Rocket Line is an innovative digital tool in non-touch and online shopping field.
You can pay with Rocket Line after 1 - 6 months when you want. Rocket Line gives an opportunity to Idram and IDBank customers to have personal limit from IDBank in Idram application and on IDBanking.am online platform without any effort. Personal limit can be used starting from AMD 3000 for shopping and payments, fully or partially. Rocket Line is automatically available for IDBank clients who have premium plus status on Idram.
Personal limit10,000 - 10,000,000 AMD
Payment term1 - 6 months
Annual nominal interest rate
The minimal pre-established limit is AMD 10.000, but it is possible to increase it to AMD 10 million.
- doesn’t have mandatory repayment schedule: you can pay fully or partially.
- gives an opportunity to pay for services and everyday shopping at supermarket, restaurants, pharmacies etc.,
- works in both app and web version,
- it is fast, doesn’t require additional documents from buyer or seller: everything is online and fast.
Download Idram app in the App store or Play market.
by Decision No 508-Լ of the
Management Board of “IDBank” CJSC
as of December 11, 2020
Enters into force starting December 11, 2020
The terms mentioned in the bulletin can have be amended.
If you are looking at the bulletin on the website of the Bank, please pay attention to the action date of the bulletin.
If you are looking at the bulletin in a paper form, please visit the Bank’s website at www.idbank.am for detailed information (paying attention at the action date of the bulletin), apply to any branch of the Bank or call the Bank’s Call center at 010 593333 or 060 273333.
INFORMATION BULLETIN FOR CREDIT/CREDIT LIMIT ROCKET LINE
|General terms and conditions|
|1.||Type of loan||Credit|
|2.||Purpose||Consumer, for making non-cash payment|
|4.||Minimum limit amount||10,000|
|5.||Maximum limit amount||10,000,000|
|6.||Minimum loan amount provided within the limit||3,000|
|7.||Maximum loan amount provided within the limit||10,000,000|
|8.||Annual nominal interest rate||0% - 21.7%|
|9.||Annual actual interest rate ||0% - 23.81%|
|10.||Minimum loan maturity||1 months|
|11.||Maximum loan maturity||6 months|
|12.||Method of disbursement||
Non-cash – through the customer’s current account:
|13.||Loan and interest repayment method||At the maturity|
|15.||Loan application review fee||Not specified|
|16.||Loan disbursement lump up fee||Not specified|
|17.||Loan account service fee||Not specified|
|18.||Opening of current account||Not specified|
|Requirements to the borrower|
|20.||Status||RA citizen physical person|
|21.||Age eligibility||The borrower/guarantor should be 21 at least as of the date of application, and maximum 70 by the maturity date|
|22.||Overdue loans, per day||0.1%|
|23.||Overdue interest, per day||0.1%|
|24.||Early repayment fee||Not specified|
|25.||Grounds, on which the Bank may require early repayment of the loan||
The Bank may require early repayment of the loan, if:
1) information presented for the loan is false or inaccurate
2) obligations provided by the agreement failed to be performed
3) other grounds, according to the agreement
|Other terms related with the application|
|26.||Positive factors for provision of the loan||
1) Good credit history
2) Good Score
3) enough cash flow
1) Bad credit history,
2) Bad score,
3) insufficient cash flows
4) providing false or unreliable information,
5) providing information that doubts the return of the loan
6) other factors
|28.||Maximum decision-making term||5 minutes|
|29.||Customer notification maximum term (on the decision made with respect to the loan)||5 minutes|
|30.||Venue where applications are accepted, processed and loan is provided||
|31.||Maximum validity term of decision||5 minutes|
|The list of documents (information) to be submitted by the Customer to the Bank|
|32.||ID document of the customer (data)|
|33.||Social card/social service number (SSN)|
1Other that any type of transfer, replenishment of bank and card accounts and repayment of obligations towards financial organizations.
2THE 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
1. Prior to concluding loan agreement the customer is provided personal paper of essential terms of the loan, 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 client 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. 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․
9. Bad credit history can prevent a customer from getting a loan in the future.
10. 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.
11. 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 – firstname.lastname@example.org, 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.
12. 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.
13. 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.
14. 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.
15. The conditions on providing statements, their copes, references throughout the term of the loan agreement can be found at the following link: Tariffs.
16. 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.
Public terms of providing remote banking services.
ATTENTION: THE BANK IS CONTROLLED BY THE RA CENTRAL BANK.
The following documents are required to receive ROCKET Line:
Public service number /reference on non-receiving the PSN