The overdraft is offered at Zeytun Branch.

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 interests 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

If the submitted identity document is not an identification card, one of the following documents shall be also required:

• Social security card (if unavailable, a reference certified by the competent body)

• Reference on provision of social services number.

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

1. The customer submits all the required documents.
2. 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.
3. The customer has a positive credit history or no history at all, and the creditworthiness of the customer is assessed through e-SCORING system as positive. If the Customer is not a registered employee, the total amount of current loan obligations (excluding obligations secured by movable and immovable property) shall not exceed AMD 3,000,000.
4. Other criteria.

Grounds for loan rejection

1. The Borrower fails to submit all the required documents.
2. 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.
3. The customer has a positive credit history or no history at all, and the opinion on creditworthiness of the customer is negative.
4. Information on the customer obtained in the course of the lending process undermines the customer’s solvency.
5. The customer’s loan application is rejected by the Bank’s competent body authorized to take lending decisions.
6. Following the loan approval, the customer fails to appear or to submit the required documents within 10 days of the approval notice.
7. Other criteria.

Fees for provision of statements, references and other data*