Installment Loan ( State Project)

Loan purpose
Home technical appliances acquisition (for Ministry of Defense, National Security Service and Police officers)
Maximum contract amount of loan
AMD 500,000
Loan currency
AMD
Prepayment/redemption
0%
Annual interest rate
12%
Subsidized interest rate
2%
3% (for parents with three or more children)
Loan term
Maximum 7 years
Redemption frequency
Monthly
Security
Acquired home appliance and at least the guaranty of one individual
Loan to pledge value ratio
Maximum 100%
Grant way
Cashless
Loan arrangement is realized
“ARMECONOMBANK” OJSC branches
Decision Period
Up to 10 working day
Attention! In the framework of the same project now loans can be acquired after fully redeeming the former loans.
Borrower requirements
RA Ministry of Defense system (including all units),
Junior, Middle, Senior Officer Staff of the RA National Security Service (including ranking from lieutenant military title to colonel military title),
Junior, Middle, Senior Officer Staff of the RA Police Department (including ranking from lieutenant police title to colonel police title).
Loan redemption procedure
Equally (annuitant)
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! Early loan repayment is allowed for which no fines and penalties are charged.
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.
3. 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.
4. Statement from the workplace about the income, given maximum 20 working days prior.
5. Statement from the residence, given maximum 20 working days prior.
6. If necessary, other documents.

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! 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.
Attention! Changes in currency exchange rates may have an impact on loan repayments.
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
Home technical appliances acquisition (for Ministry of Defense, National Security Service and Police officers)
Maximum contract amount of loan
AMD 500,000
Loan currency
AMD
Prepayment/redemption
0%
Annual interest rate
12%
Subsidized interest rate
2%
3% (for parents with three or more children)
Loan term
Maximum 7 years
Redemption frequency
Monthly
Security
Acquired home appliance and at least the guaranty of one individual
Loan to pledge value ratio
Maximum 100%
Grant way
Cashless
Loan arrangement is realized
“ARMECONOMBANK” OJSC branches
Decision Period
Up to 10 working day
Attention! In the framework of the same project now loans can be acquired after fully redeeming the former loans.
Borrower requirements
RA Ministry of Defense system (including all units),
Junior, Middle, Senior Officer Staff of the RA National Security Service (including ranking from lieutenant military title to colonel military title),
Junior, Middle, Senior Officer Staff of the RA Police Department (including ranking from lieutenant police title to colonel police title).
Loan redemption procedure
Equally (annuitant)
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! Early loan repayment is allowed for which no fines and penalties are charged.
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.
3. 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.
4. Statement from the workplace about the income, given maximum 20 working days prior.
5. Statement from the residence, given maximum 20 working days prior.
6. If necessary, other documents.

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! 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.
Attention! Changes in currency exchange rates may have an impact on loan repayments.
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 Wednesday, 01 June 2016 14:49