*During credit rating, possible market value of the potential lease of the property to be acquired may be taken into account as a borrower’s income for 50%. The Bank’s employee responsible for the property appraisal shall make a respective note about reliability thereof. In case the loan is extended in US dollars, changes in foreign currency exchange rate may influence the loan repayments.

Attention: Loan interest rates shall accrue based on the nominal interest rate, while the effective annual interest rate shall show how much the loan will cost to you in case interests and other mandatory payments with regards to loan disbursement and service are repaid in due amounts and specified timelines.

The effective annual interest rate may change depending on the change of the exchange rate value published on the official website of the Central Bank of the Republic of Armenia.

Where the loan is disbursed in foreign currency, changes in exchange rate may affect the loan repayments.

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.

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• After the authorized body has made a loan decision, the borrower shall be notified about it within one day. After the loan disbursement decision has been made, the required documents shall be collected and the loan shall be disbursed within 15 days. If the loan is not disbursed within the mentioned period, the decision made by the authorized body shall be deemed as void and shall be submitted to the authorized body for reconsideration, in case the loan application is subject to review.
• Fines and penalties are not applied in case of early repayment of the loan.

The loan application will be approved if:

• the customer has submitted the complete package of documentation and the loan application.
• the query made to “ACRA Credit Reporting” credit bureau shows that the potential borrower and/or co-borrower and/or potential guarantor did not have classified liabilities and/or on the whole were not at least 30 days past due within the past 24 months prior to the query.
• the ratio of monthly loan repayments, monthly insurance fees of the borrower’s and co- borrower's property and other long-term monthly expenses of the borrower/co-borrower and guarantor to the net income of the borrower/co-borrower and guarantor does not exceed 45 (forty-five) percent.
• the appraised value of the Collateral or Collaterals meets the requirements.
• both the borrower’s, co-borrowers’ and guarantor’s revenues meet the requirements.
• the body authorized to take loan decisions within the Bank approved the loan application.

The loan application will be rejected if:

• the customer fails to submit all documents necessary for getting the loan.
• the query made to “ACRA Credit Reporting” credit bureau shows that the potential borrower/co-borrower and/or potential guarantor had classified liabilities and/or on the whole were at least 30 days past due within past 24 months prior to the query.
• the appraised value of the Collateral or Collaterals is insufficient.
• both the borrower/co-borrower and/or guarantor revenues are insufficient.
• the borrower/co-borrower and/or guarantor submit false documents and/or information.
• the rejection base of loan application is available in the loan historical database, which is not removed.
• the body authorized to take loan decisions rejected the loan application.
• the loan has been approved, but the customer has failed to present himself/herself within 15 days after approval or has failed to present the necessary documents.

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

Where you fail to perform your loan obligations, the loan security, as well as another property of the borrower if the former 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 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.

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