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A special refinancing program for the staff with military rank of the Ministry of Defense of the Republic of Armenia.
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A special refinancing program for the staff with military rank of the Ministry of Defense of the Republic of Armenia.

We provide refinancing of the existing consumer loans disbursed to the staff of the RA Ministry of Defense with military ranks.

  • Currency

    AMD

  • Maximum amount

    AMD 500.000, 1.000.000 depends on military rank

  • Maturity

    84 months may be a shorter period

  • Interest rate

    12%, actual interest rate։ 12․68% subsidized by 2% or 3%, depends on the number of children in the family

Conditions
Borrower Soldiers, non-commissioned officers and officers of the RA Ministry of Defense (including all military units) (except for conscripts)
Loan purpose Restructuring of existing consumer loans (loans subject to the Law “On Consumer Lending”, the right to pay in installments, including overdue, non-performing loan obligations)
Currency AMD
Annual interest rate 12% of which 2% will be subsidized. If the borrower has three and more under-age children, 3% will be subsidized.  
Maximum loan amount
  1. AMD 1.000.000 for the junior and senior officers of RA Ministry of Defense
  2. AMD 500.000 for non-commissioned officers and private soldiers of RA Ministry of Defense (except for the compulsory military servants)
Maximum maturity 84 months. However, the loan can be disbursed for a shorter period only upon the customer consent. 
Loan disbursemn mode Non-cash
Loan and interest repayments Monthly
Penalty on past-due loan  0.06%  daily
Penalty on past-due interest  0.07%  daily
Loan service fee N/A
Credit rating According to the Bank's internal regulations
Premature repayment No penalty charged 

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.

Required documents

Please follow the armenian version

Other requirements
  • Restructured loans disbursed by 01 December 2018 may be submitted for refinancing.
  • Loans which were disbursed for restructuring only the outstanding amounts of consumer loans with all fines and penalties thereon having been forgiven by the Bank or such loans didn’t have any accrued fines and penalties.  
  • Each borrower may join this program only once within the maximum available limits (the borrower may be disbursed two or more loans within the framework of maximum limit).
  • The loan shall not be considered eligible if it does not meet the requirements of RA Law “On Combating Money Laundering and Terrorism Financing”.   
Useful information

 The loan application will be approved if:

  1. the customer has submitted the complete package of documentation (passport and social security card, employment reference regarding position, salary and work experience in the given company).
  2. After the loan application and the required documentation have been submitted, a query is made ACRA credit bureau regarding the customer’s credit history.
  3. After the Bank discovers that the customer has a positive credit history or no credit history at all, the Bank shall make an evaluation of the customer’s creditworthiness and solvency.
  4. If the evaluation of creditworthiness shows positive results the Bank shall disburse the loan.

The loan application will be rejected if:

  1. the customer fails to submit all documents necessary for getting the loan (passport and social security card, employment reference regarding position, salary and work experience in the given company).
  2. the customer must have a six-month work experience and must have got a salary for at least 1 month.
  3. the query made to “ACRA Credit Reporting” credit bureau shows that the customer had past-due or classified liabilities within 24 months prior to the loan application (except for repaid guarantees) as well as the total of past-due liabilities exceeded 30 days. 
  4. the customer turned out to be not credit worthy as a result of credit rating.    
  5. the body authorized to take loan decisions rejected the loan application.
  6. the loan has been approved, but the customer 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.
Attention

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 directoryis 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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Page updated 19.07.2024 | 20:25

In case of discrepancy between Armenian and English versions of the information, the priority is given to the Armenian version.