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Government-backed loans

Government-backed loans

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Under the special loan program, ARARATBANK provides consumer loans to the staff of the Ministry of Defense of the Republic of Armenia, and the staff with military rank of the National Security Service and that of RA Police adjunct to the Government of the Republic of Armenia for the purpose of acquiring household appliances.

Interest payable shall be subsidized by the RA Ministry of Finance at 2 or 3 percentage points (depends on the number of children the borrower has).

  • Currency

    AMD

  • Maximum amount

    AMD 1.000.000,

  • Period

    84 months

  • Interest rate

    12%, actual interest rate։ 12․68% 12% of which 2% will be subsidized. If the borrower has three and more under-age children, 3% (three) will be subsidized.

Conditions

 

Borrower

Individuals, who are RA citizens and residents at the age of 20 (twenty),  who are:

  1. Staff of the RA Ministry of Defense (including all military units), junior and senior officers of the National Security Service adjunct to the Government of the Republic of Armenia (including those having the rank of colonel and lieutenant). 
  2. Staff of the RA Police adjunct to the Government of the Republic of Armenia (ranging from the rank of lieutenant to the rank of colonel of the Police)   
  3. Staff of non-commissioned officers and private soldiers of RA Ministry of Defense (except for the compulsory military servants), staff of non-commissioned officers of the National Security Service adjunct to the Government of the Republic of Armenia and junior service staff of the RA Police adjunct to the Government of the Republic of Armenia.     
Loan purpose Acquisition of household appliances
Currency AMD
Maximum loan amount
  1. AMD 1.000.000 for the junior and senior officers of RA Ministry of Defense and National Security Service adjunct to the Government of the Republic of Armenia and the high, senior and mid-ranks of  Police adjunct to the Government of the Republic of Armenia.
  2. AMD 500.000 for non-commissioned officers and private soldiers of RA Ministry of Defense (except for the compulsory military servants), staff of non-commissioned officers of the National Security Service adjunct to the Government of the Republic of Armenia and junior service staff of the RA Police adjunct to the Government of the Republic of Armenia.    

Moreover, within the framework of the project the borrowers can be disbursed new loans, if they have repaid at least one of the previously obtained loans within the framework of the same project, the contract amount of which must be greater than or equal to the contract amount of the loan to be received. 

Maximum maturity 84 months. However, the loan can be disbursed for a shorter period only upon the customer consent.  
Annual interest rate 12% of which 2% will be subsidized. If the borrower has three and more under-age children, 3% will be subsidized.  
Loan repayments Annuity
Loan disbursemn mode

Non-cash

Loan amount shall be immediately transferred to the vendor’s account.

Loan and interest repayments Monthly
Penalty on past-due loan  0.06%  daily
Penalty on past-due interest  0.07%  daily
Requirements to the Borrower’s and Guarantors’ credit history The Borrower must not have past-due/classified liabilities on the day the loan application is submitted and the total of past due days must not exceed 30 days within previous 24 months
Credit rating Positive credit history
Loan service fee N/A


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.

Required documents

1.Reference from work place, stating the rank and salary amount;  

2. Invoice

3. Copies of passport or identification card, social security card or public service number

4. Copy of the child’s birth certificate or passport (if available)․

List of household applances
  1. Head-phones
  2. Satellite receiver
  3. Iron
  4. Blender
  5. Gas stove
  6. Laptop
  7. Record-player
  8. Kettle
  9. Washing machine
  10. Home theater
  11. Computer
  12. Mixer
  13. Bake oven
  14. Telephone
  15. TV set
  16. Juicer
  17. Hasher
  18. Dried fruit maker machine
  19. Printer
  20. Oven
  21. Water heater
  22. Refrigerator
  23. Dish washing machine
  24. Stove
  25. Vacuum cleaner
  26. Kitchen extractor fan
  27. Air conditioner
  28. Camera․
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.

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Page updated 14.05.2020 | 17:25

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