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Loans extended on the basis of money transfers received by the client Transfer

Transfer

Loans extended on the basis of money transfers received by the client


The loan is extended without collateral, without proof of income. Only good credit history and solvency assessment is required.     


  • Interest rate
    19-22%
  • Maturity
    up to 36 months
  • Minimum amount
    100 000 AMD
  • Maximum amount
    1 500 000 AMD


The page was updated 28.03.2019 17:01

Transfer 

Loans extended on the basis of money transfers received by the client
 
 

General terms and conditions for providing Transfer loan

1.

Requirements to the borrower

The borrower received money transfers through payment systems of the Bank with the following frequency: 

Option  1 - no less than once a month during 4 months preceding the date of submitting application 

Option  2 - no less than 3 times during 6 months preceding the date of submitting application (no less than 3 months and one transfer a month), moreover, at least one transfer during the reporting month, or

Option 3 - at least 6 times during the 12 months preceding the month of application (6 months minimum, and at least 1 transfer each month), with at least 1 transfer during the most recent 2 months preceding the month of application. The transfers should be received at least during the 3 months.

2.

Maximum limit

Aggregate amount of transfers received during the last 12 months *

* Monthly amount of the transfer is the aggregate amount of transfers received in all currencies during the given month, expressed in the currency of the required loan, moreover, settlement of conversion is carried out by the purchase rate applicable at the Bank as of the given time.

3.

Currency

AMD

USD

RUB

EUR

4.

Minimum limit

100 000

200

15 000

200

5.

Maximum limit

1 500 000

3 500

200 000

3 500

6.

Annual interest rate

22%

19%

19%

19%

7.

Maximum maturity (months)

36

8.

Up front fee (deducted from loan amount)

N/A

9.

Method of disbursement

Non-cash – through payment card

10.

Repayment

Annuity

11.

Collateral   

Cash flows (transfers)

Requirements to the borrower

12.

Status

Individual – RA citizen 

13.

Eligible age

Eligible age of the borrower as of the date of accepting the loan application should not be less than 21 and not have exceed 65 at the loan maturity

14.

Requirements to the credit history

1. availability of credit history

2. n
o overdue/classified obligations (loan, credit line, overdraft, etc.) on the date of loan application 

3. aggregate of days on overdue obligations during the recent 12 months preceding the date of loan application must not exceed 30 days; moreover, each delay during the last three months must not exceed 5 days

4. maximum class of the loan during the most recent 12 month preceding the date of extending the loan must be controlled (other than for guarantees) 

Payment card

15.

Type of the payment card

-ID-Transfer according to the rates applicable by the Bank

-Other cards issued by the Bank (except for  Visa Classic/Visa Gold debit), according to the rates applicable by the Bank    

Fines and penalties

16.

Late payment fee (day)

0.1%

17.

Late interest payment fee (day)

0.1%

18.

The Bank can require early repayment of the loan or provision of additional security on the following grounds:

The Bank can require early repayment of the loan or provision of additional security if:

1. the client refuses from the payment card,

2. no transfers received via the Bank during 6 months after receiving the loan,

3. information presented for the loan is false or untrustworthy,

4. 
the Client fails to perform obligations under the agreement,

5. other grounds according to the agreement

Other terms and conditions

19.

Why the  loan may be rejected

1. No credit history,

2. Bad credit history,

3. Insufficient volume of transfers,

4. Existence of unsecured loan at the Bank, other than loans/credit lines received in the frames of salary projects,


5. 
Provision of false or unreliable information,

6. Submission of such information, which puts the return of the loan into question,

7. Other reasons.

20.

Maximum term of taking decision

Maximum 3 business days after submitting all required documents to the Bank

21.

Term of informing the client about the decision made

1 business day after taking decision

23.

Maximum term of validity of the decision

10 business days

24.

Place of acceptance of the loan application

All branches of the Bank

25.

Place of execution and disbursement

All branches of the Bank

Calculation of actual annual interest rate for Consumer loan

• Loan amount -
500 000 AMD,
• Annual interest rate 22%, 
Maturity - 36 months,
• Effective interest rate - 24 %:

How to calculate interests 

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 03.07.2019 18:01
The following documents should be submitted to the Bank to get Transfer loan:

  • ID document,

  • Public service number /reference on non-receiving the PSN 
The page was updated 21.11.2017 16:59
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.