocking  

Free of charge

21.

Keeping of the card in the international STOP list (for 7 days period in one region)

10 000 AMD 

22.

Fee for each SMS

0 AMD

23.

Fee for temporary or permanent change of the limit

1 000 AMD

24.

Closing of the card account and card return

Free of charge

  • The remaining tariffs for the transactions carried out with the card, are in accordance with the applicable tariffs of the Bank.
  • Issuance of the card within 2-5 business days

Terms of financing3

1.

Borrower

- employees of budgetary institutions (state and /or community financed institutions) 

- employees of state non-commercial organizations

2.

Type of loan

Loan, credit line

3.

Minimum limit

100,000 AMD

4.

Maximum limit/amount

8 X net salary4, not exceeding AMD 5.000.000

5.

Annual interest rate5

Loan

15%

Credit line

16%

6.

Minimum maturity

Not specified

7.

Maximum maturity

Loan

36 months

Credit line

24 months

8.

Disbursement method

Loan

Through current account

Credit line

Through payment card

9.

Repayment method

Monthly equal fixed repayment (annuity)

10.

Minimum monthly repayment for the credit line

Not specified

11.

Grace period for the repayment of credit line

Up to 45 days

No interest accrues on the part of loan used in non-cash over the previous month (except for card to card transfers, intrabank and interbank transfers through Bank – Client system within RA, and transfers to own accounts), if the customer repays the used part of the loan on or before the 15th day of the current month.

12.

Interest accrued to the outstanding part of the credit line

0%

13.

Security

Cash flows

14.

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

 (DTI ratio)6

Loan

55%

Credit line

45%

Fees

15.

Loan application processing fee

Not specified

16.

Upfront and monthly service fees for loan/credit line

Not specified

17.

Account opening fee

According to tariffs applicable by the Bank

Fine, penalty

18.   

Fine, penalty for overdue loan obligations (including interest amount), daily

0.1%

19.

Early repayment fee

Not specified

Requirements to the borrower

20.

Status

RA citizen physical persons

21.

Eligible age 

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

22.

Requirements to the credit history (good credit history)

a)  on the date of the loan application the borrower must not have overdue/classified obligations (loan, credit line, overdraft, guarantees, etc.)

b) aggregate days on overdue obligations of the borrower over the year (365 days) preceding the date of application must not exceed 30 days,(etc.)

c) No credit history

Other terms

23.

Positive factors for providing  credit line 

1)          Good credit history

2) Cash flows

24.

Why the credit line may be rejected

1)    Bad credit history

2)    Providing such information on the customer, which puts the information provided/declared by the customer into suspicion

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

4)    Insufficient cash flow

5)    Other grounds

25.

Maximum term for making decision

1 business day after submitting all required documents to the Bank

26.

Maximum terms for giving notice to the customer

Maximum 1 business day after making decision

27.

Maximum term, during which the decision remains valid

15 business days

According to the grounds stipulated by point 24 hereof the Bank is liable not to provide the approved loan even within the validity term

28.

Term of disbursement

The date of signing credit line agreement

29.

Where to apply

All branches of the Bank

Documents to be presented by the customer to the Bank 

 

For getting a card

 

1. ID document

2. Social card/ social service number/ ID card/ or a reference on not receiving the SSN

3. Any proof that the customer is an employee of budgetary institution or state non commercial organization (e.g. service book, labour agreement, pass card, etc.)

For loan/credit line the customer must present the following, in addition to the above mentioned documents:

4. salary statement and/or bank account statement (if necessary)



1 Urgent provision of cards is available only at the Vardanants branch of the bank.
2 Account statement is provided to customers in the territory of the Republic of Armenia and abroad upon the availability of aggregate of the amount equivalent to the postal service fee and the Bank’s respective fee on the card account.
3 The terms of crediting are available for employees of state financed institutions and state noncommercial organizations.
4 Total of all unsecured loans of the borrower must not exceed ten X net salary of the employee.
5 The Bank has the right to change annual nominal interest rate of the loan/credit line to 20%, if the borrower doesn’t receive the salary through ID Bank for two consecutive months.
6 Renewable credit lines in calculation of DTI are included on the basis of annuity payment method, for 60 month maturity with monthly payments.



Calculation example on actual interest rate for Profi loan

  • Amount - AMD 2 000 000
  • Annual interest rate - 15%
  • Maturity - 36 months
  • Annual actual interest rate is - 16.08%

Calculation example on actual interest rate for Profi credit line

  • Amount - AMD 2 000 000
  • Annual interest rate - 16%
  • Maturity - 24 months
  • Annual actual interest rate is - 17.25%
 

 


The page was updated 21.06.2019 11:36
The following documents need to be submitted for loans/credit lines to employees of state financed organizations (institutions financed by state and /or community budgets) and state noncommercial organizations:

  • ID document

  • Social card/ Social security number/identification card or reference proving that you do not receive SSN


  • Document, which confirms that the customer is an employee of state financed organizations and state noncommercial organizations.

The page was updated 21.06.2019 11:02
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.