Loan for Social Package Users

Loan purpose
Health insurance,
monthly redemption of mortgage loan,
tuition fee payment,
rest assurance in RA or NKR.
Loan amount
Loan lines are provided to a maximum annual amount of the social package and after the social package first money transfer date to the account, in the amount of social package amounts transferred to the account, funds subject to mandatory transfer from the account, payment request submitted by the client based on the fees, interest amount difference calculated till the loan redemption deadline.
Loan currency
AMD
Annual interest rate
23%
Loan term
Maximum 11 months
Redemption frequency
The repayments are made due to the monthly transfers of the social package.
Grant way
Cashless
Loan arrangement is realized
“ARMECONOMBANK” OJSC head office and branches
Attention! Interest accrues on the loan balance. The loan interest accrues based on the nominal interest rate. The annual interest rate effectively shows how much the loan will cost in case of making the interest rates and other payments in the determined periods and measures.
Attention! During the Loan Agreement validity course nominal interest rate change is not intended on the part of the Bank.
Borrower requirements
Employers and individuals involved in a social package.
Negative decision grounds
Non-credibility of the presented documents.
Customer’s negative loan history.
Other reasons that will hamper the loan repayments according to the Bank assessment.
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 or penalties are charged.
Documents presented by individuals

1. Application on receiving a loan.
2. Passport.
3. Document containing public services number:
• Social card, or
• RA citizen identification card, or
• Foreign citizen RA residence card (if any), 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. Prepayment transfer account or statement where the validity conditions of the service rendering organization and service receiver's (customer's) data are reflected (name, surname, residence place, citizenship, passport data (passport number, validity period, issuing authority)), type of service and transfer purpose.
5. Invoice.
6. In case of using the mortgage loan monthly payment service, also a statement on the matching of the refinanced mortgage loans general conditions defined by the "National Mortgage Company" CJSC.
7. 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! 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
Health insurance,
monthly redemption of mortgage loan,
tuition fee payment,
rest assurance in RA or NKR.
Loan amount
Loan lines are provided to a maximum annual amount of the social package and after the social package first money transfer date to the account, in the amount of social package amounts transferred to the account, funds subject to mandatory transfer from the account, payment request submitted by the client based on the fees, interest amount difference calculated till the loan redemption deadline.
Loan currency
AMD
Annual interest rate
23%
Loan term
Maximum 11 months
Redemption frequency
The repayments are made due to the monthly transfers of the social package.
Grant way
Cashless
Loan arrangement is realized
“ARMECONOMBANK” OJSC head office and branches
Attention! Interest accrues on the loan balance. The loan interest accrues based on the nominal interest rate. The annual interest rate effectively shows how much the loan will cost in case of making the interest rates and other payments in the determined periods and measures.
Attention! During the Loan Agreement validity course nominal interest rate change is not intended on the part of the Bank.
Borrower requirements
Employers and individuals involved in a social package.
Negative decision grounds
Non-credibility of the presented documents.
Customer’s negative loan history.
Other reasons that will hamper the loan repayments according to the Bank assessment.
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 or penalties are charged.
Documents presented by individuals

1. Application on receiving a loan.
2. Passport.
3. Document containing public services number:
• Social card, or
• RA citizen identification card, or
• Foreign citizen RA residence card (if any), 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. Prepayment transfer account or statement where the validity conditions of the service rendering organization and service receiver's (customer's) data are reflected (name, surname, residence place, citizenship, passport data (passport number, validity period, issuing authority)), type of service and transfer purpose.
5. Invoice.
6. In case of using the mortgage loan monthly payment service, also a statement on the matching of the refinanced mortgage loans general conditions defined by the "National Mortgage Company" CJSC.
7. 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! 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 Wednesday, 15 July 2015 10:56