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ARARATBANK offers overdrafts to individuals — who are the citizens and residents of the Republic of Armenia — with the employer of which the Bank is implementing a salary project or whose employer has a positive business reputation (high rating) and whose revenues are acceptable by the Bank.  

  • Interest rate

    16%

  • maximum amount

    AMD 1.000.000

  • Maximum period

    36 months

  • Currency

    AMD

Conditions

 

Borrower 20-63 RA citizen and resident individuals
Overdraft currency AMD
Overdraft maximum maturity 24-36 months
Annual interest rate 16%
Overdraft amount Based on the credit rating AMD 100.000- 1.000.000 
Card type DC Young Professional AMD
Interest repayments Monthly
Overdraft repayments Equal amortization
Penalty on past-due interest  0.07% daily
Penalty on past-due principle    0.06% daily
Payment card effective period 24 months
Requirements to the credit history of the Borrower  Lack of past-due or classified liabilities as of the date of loan application and the total of past-due liabilities, 24 days prior to submitting the loan application, shall not exceed 30 days.    

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
  • Reference on the position held, 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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Loan amount

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Annual interest rate

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Page updated 18.12.2019 | 17:16

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