Loans at 0% annual interest rate
Maximum amountAMD 30 000 000
Loans at 0% annual interest rate
Approved by resolution N 129-L of the
Management Board of “IDBank” CJSC
as of April 14, 2020
Applied since April 15, 2020
The terms mentioned in the bulletin can have be amended.
If you are looking through the bulletin on the website of the Bank, please pay attention to the action date of the information bulletin.
If you are looking through the bulletin on the territory of the Bank or 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 information bulletin), apply to any branch of the Bank or contact the Bank’s Call Center at (+37410) 59 33 33, (+37460) 27 33 33.
|INFORMATION BULLETIN OF LOANS SECURED BY GOLD PLEDGE AT 0% ANNUAL INTEREST RATE|
|1.||Loan type||“Gold 0%”|
|4.||Minimum amount||AMD 30 000|
|5.||Maximum amount||twice the amount of the gold pledged loan to be transferred from other banks, credit and other organizations, but not exceeding AMD 30 000 000|
|6.||Maximum loan/collateral ratio||
according to terms and tariffs of “Gold Standard” loan type at the following link: Information bulletin of "Gold Standard" loan type
|7.||Loan repayment method||at the end of term|
|8.||Term||from 90th to 93rd day inclusive|
|9.||Annual nominal interest rate||0%|
|10.||Annual effective interest rate1||8.42%|
|11.||One-time loan provision fee at the moment of loan provision (from the contractual amount)||2%|
|12.||Monthly loan account service fee||not defined|
|13.||these conditions apply only in case of transfer of gold pledged loans from other banks, credit and other organizations, which must have been served in the mentioned organization for at least 30 days, and further processing of the transferred loans shall be implemented according to the terms and tariffs of “Gold Standard” loan type at the following link: Information bulletin of "Gold Standard" loan type|
|14.||the rest of conditions of this loan type are applied in accordance with the terms and tariffs of “Gold Standard” loan type applied in the Bank at the following link: Information bulletin of "Gold Standard" loan type|
|15.||list of documents to be submitted by the client|
|15.1||identity document (original),|
|15.2||social card/public services number/ID card/ or number of statement on absence of public services number (if any) (original)|
in case of transfer of gold pledged loans from other banks or financial institutions – AMD 0, if the client submits a maximum 5 business days old loan payment receipt
information for internal use – copy of receipt must be included in the loan package
1 THE INTEREST AMOUNTS OF THE LOAN ARE CALCULATED BASED ON THE NOMINAL INTEREST RATE. THE INTEREST AMOUNT OF THE LOAN IS CALCULATED ON THE ACTUAL LOAN BALANCE AND THE EFFECTIVE ANNUAL INTEREST RATE INDICATES HOW MUCH THE LOAN WOULD COST THE CLIENT IN CASE OF MAKING ALL THE INTEREST AMOUNT AND OTHER FEE PAYMENTS AT DEFINED PERIODS AND AMOUNTS
1. Before the conclusion of a loan agreement, in case of consumer loans up to AMD 15 million, the Bank provides the client with the individual sheet of essential conditions of the loan which contains the individual conditions of the loan to be provided to the client.
2. The client is entitled to unilaterally terminate the loan agreement without any reason within 7 (seven) business days (time to think) following the conclusion of the latter by returning the received loan amount in full and paying interest accrued in accordance with the actual annual interest rate provided by the agreement.
3. In case of early repayment, the payments, generating the Bank’s income, included in the total cost of crediting the borrower, shall be proportionally reduced.
4. The client is entitled to fulfil (repay) his/her contractual obligations ahead of time irrespective of the fact of such right being prescribed by the loan agreement or not
5. Loan interest amounts shall be calculated based on the effective interest rate. Loan interest amount shall be calculated against actual loan balance.
6. The effective annual interest rate indicates the cost of the loan for the client given all the interest amounts and fees are repaid in the defined terms and amounts.
7. The order of effective annual interest rate calculation is presented at the following link Guideline on effective annual interest rate calculation.
8. In case of foreign currency loans, the effective interest rate calculation is based on the exchange rate published on the official website of the RA Central Bank at the moment of provision of loan. The effective interest rate can change depending on the change of the exchange rate published on the official website of the RA Central Bank.
9. In case of foreign currency loans the interest amounts calculated towards the principal loan amount can also be paid in the loan currency upon the client’s request.
10. In case of foreign currency loans the changes of foreign currency exchange rates can impact the loan repayments.
11. In case of failure to perform interest and loan repayments on time the pledged property and/or monetary funds can be confiscated in an order prescribed by law, and the Bank shall send the information about the client to the credit bureau within a maximum of three business days, where the client’s credit history is being shaped. The client has the right to obtain his/her credit history from the credit bureau free of charge once a year.
12. A bad credit history can prevent a client from receiving loans in the future.
13. The borrower can be deprived of his/her ownership right towards the property (apartment or house) if the former fails to perform or improperly performs the obligations under the loan agreement.
14. In case if the collateral is not sufficient to fulfil a client’s obligations at the expense of the collateral in the event of failure to fulfil obligations by the clients, the obligations can be repaid at the expense of other property of the client.
15. While performing overdue obligations, the repayments shall be implemented in the following order: cost of confiscation, including litigation expenses (if applicable), interest penalty, penalty for principal loan amount, interest, service fee and commissions /if applicable/ and principal loan amount. The Lender is entitled to unilaterally change the order of repayments mentioned in this provision at any time.
16. Disputes arising between the parties can be settled in a court proceeding or by the Financial system mediator (in the order prescribed by the RA law on “Financial system mediator”), located at 0010, Yerevan, 15 M. Khorenatsi St, “Elite Plaza” business center, 7th floor, e-mail – firstname.lastname@example.org, telephone – (+37460) 701111, fax – (+37410) 582421. Moreover, if the property claim does not exceed AMD 500,000 (five hundred thousand) or its equivalent in a foreign currency, the decisions of the Financial System Mediator cannot be challenged by the Bank.
17. For the purpose of proper study of the client as defined by RA law on “Combating money laundering and terrorism financing”, the Bank may require additional documents or information based on “Know Your Client” principle.
18. 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.
19. The Client has the right to communicate with the Bank through a preferred means of communication: e-mail or 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.
20. The conditions of providing statements, their copies, references during the validity of the loan agreement can be found at the following link: Tariffs.
21. 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.
22. Remote servicing by the Bank is provided thought the IDBanking.am online system. The order and tariffs on rendering remote servicing are presented in “Public terms on rendering remote banking services”.
While providing loans secured by gold pledge the estimation of one gram of gold is performed according to fineness at the following prices:
|Gold fineness||Price per 1 gram of gold|
|375||AMD 10 400|
|500||AMD 14 000|
|560||AMD 15 600|
|585||AMD 16 350|
|750||AMD 20 900|
|875||AMD 24 400|
|900||AMD 25 100|
|958 and higher||AMD 26 700|
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The following documents should be submitted to the Bank to get “Gold 0%” loan:
Public service number /reference on non-receiving the PSN
• Receipt of repayment of gold secured loan transferred from other banks, credit or other organization (must be in credit file)