Installment Loan

Loan purpose
Acquisition of furniture, household products, technical appliances
Minimum loan amount
AMD 30.000
Maximum contract amount of loan
AMD 800.000
Loan currency
AMD
Prepayment/redemption
0%-25%
Annual interest rate
24%
Loan term
Maximum 36 months
Redemption frequency
Monthly
Security
Acquired product
Loan to pledge value ratio
100%
Grant way
Cashless
Commission fee
Account service fee per month 0.3% of the contractual amount of the loan
Loan arrangement is realized
“ARMECONOMBANK” OJSC branches
Decision Period
Up to 10 working days
Attention! Early loan repayment is allowed for which no penalties and fines are charged.
Borrower requirements
Resident individual over 18 years,
Registered and living in the Republic of Armenia,
Has a constant income source acceptable by the Bank.
Loan redemption procedure
Monthly.
Equally (annuitant), or
Non-equally (differential).
Negative decision grounds
Negative assessment on the customer’s financial condition.
Non-credibility of the presented documents.
Costumer’s negative credit history.
Other reasons which according to the Bank assessment will hamper the loan repayment.
Penalties
Overdue Loan 0.2% of the unpaid amount for each overdue day
Overdue Interest 0.4% of the unpaid amount for each overdue day
Attention! In case of not performing the loan liabilities and repaying the liabilities in the account of the collateral, in case of the collateral being not enough to repay the Borrower’s loan liabilities, it is possible to make liabilities repayment on the account of another property of the Borrower and/or Guarantor(s).
Documents presented by individuals

1. Application about loan receipt.
2. Passport.
Document containing public services number:
• Social card, or
• RA citizen identification card, or
• Foreign citizen residence card (if any) containing public services number, or
• Documents certifying the refugee identification of RA permanent resident, individual having no citizenship containing public services number, or
• Statement containing public services number.
3. Statement from the workplace about the income, given maximum 20 working days prior.
4. Statement from the residence, given maximum 20 working days prior.
5. If necessary, other documents.

Attention! As an additional loan security means the Bank may also require guaranty of one or more persons.

Interests are calculated on the loan balance. Loan interests are calculated based on the nominal interest rate. The actual interest rate shows how much the loan interests and other payments will cost in case of performance in defined terms and sizes.

Actual annual interest rate calculation procedure and sample.
Actual annual interest rate calculation formula.

Attention! Changes in currency exchange rates may have an impact on loan repayments.
Attention! No change of nominal interest rate throughout the term of loan agreement.
Attention! In case of failure to repay the interest and the principal on time, the mortgaged property may be confiscated, and the information about the Borrower and/or the Guarantor/s will be recorded in the loan register.
Loan amount
Interest rate calculation procedure
Loan agreement termination
Pledge subject for the Bank
Overdue loan and overdue interest
Documents required for loan grant
Negative conclusion grounds on loan case are
Security
Pledged estate sales rules
Loan purpose
Acquisition of furniture, household products, technical appliances
Minimum loan amount
AMD 30.000
Maximum contract amount of loan
AMD 800.000
Loan currency
AMD
Prepayment/redemption
0%-25%
Annual interest rate
24%
Loan term
Maximum 36 months
Redemption frequency
Monthly
Security
Acquired product
Loan to pledge value ratio
100%
Grant way
Cashless
Commission fee
Account service fee per month 0.3% of the contractual amount of the loan
Loan arrangement is realized
“ARMECONOMBANK” OJSC branches
Decision Period
Up to 10 working days
Attention! Early loan repayment is allowed for which no penalties and fines are charged.
Borrower requirements
Resident individual over 18 years,
Registered and living in the Republic of Armenia,
Has a constant income source acceptable by the Bank.
Loan redemption procedure
Monthly.
Equally (annuitant), or
Non-equally (differential).
Negative decision grounds
Negative assessment on the customer’s financial condition.
Non-credibility of the presented documents.
Costumer’s negative credit history.
Other reasons which according to the Bank assessment will hamper the loan repayment.
Penalties
Overdue Loan 0.2% of the unpaid amount for each overdue day
Overdue Interest 0.4% of the unpaid amount for each overdue day
Attention! In case of not performing the loan liabilities and repaying the liabilities in the account of the collateral, in case of the collateral being not enough to repay the Borrower’s loan liabilities, it is possible to make liabilities repayment on the account of another property of the Borrower and/or Guarantor(s).
Documents presented by individuals

1. Application about loan receipt.
2. Passport.
Document containing public services number:
• Social card, or
• RA citizen identification card, or
• Foreign citizen residence card (if any) containing public services number, or
• Documents certifying the refugee identification of RA permanent resident, individual having no citizenship containing public services number, or
• Statement containing public services number.
3. Statement from the workplace about the income, given maximum 20 working days prior.
4. Statement from the residence, given maximum 20 working days prior.
5. If necessary, other documents.

Attention! As an additional loan security means the Bank may also require guaranty of one or more persons.

Interests are calculated on the loan balance. Loan interests are calculated based on the nominal interest rate. The actual interest rate shows how much the loan interests and other payments will cost in case of performance in defined terms and sizes.

Actual annual interest rate calculation procedure and sample.
Actual annual interest rate calculation formula.

Attention! Changes in currency exchange rates may have an impact on loan repayments.
Attention! No change of nominal interest rate throughout the term of loan agreement.
Attention! In case of failure to repay the interest and the principal on time, the mortgaged property may be confiscated, and the information about the Borrower and/or the Guarantor/s will be recorded in the loan register.
Loan amount
Interest rate calculation procedure
Loan agreement termination
Pledge subject for the Bank
Overdue loan and overdue interest
Documents required for loan grant
Negative conclusion grounds on loan case are
Security
Pledged estate sales rules
Last modified on Thursday, 11 August 2016 14:55