Gold Secured (Pawn) Loans

1.       

Loan purpose

Loans secured by gold will be provided for purchasing or ordering goods (works, services) for non-commercial, personal, family and household  purposes.

2.       

Eligibility

RA residents aged 18-70 who during the loan service period will not turn 70.

3.       

Loan currency

AMD

4.       

Loan amount

50,000 – 50,000,000

5.         

Loan repayment period

3 - 60 months

6.      

Loan repayment method

«Annuity» payments

3 - 60 months

«Bullet» payment

3 - 12 months

7.       

Annual nominal interest rates /standard/

Loan period (months)

Loan repayment method

«Annuity» payments

«Bullet» payment

3 - 12

15.5%

16.5%

13 - 36

16.5%

-

37 - 60

17.5%

-

8.      

Annual nominal interest rate /with additional limit/

24 - 60

19.5%

-

9.       

Penalty for early loan repayment

Not applicable

10.      

Penalty charged for late payment of the principal and interest amounts

For past due principal amount - 0.015% per day,

For past due interest - 0.1% per day.

11.      

Loan-to-value ratio 

«Annuity» payments (with additional limit)

Up to 150% of the appraised value of gold jewelry

«Annuity» payments

Up to 95% of the appraised value of gold jewelry

«Bullet» payments (3 - 12 months)

12.      

Loan disbursement method

Non-cash

13.      

Timeline for making decision on  loan application approval or rejection

·          The decision on approving or declining the loan application will be made within 1 (one) day.

·          The loan will be made available to the borrower within 1 (one) business day once the loan is approved by the Bank.

14.     

Other terms and conditions

·          The loan amount will be credited to the customer's bank account,

·          If the loan amount is disbursed in cash, the Bank will charge a cash withdrawal fee according to the relevant fees of the Bank,

·          The contractual loan amount with additional limit cannot exceed AMD 10,000,000. The decision on approval/rejection of the loan application will be made automatically.

·          Upon repayment of the loan, the gold jewelry securing the loan will be returned to the  borrower within 2 business days.