
Student loan
Study today, pay tomorrow
Since AraratBank attaches great importance to the education of the young generation and development thereof, it offers a new type of loan. Loans will be disbursed to master and bachelor students of state and state-accredited institutions of higher education within the framework of the project. During the study period the borrowers will repay interests only (maximum 4 years), and equal repayments of the principal and interests after graduation.
Within the framework of STUDENT LOAN program, 2-3% of the loan annual interest rate shall be subsidized by government.
-
Currency
AMD
-
Maximum amount
AMD 4 000 000
-
Period
10 years
-
Interest rate
9%, actual interest rate. 9,38%
Borrower* | RA citizen and resident, who is either a master or a bachelor student of state and state-accredited institutions of higher education as specified in |
Loan currency | AMD |
Loan purpose | Payment of tuition fees |
Annual interest rate |
9% of which will be subsidized by the state 2 percentage points for all beneficiaries |
Loan maturity |
A maximum of 10 years, from which only interest (maximum 5 years) is repaid during the course of study, and after the completion of the study, the principal amount of interest and repayments of interest |
Maximum loan amount | AMD 4 000 000 disbursed in maximum 5 installments. Moreover, the amount of each installment shall not exceed AMD 800.000 depending on the amount of the tuition feeր |
Loan security |
Guarantees by at least 2 people. Moreover, one of the guarantors shall be one of the parents of the Borrower or the guardian thereof, and second guarantor shall be the relative of the Borrower. |
Requirement to the credit history of borrowers and guarantors | The potential borrower and guarantors must not have classified liabilities on the day the loan application is submitted and the total of past due days must not exceed 30 days within previous 12 months |
Guarantor credit rating |
Pursuant to the Procedure of Consumer Loans Disbursement |
Loan and interest repayments | Monthly annuity payments |
Loan and interest repayments Loan disbursement mode | Non-cash to the bank account of an institution of higher education |
Penalty on past due interest | 0.13% per day |
Penalty on past-due loan | 0.13% per day |
Requirement to students |
Loan applications will be approved taking into account the progress of a student and based on the documents below:
|
Early repayment requirement | In case of leaving the university, the student is obligated to repay the entire loan and the interest accrued at that moment as well as the penalties |
Other | There are no penalties for early loan repayments |
* Information on borrowers may be transmitted or disclosed to the "Housing for Youth" RCO CJSC as well as to the Ministry of Finance / Government of the Republic of Armenia.
Loan applications will be approved taking into account the progress of a student
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.
- Copies of a student’s passport and social security card
- First-year students shall submit a copy of school-leaving certificate and a transcript thereof
- Second-year, senior as well as postgraduate students shall submit a copy of academic record book
- A reference from a higher education institution at the end of each academic year
- A reference from a higher education institution on the amount of tuition fee and a respective account number to transfer a tuition fee
- Copies of a guarantor’s passport and social security card
- A reference from the guarantor’s main workplace on the position and amount of salary signed by the Director and Chief
- A reference on the place of residence of a student and a guarantor
- Other documents upon request of a credit officer․
- Yerevan State University
- Ijevan branch of Yerevan State University
- State Engineering University of Armenia
- Gyumri branch of State Engineering University
- Vanadzor branch of State Engineering University
- Kapan branch of State Engineering University
- Yerevan State University of Architecture and Construction
- Armenian State University of Economics
- Gyumri branch of Armenian State University of Economics
- Yeghegnadzor branch of Armenian State University of Economics
- Armenian State Pedagogical University after Kh. Abovyan
- Yerevan State Linguistic University after V. Bryusov
- Gyumri State Pedagogical University after M. Nalbandian
- Vanadzor State University named after H. Toumanyan
- Komitas State Conservatory of Yerevan
- Gyumri branch of Yerevan State Conservatory after Komitas
- State Academy of Fine Arts of Armenia
- Gyumri branch of State Academy of Fine Arts of Armenia
- Dilijan branch of State Academy of Fine Arts of Armenia
- Yerevan State Institute of Theatre and Cinematography
- Gyumri branch of Yerevan State Institute of Theatre and Cinematography
- Vanadzor branch of Yerevan State Institute of Theatre and Cinematography
- Goris branch of Yerevan State Institute of Theatre and Cinematography
- Yerevan State Medical University after M. Heratsi
- Armenian State Institute of Physical Culture and Sport
- Gavar State University
- Armenian National Agrarian University
- Sisian branch of Armenian National Agrarian University
- Vanadzor branch of Armenian National Agrarian University
- Goris State University
- Russian-Armenian (Slavonic) University
- American University of Armenia
- French University in Armenia
- European Regional Educational Academy
- NAS RA International Scientific Educational Center
- Public Administration Academy of RA
- Crisis Management State Academy of RA
- Police Educational Complex of RA
- No minimum loan amount is set.
- Loan interest rate shall accrue annually over the outstanding loan amount based on a 365-day a year.
- Once dismissed from a higher education institution, a student shall be obliged to repay the whole amount and interests accrued thereon as of the day of repayment, including accrued penalties, if any.
- Loan interests shall accrue based on the nominal interest rate.
- Loan decision shall be made within 5 business days once all required documents are submitted.
- Once the authorized body takes a loan decision, the borrower shall be notified about the decision within one day. Once the decision is approved, the borrower shall have maximum 15 days to collect and submit required documents. Where the loan is not disbursed within a specified period, the decision of the authorized body shall be deemed void. Where the decision is reviewed, it will be submitted to the authorized body for reconsideration.
The loan application will be approved if
1. the customer submits the complete package of documentation and the loan application.
2. the query made to CBA credit register shows that the Potential borrower and/or the 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.
3. the appraised value of the Collateral or Collaterals meets the requirements.
4. both the Borrower’s and the Guarantors’ revenues meet the requirements.
5. the body authorized to take loan decisions approved the loan application.
6. Other requirements.
The loan application will be rejected if
1. the customer has failed to submit all documents necessary for getting the loan.
2. the query made to CBA credit register shows that the Potential borrower and/or the 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.
3. the appraised value of the Collateral or Collaterals does not meet the requirements.
4. both the Borrower’s and the Guarantors’ revenues do not meet the requirements.
5. the Borrower and the Guarantor submits false documents and/or information.
6. the rejection basis of loan application, which is not removed, is available in the credit historical database,
7. the body authorized to take loan decisions rejected the loan application.
8. 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.
9. Other requirements.
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 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.
Term | Payable interest | Partial repayment of the loan | General payment |
---|
0 | 0 դր. | 0 դր. | 0 դր. |
0 | 0 դր. | 0 դր. | 0 դր. |
0 | 0 դր. | 0 դր. | 0 դր. |
0 | 0 դր. | 0 դր. | 0 դր. |
0 | 0 դր. | 0 դր. | 0 դր. |
0 | 0 դր. | 0 դր. | 0 դր. |
0 | 0 դր. | 0 դր. | 0 դր. |
0 | 0 դր. | 0 դր. | 0 դր. |
0 | 0 դր. | 0 դր. | 0 դր. |
0 | 0 դր. | 0 դր. | 0 դր. |
General | 0 դր. | 0 դր. | 0 դր. |
Page updated 26.01.2021 | 15:47
In case of discrepancy between Armenian and English versions of the information, the priority is given to the Armenian version.