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

Overdrafts with payment cards (credit cards)

Loan purpose

The loan is granted for the purpose of ordering or purchasing goods (work, services) for personal, family, home or other use not related to business activities.

Who can apply

Individual residents of RA between the age of 21-60 who are Bank’s cardholder customers.  

Limit

Minimum limit of AMD 100,000, USD 200, EUR 200, and maximum limit of AMD 3,000,000, USD 6,000, EUR 6,000

Limit type

Revolving with monthly minimum payment requirement

Limit provision process

The credit limit is granted via Bank’s payment cards

Currency

AMD, USD, EUR

Nominal interest rate

AMD 18 %, USD 16%, EUR 16%

Grace period

Not provided

Repayment period

36 months

Minimum monthly payment requirement

Till the date specified in the statement, the cardholder is obliged to pay 5% of the limit utilized during the previous month (minimum AMD 5,000) + accrued interest.

A month is defined as the period from 1st day of each month till the 1st of the following month.

Statement day

1 of each month

Payment period starting from the statement date

15 days (16th of each month is considered to be the due date)

Penalty for loan principal and/or interest overdue

Monthly minimal payment overdue penalty - 0,015 % daily,

Accrued interest overdue penalty- 0,1 % daily

Credit limit application review fee

AMD 2,000

Creditworthiness assessment (credit approval criteria)

Important conditions for credit approval are considered to be (in case of credit history presence)  absence of  loans with substandard or stricter classification for the last 12 months, absence of overdue or classified loans during the application submission (including guarantees) and total number of overdue days should not exceed 30 days for the previous 12 months. At the time of application submission, the total gross outstanding amount of the borrower’s unsecured loans should not exceed AMD 3 mln or equivalent in foreign currency. At the time of application submission, the number of unsecured loans should not exceed 3.

The customer should not have active Single touch or shopping card credits.
Maximum two credit facilities are provided to those customer who are registered at the same address /single touch or shopping card/, and the total sum of credits provided online cannot exceed AMD 3,000,000 or equivalent in foreign currency. If the other borrower registered at the subject address has overdue credit facility, or has taken loan during the previous 30 days, or there is an approved credit facility which has not been granted to the customer yet, than the new application will be rejected.
In case if the borrower has FICO score and has no registered income in Norq Informative system , or is not an employee of law enforcement agencies , than minimum FICO score is set at 570 points, and the maximum loan amount is set at AMD 1,000,000, USD 2,000 or EUR 1,500.
Credit can be granted to the customer if for the previous 6 months the customer has registered income in Norq informative system or is considered as an employee of law enforcement agency provided that the FICO score is 520 and higher or is absent, and the maximum loan amount is set at AMD 1,000,000, USD 2,000 or EUR 1,500.  
If the customer is considered as employee of law enforcement agencies, than s/he should approach to any branch of the Bank with salary certificate. The salary amount should be captured in AS Banksystem by the Bank staff.
In case if during the previous 24 months the applicant had a repaid loan granted on line, credit can be provided to him/her with the maximum repaid loan amount, unless if s/he does not meet 1st, 3rd and 4th points.
If the credit  application exceeds AMD 1,000,000, USD 2,000 or EUR 1,500 the maximum limit of the credit is determined by:
If during the previous 6 months the applicant has a registered income in Norq Information System or is an employee of of law enforcement agency, FICO score is 570 and above,  the maximum amount of the new loan cannot exceed 40% ratio of (all existing loans (except for mortgage loans)+payments of the new credit line)/(net income-mortgage loan payment) and the minimum of 10 multipliers of the net income
If the applicant is a depositor of the Bank, the maximum limit of the new credit cannot exceed the amount of the deposit (no other creditworthiness criteria is applied).  

Deadlines for approving or rejecting loan provision

The decision to approve or reject the loan is made within 1 (one) working day.
The loan is granted in case of Bank’s positive decision, within 5 (five) working days.