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Loans to individuals

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

Credit limit provided by Visa Infinite payment cards

1.	Eligibility	RA resident-individuals aged 21 to 65, who are holders of the bank's Visa Infinite card.
2.	Currency	Armenian drams
3.	Limit	1,000,000 - 10,000,000
4.	Limit type	Revolving credit limit with grace period
5.	Disbursement method	The credit limit will be transferred to Visa Infinite cards of the Bank.
6.	Nominal interest rate	15%
7.	Grace period	Up to 45 days
8.	Repayment period	12-36 months
9.	Account statement day	By the 10th of each month
10.	Payment method	A grace period is set for repayment of the used credit limit: from the 1st of the month in question to the 16th of the following month. If the debt for the previous month is fully repaid between the 1st and 16th of each month (if the 16th of the month falls on a non-working day, the due date is considered to be the following working day), interest on the used amount will not accrue. If the debt is not fully repaid within the above period, interest will accrue from the date of its utilization until the date of actual repayment.
11.	Penalty for late payment of principal and interest	For past due principal amount - 0.015% per day, For past due interest amount - 0.1% per day.
12.	Creditworthiness assessment /loan approval conditions/	A necessary condition for granting a loan is: The borrower should not have watch loans or those classified under stricter categories for the past 12 months, no overdue or classified loans at the time of application (including sureties), the number of days overdue over the past 12 months should not exceed 30. Income should be well-documented and justified. If necessary, a surety bond of at least 1 (one) individual or 1 (one) legal entity may be required.
13.	Timelines for making decision on loan application approval or rejection	The decision on approval or rejection of the loan application will be made within 7 (seven) business days. The loan will be provided within 5 (five) business days after the loan application approval.