Property Secured Personal Loans (without income statements)

Property secured loans without income statements requirement.

Property Secured Personal Loans (without income statements)
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1.

Loan purpose

The loan is provided for the purpose of ordering or purchasing goods (works, services) intended for personal, family, home or other use, unrelated to business activities.

2.

Eligibility

RA residents aged 18– 63 who during the loan period will not turn 63 or the loan will be shared by a co-borrower who meets these requirements.

3.

Loan currency

AMD

4.

Loan amount

2,000,000 – 50,000,000

5.

Loan repayment period

For fixed interest rate

24 - 84 months

For floating interest rate

36 - 120 months

6.

Annual (fixed) interest rate

Up to 60 months

61- 84 months

Nominative

Actual

Nominative

Actual

18%

20.57%

19%

21.23%

7.

Annual (floating) interest rate

Nominative

Actual

Started at 17% (fixed component: started at 8% + variable component)

19.09%

Maximum and minimum range of fluctuation of floating interest rate

+4%, but not more than 21%

The variable component of the floating rate will be revised starting the first due date following the 24-month period after the loan origination and every 6 months afterwards using the interest rate applicable in the Bank at the time of revision.

Procedure for calculating the floating interest rate

8.

Loan disbursement method

Non-cash (loan amount will be credited to the customer’s bank account)

9.

Penalty for early loan repayment

For loans falling under the regulation of the RA law on Consumer Lending

No penalty is applied

For loans not subject to  regulation of the RA law on Consumer Lending

In case of repaying more than the principal amount of the monthly loan specified in the repayment schedule before the half of the term of the contract, a fine is paid in the amount of 1% of the amount exceeding the amount of the monthly loan specified in the repayment schedule.

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.

Means of securing the return of the loan

Real property (apartment, single-family home, non-commercial premises) in Yerevan, Lori, Shirak and Kotayk provinces.

Apart from real property collateral, a surety of at least an individual or a legal entity will be required.

12.

Loan-to-value ratio

Up to 50% of the appraised value of the property.

13.

Creditworthiness assessment

If the loan amount exceeds 30% of the collateral value, the FICO score of the borrower or surety should be 510 and above, besides, in the past 12 months the borrower should not have classified credit liabilities and the total number of days past due should not be more than 30.

14.

Fees and charges

  • If the loan amount is withdrawn from the loan account, the Bank will charge a cash withdrawal fee according to the Bank rates and fees.

15.

Timeline for making decision on  loan application approval or rejection

  • The decision on approving or declining the loan application will be made within 10 (Ten) business days upon submission of the entire package of required preliminary documents.
  • The loan will be provided within 2 (two) business days after the approval of the loan application and completion of property pledging procedure.

16.

Other terms and conditions

  • The borrower and pledger should be the same individual, otherwise they should share a common budget and residence space (live under the same roof).
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