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Salary overdrafts
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Salary overdrafts

Customers who get salary by AraratBank plastic cards may enjoy up to three-fold salary overdrafts.

The overdraft shall be provided as additional cash means to use when necessary prior to the salary date.  

  • Currency

    AMD

  • Maximum amount

    Up to 500% of the salary rate of untaxed income

  • Period

    36 months

  • Interest rate

    14%: actual interest rate 14.95-20.4%

Conditions
Credit line maximum limit

Up to 500% of the salary rate (of untaxed income)

Credit line maturity 36 months
Currency AMD
Annual interest rate 14 %
Penalty on past-due interest     0.07% daily
Penalty on past-due principal 0.06% daily
Credit line disbursement mode By credit card
Interest repayments Monthly
Credit line repayments Monthly,  flat rate depreciation
Requirements to the credit history of the Borrower Lack of 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 shall not exceed 30 days       

These terms shall not apply to the employees of the corporate customers cooperating with the Bank under the salary program. 

Credit lines under this loan type shall be disbursed at 5% deviation from the limit.

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.

Required documents
  • Passport 
  • Social security card
  • Employment reference regarding position, salary and work experience in the given company  
Useful information

The loan application will be approved if:

  1. 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).
  2. After the loan application and the required documentation have been submitted, a query is made ACRA credit bureau regarding the customer’s credit history.
  3. 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.
  4. If the evaluation of creditworthiness shows positive results the Bank shall disburse the loan.

The loan application will be rejected if:

  1. 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).
  2. the customer must have a six-month work experience and must have got a salary for at least 1 month.
  3. 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. 
  4. the customer turned out to be not credit worthy as a result of credit rating.    
  5. the body authorized to take loan decisions rejected the loan application.
  6. 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.
  7. During the lending process the Bank has received information which prejudices the customer’s solvency.
Attention

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.  

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ABC finance

Page updated 06.10.2020 | 10:10

In case of discrepancy between Armenian and English versions of the information, the priority is given to the Armenian version.