Student Loan (State Project)

Loan purpose
Tuition fee payment
Loan amount
1,800,000 AMD which is provided in four successive shares, the maximum amount of each share (for each academic year tuition) can make 450,000 AMD
Loan currency
AMD
Annual interest rate
12%
Subsidized interest rate
2%
3% for students with excellent academic performance during the last year
Loan term
Maximum 10 years
Redemption frequency
Monthly (only the interests are redeemed during the educational process (maximum 4 years), and after completing the education equal (annuity) redemptions of loan principal amount and interests are made).
Security
In case of the student's or one of the parent's income documentation is required, guaranty from one of student’s parents, in-care-of persons and from another individual (individuals). If the income documentation is not required, at least one of student’s parents/ in-care-of persons and from another individual (individuals) guarantee is required.
Grant way
Cashless
Commission fee
Without commission fees
Loan arrangement is realized
“ARMECONOMBANK” OJSC branches
Decision Period
Up to 10 working days
Borrower requirements
Resident individual over 16 years,
Registered and living in the Republic of Armenia.
Loan redemption procedure
Equally (annuitant)
Negative decision grounds
Negative assessment on the customer’s financial condition.
Non-credibility of the presented documents.
Unacceptable guarantors.
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! During the educational process only the interests are redeemed (maximum 4 years), and after finishing the education loan principal amount and interest equal (annuitant) repayments are maid.
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. Passport copies (of the Borrower and his/her family members).
2. Marriage certificate copy (if any).
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 residence, given maximum 20 working days prior.
5. Statement from the workplace (with a note on the salary size) of the Applicant and/or the Guarantor(s), given maximum 20 working days prior.
6. Data on properties with ownership right (certificates, technical passports, etc.) (if any).
7. In case of providing the loan to a family member, corresponding documents about the kinship relation (birth certificate, marriage certificate, etc.).
8. Statement from the corresponding educational institution annual on the annual (quarterly, semi-term) tuition fee.
9. Copy of student book (if any).
10. 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! 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.
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
Tuition fee payment
Loan amount
1,800,000 AMD which is provided in four successive shares, the maximum amount of each share (for each academic year tuition) can make 450,000 AMD
Loan currency
AMD
Annual interest rate
12%
Subsidized interest rate
2%
3% for students with excellent academic performance during the last year
Loan term
Maximum 10 years
Redemption frequency
Monthly (only the interests are redeemed during the educational process (maximum 4 years), and after completing the education equal (annuity) redemptions of loan principal amount and interests are made).
Security
In case of the student's or one of the parent's income documentation is required, guaranty from one of student’s parents, in-care-of persons and from another individual (individuals). If the income documentation is not required, at least one of student’s parents/ in-care-of persons and from another individual (individuals) guarantee is required.
Grant way
Cashless
Commission fee
Without commission fees
Loan arrangement is realized
“ARMECONOMBANK” OJSC branches
Decision Period
Up to 10 working days
Borrower requirements
Resident individual over 16 years,
Registered and living in the Republic of Armenia.
Loan redemption procedure
Equally (annuitant)
Negative decision grounds
Negative assessment on the customer’s financial condition.
Non-credibility of the presented documents.
Unacceptable guarantors.
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! During the educational process only the interests are redeemed (maximum 4 years), and after finishing the education loan principal amount and interest equal (annuitant) repayments are maid.
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. Passport copies (of the Borrower and his/her family members).
2. Marriage certificate copy (if any).
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 residence, given maximum 20 working days prior.
5. Statement from the workplace (with a note on the salary size) of the Applicant and/or the Guarantor(s), given maximum 20 working days prior.
6. Data on properties with ownership right (certificates, technical passports, etc.) (if any).
7. In case of providing the loan to a family member, corresponding documents about the kinship relation (birth certificate, marriage certificate, etc.).
8. Statement from the corresponding educational institution annual on the annual (quarterly, semi-term) tuition fee.
9. Copy of student book (if any).
10. 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! 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.
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 Monday, 12 December 2016 10:52