"Salary" consumer credits

  • Up to 60 months
  • Up to 3000000 ֏

Credit calculator

For those who want to get as much money as possible.
Credit amount
֏
1 3000000
ամիս
1 months 60 months
  • Monthly fee
    ֏
  • Credit Interest
    22 %
  • Credit amount
    ֏
-
An example of the calculation of interest rate, it is for informational purposes and is not a public offer.

Information

  TERMS 

1. Targeted geography 

RA 

2. Target market 

The resident individuals registered in RA who submit information on salary/ies (reference, contract, excerpt from the employment order statement or turnover on bank account for the last 6 months, Nork query, etc.) or income (notarized lease agreement signed for at least 6 months, professional pension). In case of salary, the borrower must have at least three-months working experience in the mentioned organization.

3. Credit amount1

  • Up to 500 000 AMD without guarantee if the borrower’s FICO≥550 or the borrower has a satisfactory rating according to the internal scoring system of the Organization2
  • 10 times of net salary/income, but no more than 3 000 000 AMD if secured by guarantee/s
 

4. Credit Currency  and the Type of one time Disbursement 

  • Armenian Dram
  • Via transfer

5. Credit Terms3

  • 12 to 24 months for the credits of up to 500 000 AMD without guarantee
  • Up to 48 months for the credits of up to 3 000 000 AMD with guarantee                                                                                                                                                              

  Up to 60 months for credits of up to 500 000 AMD, disbursed based on internal scoring system rating of the Organization                                                                                                      

6. Credit Interest 

 22.0 % pa

 18.0 % pa
It is calculated on the actual outstanding balance of the Credit amount.

7․Actual credit interest

26.80-35.97%

34.59-37.80%
8. Disbursement fee

4.5%, not more than AMD 100,000

one-time payment, calculated on the disbursed amount and charged at disbursement time
N/A 

9. Monthly service fee

N/A 

0.7%

calculated on the disbursed amount and charged on monthly bases

In case of early full repayment of the loan, if the actual repayment day does not coincide with the day defined in Repayment Schedule, then the service fee of the last month is calculated on a daily basis for the period from the repayment day defined in the schedule preceding the actual repayment day to the actual repayment day.

10. Principal and Interest payments4

  • Annuity option - Principal and interest amounts are paid in equal monthly installments except grace period months  
  • Interest is paid on monthly bases
  • Grace period for month January is available for repayment of the Principal amount

11. Security 

  • For the credits of up to 500 000 AMD, without guarantee, if the borrower’s FICO≥575 or the borrower has a satisfactory rating according to the internal scoring system of the Organization, In other cases, the option of crediting with at least 1 guarantor can be applied.
  • For credits of 500 001 – 1 000 000 AMD, if the borrower’s FICO≥550, or the borrower has a satisfactory rating according to the internal scoring system of the Organization: 1 guarantor is needed. In other cases, the option of crediting with at least 1 guarantor can be applied.
  • For credits of 1 000 001 – 2 000 000 AMD, 2 guarantors are required
  • For credits of 2 000 001 – 3 000 000 AMD, 2 guarantors are required, at least 1 of whom must be a family member of the borrower and at least 1 of whom must be secured with salary and/or other type of documented income, or 3 guarantors at least one of whom must be a family member.  Additional guarantor/s, can be required.                   

Additional guarantee/s may also be required

12. Fines and Penalties

  • In case of delays

0.13% daily penalty, which is calculated on the amount due that month per repayment schedule, but not paid.  

The calculation of penalties shall start from the delay of each repayment day defined by the Repayment Schedule and stop on the full repayment day of the overdue liability.

  • In case of partial or early full repayment - 0.0% 

* The total amount of all penalties defined by the Contract cannot exceed the outstanding debt amount available at that moment. 

13.Approval period

3 business days after submitting the required documents.

"1.*The borrower may have 3 Consumer Credits (Consumer Credit "Salary" or another credit disbursed according to previous conditions) the outstanding sum of the which cannot exceed 3 000 000 AMD. The outstanding sum of the borrower's credits without guarantor (including the consumer credit "Online" and the consumer credit "Agro/Business" without guarantor) cannot exceed 500 000 AMD. Cases when granted loans were in the portfolio before the entry into force of this edition are exceptions. The borrowers may also have Consumer Credit/s and credits secured by collateral (gold, real estate).

"2. The evaluation criteria of internal scoring system of the Organization are approved by the Executive Adminsistration.

"3. The mentioned term can be in average 20 days more based on credit disbursement day."

"4. If the repayment day is a non-working day then the repayment day is considered the day following the non-working day and the interest calculated towards the actual repayment day is paid. "

 

NOTICE

  1. THE ANNUAL ACTUAL INTEREST RATE SPECIFIES THE EXTENT OF THE COST OF THE CREDIT FOR A BORROWER IN CASE OF REPAYING INTERESTS AND OTHER FEES IN A TIMELY AND PROPER MANNER. THE CALCULATION OF THE ANNUAL ACTUAL INTEREST IS PRESENTED BELLOW.
  2. IN CASE THE BORROWER FAILS TO REPAY THE CREDIT AMOUNT AND INTERESTS IN PROPER AND TIMELY MANNER, NEGATIVE INFORMATION ON HIM/HER WILL BE RECORDED IN THE CREDIT REGISTRY.
  3. THE PLEDGED PROPERTY CAN BE FORECLOSED BY THE ORDER DEFINED BY LAW, IF THE BORROWER DOES NOT REPAY THE CREDIT AND INTEREST AMOUNTS IN A PROPER AND TIMELY MANNER. IN THE EVENT OF CLIENT’S FAILURE TO FULFIL THE OBLIGATIONS, WHEN CREDIT OBLIGATIONS ARE REPAID  AT THE EXPENSE OF COLLATERAL, IF THE COLLATERAL IS NOT SUFFICIENT TO COVER CLIENT’S OBLIGATIONS FULLY, THE LATTER CAN BE REPAID TROUGH THE FORECLOSURE  OF OTHER PROPERTY OF THE CLIENT.
  4. IN THE CASE OF CREDITS SECURED BY A GUARANTEE, IF THE BORROWER DOES NOT FULFILL HIS/HER OBLIGATIONS, THE GUARANTOR IS OBLIGED TO REPAY INSTEAD OF THE BORROWER, OTHERWISE THE CREDIT HISTORY OF THE GUARANTOR WILL ALSO HAVE DETERIORATE AND THE GUARANTOR MAY BE DEPRIVED OF HIS/HER PROPERTY.

 

The Calculation of the Annual Actual Interest

Article 13. The formula and Explanations of AAI calculation

  1. The Annual Actual Interest is calculated taking into account the following formula:

                                                          

Where.

i - The Annual Actual Interest(AAI).

A -The Credit amount (The primary credit amount disbursed by the creditor to consumer).

n - The number of the credit repayment.

N –The number of the last credit repayment.

Kn- the credit repayment amount.

Dn- The period between the credit disbursement and credit repayment dates expressed by the number of the days.

i -the actual annual interest can be calculated, if the other data of the equation is known from the Credit Contract etc.

 Article 14.  The Calculation of the Actual Annual Interest

1. The Actual Annual Interest is calculated at the time of signing the Credit Contract, assuming, that the Credit Contract will be effective in the manner specified by the Contract and the Parties who signed the Credit Contract shall fulfill their liabilities in a proper and timely manner.

2. In case if the Credit Contract specifies provisions which allow deviations and changes in the number and extent of interests and/or other fees included in the total crediting cost of the consumer and it is impossible to identify the number of changes, the Annual Actual Interest shall be calculated so as the interests and/or other fees included in the consumer’s total crediting cost shall be fixed and applied till the end of the Credit Contract term.

3. The following principles are effective in case of calculating the actual annual interest (upon necessity):

1 In case if the credit maximum amount is not specified by the Credit Contract, the disbursed maximum credit amount is one million AMD.

2) If the Credit Contract specifies that the consumer can receive the credit amount part by part, or can choose the date of the credit disbursement, then it’s considered, that the credit amount was disbursed to the consumer totally at the moment of contract signing.

3) In case if the Credit Repayment Schedule or other terms and conditions of the credit repayment are not specified by the Credit Contract, the deadline for the credit repayment is one year.

4) In case if the credit contract defines more than one credit repayment term, the credit repayment shall be fulfilled in the nearest term defined by the Credit Contract, if there is not prescribed anything else by the Credit Contract.

4. The Central Bank, in accordance with its legal acts, can define explanations and samples of AAI (Annual Actual Interest) calculation and formula specified by Article 13.

 

ATTENTION

WHEN APPLYING FOR THE CREDIT, THE CREDITOR WILL PROVIDE INDIVIDUAL BULLETIN ON  ESSENTIAL TERMS OF THE CREDIT, IN WHICH THE INDIVIDUAL TERMS OF THE CREDIT TO BE DISBURSED WILL BE SUBMITTED.

  • Passport/Identification Document
  • Public service number

 

If necessary, documents containing relevant information about salary/s (reference, contract, order statement, bank account statement, income information or flow statement in the NORK information system, etc.) and/or documents proving other sources of income (according to the credit terms).

 
  • Resident Individuals registered in the RA above 18 years old