House Warming Loan overdraft conditions



ARARATBANK offers a new “house warming loan” to its customers. Due to this loan you will save energy, cut your costs as well as contribute to the protection of green environment...

Warm and energy-saving apartment




Terms and conditions
Borrower Any individual, who is RA citizen and resident at the age of 25 (twenty-five)
Guarantor Any individual, who is RA citizen and resident at the age of 25 (twenty-five)
Currency USD
Overdraft purpose - insulation of external doors, windows and roofs, - replacement of heating systems with modern boilers
- Installation of new radiators with thermostatic valves
- Replacement of incandescent light bulbs with fluorescent lamps
Security Up to USD 3000 - Guarantees by two individuals, who are RA citizens and residents at the age of 25 (twenty-five). Moreover, one of the guarantors must be the Borrower’s family member. From USD 3000 up to USD 30 000 - Real estate
Loan-to-value ratio 80%
Maximum overdraft amount USD 30 000
Maximum maturity 60 months
Annual interest rate 11.99%
Overdraft repayments Even amortization
Overdraft disbursement mode Non-cash and cash (based on the invoice)
Loan and interest repayments monthly
Labor cost from loan amount Maximum 25% of the loan amount ով
Penalty on past-due loan 0.2% per day
Penalty on past-due interest 0.3% per day
Annual interest rate on past-due loan amount CBA settlement interest rate as of the date of credit agreement
Requirements to the Borrower’s and guarantors’ credit history The Borrower must not have past-due/classified liabilities on the day the loan application is submitted and the total of past due days must not exceed 30 days within previous 24 months
Advance payment Minimum 20%, if the amount is up to USD 3000 No advance is required, if the amount ranges from USD 3000 up to USD 30 000
Card annual service fee AMD 5000
Loan processing fee AMD 10 000 for the amount of up to USD 3000 AMD
20 000 for the amount ranging from USD 3000 up to
USD 30 000
Target overdraft monitoring Compliance of the goods with the goods to be replaced in the apartment. The compliance shall be monitored in 2 months thereafter.
Customer opportunities Energy saving, decrease in energy costs, improvement of living conditions, insulation and modernization of heating equipment

Between 14 November, 2014 and 30 March, 2015 ARARATBANK declares a campaign for a House Warming Loan, within the framework of which special terms and conditions shall be applied for the particular loan type. 

Notification

1.The project should result in energy saving of at least 15%.
2. Apart from technical specifications of the equipment/systems to be financed, the Borrower shall submit invoices of such equipment/systems as well.
3. Loan decision shall be made within 3 business days after all required documents have been submitted.
4. After the authorized body has made a loan decision, the borrower shall be notified about it within one day. The required documents shall be collected and the loan shall be disbursed within 10 business days, if the loan is secured by real estate and 2 business days, if the loan is secured by the guarantee. If the loan is not disbursed within the mentioned period the decision made by the authorized body shall be deemed as void and shall be submitted to the authorized body for a second consideration in case the loan application is subject to review.

The loan application will be approved if
1. the customer submits the complete package of documentation and the loan application.
2. the query made to CBA credit register shows that the Potential borrower and/or the Potential co-borrower did not have classified liabilities and/or on the whole were not at least 30 days past due within the past 24 months prior to the query.
3. the appraised value of the Collateral or Collaterals meets the requirements.
4. both the Borrower’s and the Co-borrowers’ revenues meet the requirements.
5. the body authorized to take loan decisions approved the loan application.
6. Other requirements.

The loan application will be rejected if
1. the customer has failed to submit all documents necessary for getting the loan.
2. the query made to CBA credit register shows that the Potential borrower and/or the Potential co-borrower had classified liabilities and/or on the whole were at least 30 days past due or had 5 past due cases within past 24 months prior to the query.
3. the appraised value of the Collateral or Collaterals does not meet the requirements.
4. both the Borrower’s and the Co-borrowers’ revenues do not meet the requirements.
5. the Borrower and the Co-borrower submits false documents and/or information.
6. the rejection base of loan application is available in the loan historical database, which is not removed.
7. the body authorized to take loan decisions rejected the loan application.
8. the loan has been approved, but the customer has failed to present himself/herself within 15 days after approval or has failed to present the necessary documents.
9. Other requirements.


INFORMATION

Loan type Mode of interest accrual Mode of loan and interest repayment
House warming loan Annually: on the loan balance, accepting year as 365 days Even amortization
Note
In case of principal amount equal payments (annuity) mode, an equal amount shall be calculated each month for the repayment of the principal amount. The interests are not equal- they increase at the beginning of the loan and decrease during the principal repayment. So, the loan repayments, which are made every month, change by decreasing gradually.



WARNING
IF THE BORROWER FAILS TO MAKE TIMELY INTEREST AND PRINCIPAL REPAYMENTS, THE BANK WILL HAVE TO REPORT THAT NEGATIVE INFORMATION TO THE CENTRAL BANK CREDIT REGISTER. :

WARNING
IF THE BORROWER FAILS TO PERFORM OR DULY PERFORM LOAN OBLIGATIONS UNDER THE LOAN AGREEMENT, ALL LIABILITIES ASSUMED BY THE BORROWER SHALL BE DISCHARGED OUT OF THE PROCEEDS OF REPOSSESSING AND SELLING THE COLLATERAL THAT WAS PLEDGED AS LOAN SECURITY

WARNING

IF THE BORROWER FAILS TO PERFORM LOAN OBLIGATIONS, THE COLLATERAL AND THE BORROWER’S OTHER PROPERTY (IF THE COLLATERAL HAS LOST ITS VALUE) MAY BE CONFISCATED AND REALIZED BOTH THROUGH DIRECT SALE AND PUBLIC AUCTIONS IN LEGAL OR OUT-OF COURT FORMS.

 

 

SMS service

terms and conditions

* card expiry

* loan or overdraft maturity upon customer request

* (line of credit) overdraft repayment date and amount drawn from the account  upon customer request   

* annual service fee

* loan or overdraft monthly repayment  upon customer request

 

 

 

    AMD 30.00

 




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