The overdraft is offered at full-service branches of the Bank.

*Card service fee is charged in a lump sum for the entire life of the overdraft (for all years). In the event of early repayment, the amount charged for the unused years shall be refunded to the cardholder.

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.

The effective annual interest rate may change depending on changes in exchange rates published on the official website of the Central Bank of Armenia.

Exchange rate volatilities may affect the installments in case of loans in foreign currencies.

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.

• Copies of the applicant's passport and social security card (if unavailable, a reference certified by the competent body)
• Reference from place of work stating the applicant’s position and amount of salary (if any)
• Self-employed applicants shall be required to submit copy of State Register Certificate with inserts, reference issued by State Register confirming the applicant’s status as director/founder (if applicable), other documents upon credit officer’s request.

Timeframes for loan approval, customer notification, and loan disbursement

A lending decision is made within 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.

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.

Grounds for loan approval and rejection

Grounds for loan approval

1. The Borrower 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 (but max 15 consecutive days) within the last 24 months prior to filing the application.
3. The Borrower has a positive credit history or no history at all, and the creditworthiness of the customer is assessed as positive.
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 15 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.

The first withdrawal of the total amount of non-cash funds within the limit of the USD-denominated credit lines (excluding credit lines with grace period) disbursed after December 18, 2023 shall be free of charge. Zero rate shall also apply to the first withdrawal of the total amount of non-cash funds within the remaining limit of credit lines active as of December 18, 2023 (excluding credit lines with grace period), while a 0.5% fee shall apply to subsequent cash withdrawals.

Fees for provision of statements, references and other data*

*VAT included