General Information

The company’s key objective is to become a leader in the Armenian financial market, offering a wide range of loan services to the population.

The company continues its active cooperation with “National Mortgage Company” refinancing credit organization, “Housing for Young Families” refinancing credit organization and “German-Armenian Fund” Program’s Management unit.

The company assigns:

• Mortgage loans
• Express and business development micro loans, as well as business macro loans
• Consumer loans
• Gold loans
• Car loans
• Student loans / loans for other services

Loans are assigned to provided to/ RA resident individuals (including economic entities), legal entities (including financial institutions).

Loans are provided in AMD and foreign currency both in cash and non-cash forms.

Factors influencing loan applications’ approval and rejection:

Conditions necessary for loan application’s approval:

• Required documents’ existence
• Positive credit history
• Positive results of creditworthiness analysis
• Acceptable and sufficiently valuable collateral

Conditions for loan application’s rejection:

• Incomplete documentation package
• Providing false information
• Negative credit history
• Negative results of creditworthiness analysis
• In acceptable and/or insufficient collateral

The interests are calculated by the nominal interest rate on the residual amount of loan. You can consult the example of interest calculation here. Annual real rate shows how much the loan will cost to you after paying the interest rate and other payments in defined deadlines and amounts. You can consult the calculation of annual real interest rate by clicking here.

The interest rates calculation example is presented below:

-the loan amount – 1,000,000 AMD

-annual nominal rate – 24%

- the loan repayment period – 12 months

-monthly annuity – 94599.6 AMD

In case of liabilities’ untimely performance, the punitive actions described in loan agreement will be applied. Particularly, penalties and fines will be calculated according to following rates:

• In case if a customer does not pay his monthly repayment amount according to repayment schedule, he pays interests, equal to double Central Bank’s refinancing rate at the moment of contract’s assignment, until the factual repayment.
• In case if the customer breaks the repayment schedule a penalty is charged at the rate of 0.3% daily on the overdue amount of the loan.
• In case if the customer breaks the repayment schedule a penalty is charged at the rate of 0.5% daily on the overdue interests.

There are no penalties for repayments of the loan in advance for all types of credits offered by the company except mortgage loans. In case of mortgage loans this penalty is charged if only the amount of repayment is over the 10% of loan amount. In this case the rate of penalty is 3% of the loan.

WARNING

In case if the customer does not perform his loan liabilities, the company can confiscate the object of collateral according to the loan agreement.

In case if the loan liabilities are covered by the sale of collateral and its value is not sufficient for covering the whole liability, the company can cover it by your other property.

If you do not perform your loan and interest payments this information is foxed in the Loan register.

The loan and guarantee operations’ commissions are charged according to company’s Tariffs.