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

Overdrafts with payment cards (credit cards)

1.

Purpose

For purchasing or ordering goods  (services) for non-commercial, personal, family, household use.

2.

Eligibility

RA residents aged 21-60

3.

Currency

AMD

4.

Minimum and maximum limits

100,000 - 10,000,000

5.

Type of limit

Revolving, with minimum monthly repayments

6.

Overdraft provision method

The loan limit will be provided through Bank’s payment cards.

7.

Nominal interest rate

16% - 21.5%

8.

Actual interest rate

17.24% - 23.78%

9.

Grace period

Not applicable

10.

Repayment period

36 months

11.

Requirement for monthly payment of minimum amount

The cardholder shall pay 5% of the amount used during the previous month (minimum amount: AMD 5,000) + accrued interest prior to the deadline indicated in the account statement. A month is a period of time from the first day of the month to the first day of the next month.

12.

Account statement date

By 10th day of each month

13.

Due date

 

16th day of each month (if it is а non-business day, then the next business day).

14.

Penalty for late payment of principal and interest amounts

Penalty for failure to duly pay the minimum monthly amount - 0.015% per day

Penalty for failure to duly pay the interest accrued - 0.1% per day.

15.

Creditworthiness assessment /loan approval terms/

Pursuant to the credit scoring system for assessment of online loans.

16.

Timeline for making decision on approving or declining loan application

  • The decision on approving or declining the loan application will be made within a few seconds.
  • In case of deviations and/or rejection of applications by the automated scoring system, the decision will be made within 7 (seven) business days at most.
  • The loan will be provided as soon as it is approved by the Bank within 1 (one) business day.