Individual loans provided to individuals by products / Terms and Tariffs /

1.   

Loan purpose

Purchasing a bicycle (optionally, also helmet, knee pads, and gloves).

2.    

Eligibility

Students and employees of state and accredited non-state educational institutions of the Republic of Armenia implementing vocational, secondary vocational, or higher education programs. The program beneficiary  should be aged 18-65 and employed, otherwise an employed family member can act as a borrower.

3.    

Loan currency

Armenian drams

4.    

Loan amount

70,000 - 300,000

5.    

Loan repayment period

6-36 months

6.   

Annual nominal interest rates

16% -21%

7.    

Government-subsidized interest rate

16%

8.    

Penalty for late repayment of the principal and interest.

• For past due principal — 0.015% per day,
• For past due interest — 0.1% per day.

9.    

Loan repayment method

"Annuity"

10.  

Loan disbursement method

Non-cash

11.  

Where to apply for a loan

Partner organization’s offices

12.  

Other fees and charges

No fees are charged for loan disbursement and/or loan account service.

13.  

Penalty for early repayment

No penalties for early loan repayment.

14. 

Timeline for making decision on loan application approval or rejection

1. The decision on approving or declining the loan application will be made within 3 (Three) banking days upon submission of the entire package of required preliminary documents.

2. The loan will be provided within 2 (two) banking days after the approval of the loan application.

15.  

Other Provisions

1. Matters not regulated by these terms and conditions shall be governed by the terms and conditions of the Decree of the Republic of Armenia Government # 341-N of March 27, 2025.