Consumer loans (Without Collateral)
Our consumer loans will help you to improve your lifestyle and ensure solution of your current consumer issues at your best comfort.
Consumer loans are provided to individuals who have at least 6 consecutive months of work experience. Consumer loans are intended for the following purposes:
- Purchase of household appliances and furniture
- Automobile and other vehicle purchase and repair
- Apartment, house, summer house and other real estate repairs
- Child care, education funding
- Recreation and health care and treatment funding
- Different events (birthdays, wedding ceremonies and others) funding
- Other consumer purposes
Consumer loans are provided at company’s office 1/21, Azatutyan ave., No. 39, Yerevan
|General Terms of Consumer Loans
||From AMD 100.000 to 1.5 milion
||3 – 36 months
|Annual Nominal Interest Rate
|Annual Actual Interest Rate
|Graphic of payments
||Every month, possible with grace period
|Loan provision fee*
|Loan service fee (monthly)
||0.3% of loan amount
||No collateral, only guarantees
||For overdue principal amount – 0,1 % per day. For overdue interest – 0,1% per day.
|The term of the loan application review and decision-making**
||Up to 1 working day
*In case the borrower submits the necessary documents on time.
NO EARLY REPAYMENT FEE IS APPLICABLE.
|Repayments of the loan and interests
|Loan repayment schedule
||Equal monthly installments or equal principal amount graphics
||Premature repayment opportunity without fines and penalties
||Annual nominal interest rate calculated on the outstanding loan balance for a 365-day year
|Prepayment/ Loan amount
Regardless of the rates set forth in these Terms, the fees for third-party services may vary by third parties.
Criteria of the loan disbursement approval or denial:
Criteria for a positive decision on loan granting
- Steady income
- Appropriate collateral, guarantees
- Positive credit history
- Employers guarantee
- Other guarantees
Criteria for a negative decision on loan granting
- Insufficient income to pay the credit off
- Customer’s income source can’t be verified or presented income is undocumented
- Bad credit history, with number of overdue days and classifications or customer’s loan history is overloaded
List of required documents
- Copies of passport and social card
- Reference from employer about employee’s income
- Other documents about income (for example real estate rental agreement, copies of banking transfers, patients, etc.)
- Property documents (ownership certificates, references, technical passports, etc.)
- Other documents (if required)
- Ownership certificates, bases for ownership amendment (Sale agreement , Decision of the executive body)
- Passport copies of the property owners
- Certificate about absence of restrictions of the collateral
- Report on appraisal of real estate
- If married – marriage certificate and spouse’s copies of passport and social card.
- Copies of passport and social card of guarantees (for individuals) or
Charter, State registration certificate, passport and social card of director (for entities)
- Documents on guarantee’s income base
- Documents on guarantee’s ownership base
- IF YOU FAIL TO REPAY THE LOAN AND THE INTEREST IN TIME, THE PLEDGED PROPERTY MAY BE REPOSSESSED. IF THE VALUE OF THE COLLATERAL IS NOT SUFFICIENT TO COLLECT THE DEBT, OTHER ASSETS MAY BE REPOSSESSED TOO.
- IF THE BORROWER DOES NOT PAY THE INTEREST AND LOAN PRINCIPAL AMOUNTS IN TIME, INFORMATION ABOUT CREDIT HISTORY WILL BE SUBMITTED TO THE CENTRAL BANK OF ARMENIA CREDIT REGISTER AND ACRA CREDIT REPORTING CJSC.
INTEREST RATE IS CALCULATED BASED ON THE NOMINAL INTEREST RATE, WHEREAS THE ANNUAL EFFECTIVE INTEREST RATE INDICATES HOW MUCH LOAN WOULD COST
INTEREST RATE CALCULATION EXAMPLE (PDF)
“Finance for everyone” www.abcfinance.am web page’s “Financial helper” system