The loan application will be approved if:
1. The customer has submitted the complete package of documentation and the loan application.
2. After the loan application and the required documentation have been submitted, a query is made to ACRA credit bureau regarding the Applicant’s (co-borrowers’, guarantors’, as well as co-residing family members’, if available) credit history.
3. After the Bank discovers that the borrower has a positive credit history or no credit history at all, the Bank shall make an evaluation of the Applicant’s creditworthiness and solvency and site visit the applicant if necessary.
6. After the loan has been approved the parties shall execute all documents as required by the RA legislation and other legal acts, and the loan shall be disbursed thereafter.
The loan application will be rejected if:
1. The customer has failed to submit all documents necessary for getting the loan.
2. Queries to ACRA credit bureau have revealed that the customer (or the co-borrowers, guarantors, as well as co-residing family members, if available) has a negative credit history. The credit history will be deemed as negative, if the customer has or used to have past due payments (20 days past-due on previous obligations within the past 6 months), or loans that were classified in accordance with the “Regulation of Classification of Loans and Receivables and Formation of Reserves for Possible Losses of banks operating in Armenia” jointly approved by the Central Bank of Armenia and Ministry of Finance and Economy.
3. The credit rating has revealed that the borrower is not creditworthy.
4. The body authorized to make resolutions on loan applications within the Bank has not approved the application.
5. The property offered as collateral is not acceptable for the Bank as discovered after the property appraisal.
6. The loan has been approved, but the applicant has failed to present himself/herself within 10 days after approval or has failed to present the necessary documents.
7. During the lending process the Bank has received information which prejudices the customer’s solvency.