Gold-backed loans are offered at the following branches of the Bank:

Komitas, Malatia, Sebastia, Gyumri, Abovyan, Tsaghkadzor, Davtashen, Isahakyan, Shengavit, Dilijan, Nor Nork, Artashat, Etchmiadzin, Vanadzor, Armavir, Sevan, Masis, Hrazdan, Erebuni, Goris, Martuni, Jrvezh, Shirak, Spitak, Ashtarak, Ajapnyak, Ijevan, Nor-Nork 1, Avan-Arinj, Charentsavan, Arabkir, Vanadzor 2, Gyumri 2.

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.

Timeframes for loan approval, customer notification and loan disbursement

A lending decision is made within a maximum of 1 business day.

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

• Passport (ID)
• Social security card․

• A lending decision is made within a maximum of 1 working day.
• The borrower is notified of the lending decision within 1 working day.
• The loan is disbursed (upon submission of all required documents) within a maximum of 1 working day from the date of decision.
• The deposit is returned to the Customer within 1 working day upon repayment of full loan amount.
• Interest rate on loan amount balance shall be accounted for on an annual basis, where a year is defined as 365 days.

Loan application approval and rejection factors

Fees for provision of statements, references and other data

Attention: Loan interest rates shall be calculated based on nominal interest rate, while the effective annual interest rate shall show how much the loan will cost you if interests and other mandatory payments with regards to loan disbursement and service are paid in due amounts and specified timelines. For the order of effective annual interest rate calculation, visit here.

Please be informed that the borrowers who have made early repayments on consumer loans since August 16, 2019 can receive amounts recovered from charging early repayment commission fees starting from December 2021. The amounts will be credited to current accounts of ARARATBANK OJSC customers. Those customers, who are not ARARATBANK OJSC accountholders, may reach ARARATBANK OJSC branches or head office in person, presenting a proof of identity.

At the time of applying for a loan, the applicant and the guarantor(s) (if any) will be provided with a tailored list of essential consumer loan terms reflecting the individual conditions of the loan to be extended to the applicant.

Your property (house, vehicle, or other) may be confiscated in the manner prescribed by law where you fail to repay your interests and principal in time.

In case of failure to perform your loan obligations, the loan security, as well as other property of the borrower, where the loan security is insufficient, may be seized and sold in a court or out-of-court procedure both through direct sale and public auction.

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

In the event of non-compliance or partial compliance of the borrower with its credit obligations, fines and penalties shall be imposed in accordance with the Loan Agreement.

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

You shall have the right to communicate with the financial institution by any convenient way - 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.

Grounds for loan approval

1. The Borrower submits all the required documents.
2. The customer has a positive credit history or no history at all, and the creditworthiness of the customer is assessed as positive.
3. According to the inquiry made to the ACRA Credit Bureau upon the submission of the loan application and the required documents, the Borrower has no non-performing liabilities at the time of filing the loan application.
4. The collateral meets the defined requirements.
5. Other criteria.

Grounds for loan rejection

1. The Borrower fails to submit all the required documents.
2. The collateral does not meet the defined requirements.
3. The customer’s loan application is rejected by the Bank’s competent body authorized to take lending decisions.
4. Information on the customer obtained in the course of the lending process undermines the customer’s solvency.
5. 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 current classified liabilities at the time of filing the loan application.
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.

Fees for provision of statements, references and other data*