The Loan is offered at full-service branches of the Bank.

* Information related to the Borrower may be transferred or disclosed to the "Housing for Youth" RCO CJSC and the RA Ministry of Finance/RA Government.

Attention: Loan interest shall be calculated based on nominal interest rate, while the effective annual interest rate shall indicate how much the loan will cost you upon full and timely payment of interests and all mandatory loan processing and servicing fees.

The creditworthiness of the guarantor shall be assessed in accordance with the Procedure on consumer lending. The debt-to-income ratio is 45%, while the total debt-to-income ratio is not defined.

List of partner universities

Loan applications will be approved taking into account the progress of a student

Dear Customer, the ratings and the number of inquiries generated as a result of your loan applications may affect your overall credit rating in the Scoring systems.

List of documents required for lending

Required documents

• Copies of student’s passport and social security card
• Freshmen shall be required to produce copy of high school diploma and results obtained in university entrance examinations
• Sophomores, senior or postgraduate students shall be required to produce copy of student’s record book
• Reference from HEI confirming student’s enrolment in the institution at the beginning of each academic year
• Reference from HEI stating the amount of student’s tuition fee and the bank account number for transferring tuition fees
• Copies of guarantor’s passport and social security card
• Reference from guarantor's primary workplace regarding his/her position and amount of salary, signed by director and chief accountant
• Proof of residence of the student and the guarantor

• Other documents upon credit officer’s request

1. Grounds for loan approval

   1. The Borrower/Guarantor submits the complete package of the required documents.
   2. According to the inquiry made to the ACRA Credit Bureau upon the submission of the loan application and the required documents, the Borrower/Guarantor has no non-performing liabilities as of the date of filing the loan.
   3. Where the customer has a positive credit history or no history at all, the creditworthiness and solvency of the customer shall be assessed. The customer/guarantor shall be deemed creditworthy if the maximum debt-to-income ratio is 45% (monthly loan repayment / income of the Borrower and Co-Borrower or Guarantor),

   based on the income before taxes.

   1. The Borrower/Guarantor meets the eligibility requirements.
   2. Other criteria.

    

   Grounds for loan rejection

   1. The Borrower/Guarantor fails to submit all the required documents.
   2. According to the inquiry made to the ACRA Credit Bureau upon the submission of the loan application and the required documents, the Borrower/Guarantor has non-performing liabilities as of the date of filing the loan application.
   3. The customer’s loan application is rejected by the Bank’s competent body authorized to take lending decisions.
   1. The Borrower/Guarantor does not meet the eligibility requirements.
   5. Information on the customer obtained in the course of the lending process undermines the customer’s solvency.
   6. Following the loan approval, the customer fails to appear or to submit the required documents within 10 days of the approval notice.
   7. Other criteria.

Credit history requirement for Borrower/Guarantor

• The potential Borrower/Guarantor must not have any non-performing liabilities at the time of filing the application.
• The creditworthiness of the Guarantor shall be assessed.
• In accordance with the Procedure on consumer lending, the debt-to-income ratio shall be set at 45%, and the total debt-to-income ratio shall not be defined.

Requirements for Students

Student applications shall be satisfied based on academic merit, inter alia, on the following documents:

• copy of high school diploma and results obtained in university entrance examinations - for freshmen
• copy of student’s record book - for sophomores, senior and postgraduate students.

Timeframes for loan approval, customer notification and loan disbursement

A lending decision is made within a maximum of 5 business days.

The Borrower is notified of the lending decision within 1 business day, and the loan is disbursed within 5 business days from the date of submission of all required documents.

When applying for a loan, the Lender shall provide you and guarantor(s) (if any) with an individual sheet on essential terms, wherein you will come across individual terms of the loan to be disbursed to you

Where you fail to perform your obligations either fully or partially, the Lender shall send those data to the credit bureau within a three-day period, where your credit history is generated. You shall have the right to obtain your credit history from the bureau free of charge. Attention: A bad credit history may hinder lending in the future.   

“Your financial directory” is an electronic system which facilitates the search and comparison of the services offered to individuals, and selection of the best options for you.

You have the right to communicate with a financial institution of your choice by post or e-mail. Receiving information electronically is the most convenient option. It is available 24/7, free from the risks of loss of paper information and ensures privacy.

The bank may request additional documents or other information based on the "Know your customer" principle, as well as ask additional questions during oral communication, for the purpose of due diligence of the customer defined by the RA Law "On Combating Money Laundering and Terrorist Financing". .

In accordance with the agreement signed with the USA based on the Compliance Act (FATCA), the financial organization may collect additional information to determine whether you are a US taxpayer.

List of partner higher education institutions (HEIs)

1. Yerevan State University
2. Ijevan branch of Yerevan State University
3. State Engineering University of Armenia
4. Gyumri branch of State Engineering University
5. Vanadzor branch of State Engineering University
6. Kapan branch of State Engineering University
7. Yerevan National University of Architecture and Construction
8. Armenian State University of Economics
9. Gyumri branch of Armenian State University of Economics
10. Yeghegnadzor branch of Armenian State University of Economics
11. Armenian State Pedagogical University after Kh. Abovyan
12. Yerevan State Linguistic University after V. Bryusov
13. Gyumri State Pedagogical Institute after M. Nalbandian
14. Vanadzor State University named after H. Toumanyan
15. Yerevan State Conservatory after Komitas
16. Gyumri branch of Yerevan State Conservatory after Komitas
17. State Academy of Fine Arts of Armenia
18. Gyumri branch of State Academy of Fine Arts of Armenia
19. Dilijan branch of State Academy of Fine Arts of Armenia
20. Yerevan State Institute of Theatre and Cinematography
21. Gyumri branch of Yerevan State Institute of Theatre and Cinematography
22. Vanadzor branch of Yerevan State Institute of Theatre and Cinematography
23. Goris branch of Yerevan State Institute of Theatre and Cinematography
24. Yerevan State Medical University after M. Heratsi
25. Armenian State Institute of Physical Culture and Sport
26. Gavar State University
27. Armenian National Agrarian University
28. Sisian branch of Armenian National Agrarian University
29. Vanadzor branch of Armenian National Agrarian University
30. Goris State University
31. Russian-Armenian (Slavonic) University
32. American University of Armenia
33. French University in Armenia
34. European University of Armenia
35. International Scientific-Educational Center of NAS RA
36. Public Administration Academy of RA
37. Crisis Management State Academy
38. Educational Complex of Police of RA
39. MFB Finance Academy

Fees for provision of statements, references and other data*

*VAT included