Consumer loans

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
Loan Amount No minimum amount
Maximum AMD 5 milion
Loan Term 1 – 36 months
Annual Nominal Interest Rate 20%-22%*
Loan / collateral ratio 50% of the pledged property value
Loan Disbursement Method Cash or non-cash
Loan provision fee* 2%
Loan service fee (monthly) 0.2% of loan amount
Other fees Collateral appraisal, notary, registration and state registration, insurance and other related expenses
Collateral Real estate, vehicles, equipment, furniture, home equipment, guarantees and other
Application Fee NO CHARGE
Penalties 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 3 working days
Processing of collateral and provision of loan Up to 5 working days

*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 Premature repayment opportunity without fines and penalties
Interest calculation Annual nominal interest rate  calculated on the outstanding loan balance for a 365-day year
Prepayment/ Loan amount From 0%

 

Third party service fees
Property appraisal costs AMD 15000-35000
Property insurance fee 0.16-1.5% of loan amount
Joint certificate AMD 10000
Collateral notarization fee AMD 12000
Collateral registration state fee AMD 26000

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
  1. Copies of passport and social card
  2. Reference from employer about employee’s income
  3. Other documents about income (for example real estate rental agreement, copies of banking transfers, patients, etc.)
  4. Property documents (ownership certificates, references, technical passports, etc.)
  5. Other documents (if required)

 

Collateral

  1. Ownership certificates, bases for ownership amendment (Sale agreement , Decision of the executive body)
  2. Passport copies of the property owners
  3. Certificate about absence of restrictions of the collateral
  4. Report on appraisal of real estate
  5. If married – marriage certificate and spouse’s copies of passport and social card.

 

Guarantee

  1. Copies of passport and social card of guarantees (for individuals) or
    Charter, State registration certificate, passport and social card of director (for entities)
  2. Documents on guarantee’s income base
  3. Documents on guarantee’s ownership base

WARNING
  • 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.

ATTENTION

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

 

Updated: 21/10/2018