Student Loans

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Student Loans
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1.

Loan purpose

The consumer loan is provided for the purpose of payment of tuition fees.

2. 

Eligibility

RA citizens- students of bachelor’s, master’s program and clinical residency program (ordinatura) of state and state-accredited higher education institutions.

3. 

Loan currency

AMD

4. 

Loan amount

Up to AMD 4,000,000 for the entire period of studies, in 5 tranches at most (a tranche for each year), besides, the amount of a single tranche cannot exceed AMD 800,000 or the size of a tuition fee for an academic year.

5. 

Loan repayment method and loan period

Monthly annuities, besides, during studies, the student will pay out interest only (5 years at most), while upon graduation identical payment of principal and interest will be made for a period of up to 10 years.

6. 

Nominal interest rate per annum

  • 9% per annum
  • 2% for all borrower-students
  • 3% for the students with higher academic achievements will be subsidized by the government.
  • In particular, for the period from May 1, 2020 to December 31, 2020 the annual interest rate will equal:
  • For students with credit score of 80% and above - 0%,
  • For students with credit score below 80% - 4%.
  • Factual interest rate difference will be subsidized by the government.

7. 

Loan disbursement method

The loan will be issued in non-cash manner through transferring the relevant amount to the bank account of higher education institution based on the invoice issued by the education institution and submitted by the customer to the Bank (the document should contain the details as set forth by the RA legislation).

8. 

Penalty for early loan repayment

Not applicable

9. 

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.

10. 

Loan security

  • Surety of student's parent(s), guardian(s) or other individuals

11. 

Fees and charges

Not applicable

12. 

Timeline for making decision on  loan application approval or rejection

  • The decision on approving or declining the loan application will be made within 3 (three) business days upon submission of the entire package of required preliminary documents.
  • The loan will be documented and transferred to the bank account of the relevant education institution, within 2 (two) business days upon signing the loan and surety contracts/agreements  and submitting the invoice to the Bank.
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