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

Loan purpose

The loan is granted for paying tuition fees

Who can apply

Payment of tuition fees for bachelors (continuous and integrated curriculum), Master’s students studying on paid bases in state and non-state universities with accredited educational programs , and for students studying with clinical ordinatura educational courses

Loan currency

AMD

Loan amount

Maximum AMD 4,000,000 throughout the study, with maximum 5 splits (1 split for each academic year), and the amount of each split cannot exceed AMD 800,000 or tuition fee of one academic year.

Loan repayment method and term

Monthly annuity payments, and  only interest is paid during the study (maximum 5 years). After the completion of the study equal repayments of loan principal amount and interest are made with a term of not more than 10 years.

Annual nominal interest rate

9% annual

· Subsidy of 2%
· Subsidy of 3% for students showing the highest educational growth
· For the period from 01 May, 2020 till 31 December,2020, particularly for the period 01.05.20 – 31.12.20 the annual interest rate to be paid by the borrowing students will comprise respectively:

· 0% - for students who have 80% and higher Average Quality Grade
· 4% - for students who have less than 80% Average Quality Grade
· The difference from the actual interest rate will be subsidized by the government.

Loan provision methods

The loan is granted only in non-cash method, by transferring the loan amount the bank account number of the respective educational institution.

The transfer is done on the basis of an invoice (containing the requisites as defined by RA legislation) provided by the educational institution and presented to the Bank by the Customer.

Early loan repayment penalty

No early payment fee is applicable

Penalty for loan principal and/or interest overdue

For overdue principal - 0,015 % daily,
For overdue interest - 0,1 % daily

Loan repayment security measure

· Guarantee of student’s parent(s), guardian(s) or other persons

Fee

Not applicable

Deadlines for approving or rejecting loan provision

· The decision to approve or reject the loan is made within 3 (three) working days maximum, after fully providing all the initial documents requested by the Bank.
· The loan is transferred to the bank account of the respective educational institution within 2(two) working days since signing loan and guarantee agreements/consents and submitting the invoice to the Bank.