The fourteenth measure on neutralizing Coronavirus economic consequences — approved by the Armenian Government on 23 April 2020 — aims at providing support to students. Under the measure — in accordance with new conditions approved by the Armenian Government regarding existing and newly disbursed student loans — the loans of the Armenian citizen students (who were still students as of 01 May 2020), who are involved in undergraduate, postgraduate studies or hold clinical residency in state and state-accredited higher education institutions in the paid internal or external study mode, will be subsidized. 

The annual interest rate payable by student borrowers between 01 May and 31 December 2020 will total respectively:

• 0% for students with GPA* 80% and over;
• 4% for students with GPA less than 80%.

The difference of effective interest rate will be subsidized by the Government.

*GPA – grade point average

* 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․

1. Yerevan State University
2. Ijevan branch of Yerevan State University
3. State Engineering University of Armenia
4. Gyumri branch of State Engineering University
5. Vanadzor branch of State Engineering University
6. Kapan branch of State Engineering University
7. Yerevan State University of Architecture and Construction
8. Armenian State University of Economics
9. Gyumri branch of Armenian State University of Economics
10. Yeghegnadzor branch of Armenian State University of Economics
11. Armenian State Pedagogical University after Kh. Abovyan
12. Yerevan State Linguistic University after V. Bryusov
13. Gyumri State Pedagogical University after M. Nalbandian
14. Vanadzor State University named after H. Toumanyan
15. Komitas State Conservatory of Yerevan
16. Gyumri branch of Yerevan State Conservatory after Komitas
17. State Academy of Fine Arts of Armenia 
18. Gyumri branch of State Academy of Fine Arts of Armenia 
19. Dilijan branch of State Academy of Fine Arts of Armenia 
20. Yerevan State Institute of Theatre and Cinematography
21. Gyumri branch of Yerevan State Institute of Theatre and Cinematography
22. Vanadzor branch of Yerevan State Institute of Theatre and Cinematography
23. Goris branch of Yerevan State Institute of Theatre and Cinematography
24. Yerevan State Medical University after M. Heratsi
25. Armenian State Institute of Physical Culture and Sport
26. Gavar State University
27. Armenian National Agrarian University
28. Sisian branch of Armenian National Agrarian University
29. Vanadzor branch of Armenian National Agrarian University
30. Goris State University
31. Russian-Armenian (Slavonic) University
32. American University of Armenia
33. French University in Armenia
34. European Regional Educational Academy
35. NAS RA International Scientific Educational Center
36. Public Administration Academy of RA
37. Crisis Management State Academy of RA
38. Police Educational Complex of RA

1. No minimum loan amount is set.
2. Loan interest rate shall accrue annually over the outstanding loan amount based on a 365-day a year.
3. 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.
4. Loan interests shall accrue based on the nominal interest rate.
5. Loan decision shall be made within 5 business days once all required documents are submitted. 
6. 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.