
For IT professionals and medical staff
Overdrafts designed for experts in the most sought after industries such as Information Technology and Medicine.
-
Currency
AMD
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Maximum amount
Up to 500% of the salary rate of gross income
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Maximum period
36 months
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Interest rate
15%, actual interest rate: 16.08 %
The credit line is offered at full-service branches of the Bank.
Credit line purpose |
Consumer purposes |
Currency |
AMD |
Maximum limit |
up to 500% of wages (income before tax) |
Maturity |
36 months |
Annual interest rate |
15% |
Effective annual interest rate |
16.08 % |
Mode of disbursement |
via payment cards |
Card type |
Visa Classic or MasterCard Standard |
Plastic card service fee |
AMD 1200* |
Principal repayment |
monthly, by equal amortization |
Interest repayment |
monthly |
Penal charges for late interest repayment |
0.13 % daily |
Penal charges for late principal repayment |
0.13 % daily |
Early loan repayment charge |
N/A |
* No minimum card balance required.
Attention: Loan interest is calculated based on nominal interest rate, while the effective annual interest rate shows the cost of loan upon full and timely payment of interest and all mandatory loan processing and servicing fees.
Nominal interest rate of the credit line is the contractually agreed interest rate accrued on drawn amounts. Interest is accrued daily (except for overdrafts with grace period), and no minimum account balance is required
- Passport (ID)
- Social Security Card
- Reference from place of work stating the applicant’s position, amount of salary and length of employment with the company
The loan application will be approved if:
- 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).
- After the loan application and the required documentation have been submitted, a query is made ACRA credit bureau regarding the customer’s credit history.
- 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.
- If the evaluation of creditworthiness shows positive results the Bank shall disburse the loan.
The loan application will be rejected if:
- 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).
- the customer must have a six-month work experience and must have got a salary for at least 1 month.
- 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.
- the customer turned out to be not credit worthy as a result of credit rating.
- the body authorized to take loan decisions rejected the loan application.
- 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.
- During the lending process the Bank has received information which prejudices the customer’s solvency.
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.
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.
Timeframes for loan approval, customer notification and loan disbursement
A lending decision is made within a maximum of 1 business day.
The Borrower is notified of the lending decision within 1 business day, and the loan is disbursed within 5 business days from the date of submission of all required documents.
Grounds for loan approval and rejection
Grounds for loan approval
- The Borrower is engaged in IT or healthcare industries.
- The Borrower submits all the required documents.
- According to the inquiry made to the ACRA Credit Bureau upon the submission of the loan application and the required documents, the Borrower has no overdue or classified liabilities (excluding redeemed guarantees) or the total number of days overdue does not exceed 30 days within the last 24 months prior to filing the application.
- The Borrower has a positive credit history or no history at all, and the creditworthiness of the customer is assessed as positive.
- Other criteria.
Grounds for loan rejection
- The Borrower fails to submit all the required documents.
- According to the inquiry made to the ACRA Credit Bureau upon the submission of the loan application and the required documents, the Borrower has overdue or classified liabilities (excluding redeemed guarantees) or the total number of days overdue exceeds 30 days within the last 24 months prior to filing the application.
- The customer has a positive credit history or no history at all, and the opinion on creditworthiness of the customer is negative.
- Information on the customer obtained in the course of the lending process undermines the customer’s solvency.
- The customer’s loan application is rejected by the Bank’s competent body authorized to take lending decisions.
- Following the loan approval, the customer fails to appear or to submit the required documents within 10 days of the approval notice.
- Other criteria.
Fees for provision of statements, references and other data*
Current statement |
Free |
Account statements, copies of payment documents, and other information (upon customer request, per each document) dated back for: |
|
up to 1 month |
AMD 500 |
1-6 months |
AMD 1,500 |
6 months – 1 year |
AMD 2,000 |
1 - 2 years |
AMD 3,000 |
over 2 years |
AMD 5,000 |
References on accounts of account holders (except banks), including repayments on liabilities to the Bank (upon customer request) |
|
To audit companies |
AMD 10,000 |
To third parties |
|
Up to and including the 30th day from account opening date |
AMD 5,000 |
After the 30th day from account opening date |
AMD 3,000 |
*VAT included
Where the Borrower fails to perform his/her obligations, either partially or in full, the Lender shall report the outstanding loan information within a 3-day period to the credit bureau, where the Borrower’s credit history is generated. The Borrower shall have the right to obtain his/her credit history from the bureau once a year for free. Please note that a bad credit history may hinder lending in the future. |
In the event of non-compliance or partial compliance of the Borrower with his/her loan obligations, penal charges shall be imposed in accordance with the Loan Agreement. |
The Customer shall have the right to unilaterally terminate the Loan Agreement without any notification of cause within 7 business days following its signing unless a longer period is stipulated in the Loan Agreement (cooling-off period). In that case, the Customer shall be obliged to pay the interest accrued at the effective annual interest rate agreed under the Loan Agreement. No other compensation may be required from the Customer in connection with the termination of the Loan Agreement. |
The Customer shall have the right to repay his/her obligations under the Loan Agreement before maturity, irrespective of whether or not such a right is provided for in the Loan Agreement. |
“Your financial directory” is an electronic system which facilitates the search, comparison and selection of the best options in the services offered to natural persons. |
You have the right to communicate with the financial institution by any convenient way - by post or e-mail. Receiving information electronically is the most convenient option. It is available 24/7, is free from the risks of loss of paper information and ensures privacy. |
Term | Payable interest | Partial repayment of the loan | General payment |
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Page updated 19.05.2025 | 18:59
In case of discrepancy between Armenian and English versions of the information, the priority is given to the Armenian version.