Salary Loan

Loan purpose
Consumer loan
Loan amount
In the amount of salary septuple
Loan currency
AMD
Annual interest rate
24%
Loan term
Maximum 24 months
Redemption frequency
Monthly
Commission fee
Flat fee.
1% of loan amount 1% (minimum 5,000 AMD).
Loan arrangement is realized
“ARMECONOMBANK” OJSC head office and branches
Decision Period
Up to 10 working days
Borrower requirements
Individual over 18 years,
Receiving salary with Bank payment plastic card.
Loan redemption procedure
Monthly.
Equally,
At the end of tenor according to the Loan Agreement.
Negative decision grounds
Negative assessment of the customer’s financial condition.
Non-credibility of the presented documents
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! The accrued interest for the used loan is fully subject to payment starting from the calculation date till the 90th day.
Attention! Early loan repayment is allowed for which no fines and penalties are charged.
Documents presented by individuals

1. Statement from workplace about income.
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 numbe,r 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. If necessary, other documents upon the Bank's claim.

Attention! As an additional security means the Bank may also require the guaranty of one or more persons.
Attention! During the Loan Agreement validity period no nominal interest rate change is foreseen on the part of the Bank.
Attention! In case of not repaying the interest and loan amount on time, the information about the Borrower and/or the Guarantor(s) will be recorded in the loan register.

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.
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
Consumer loan
Loan amount
In the amount of salary septuple
Loan currency
AMD
Annual interest rate
24%
Loan term
Maximum 24 months
Redemption frequency
Monthly
Commission fee
Flat fee.
1% of loan amount 1% (minimum 5,000 AMD).
Loan arrangement is realized
“ARMECONOMBANK” OJSC head office and branches
Decision Period
Up to 10 working days
Borrower requirements
Individual over 18 years,
Receiving salary with Bank payment plastic card.
Loan redemption procedure
Monthly.
Equally,
At the end of tenor according to the Loan Agreement.
Negative decision grounds
Negative assessment of the customer’s financial condition.
Non-credibility of the presented documents
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! The accrued interest for the used loan is fully subject to payment starting from the calculation date till the 90th day.
Attention! Early loan repayment is allowed for which no fines and penalties are charged.
Documents presented by individuals

1. Statement from workplace about income.
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 numbe,r 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. If necessary, other documents upon the Bank's claim.

Attention! As an additional security means the Bank may also require the guaranty of one or more persons.
Attention! During the Loan Agreement validity period no nominal interest rate change is foreseen on the part of the Bank.
Attention! In case of not repaying the interest and loan amount on time, the information about the Borrower and/or the Guarantor(s) will be recorded in the loan register.

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.
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 11:01