With other Persons' Guaranty

Loan purpose
Consumer loan
Loan amount
Maximum 500,000 AMD
Loan currency
AMD
Annual interest rate
24%
Loan term
Maximum 24 months
Redemption frequency
Monthly
Security
At least the guaranty of 2 individuals who are not the members of the borrower's family.
Grant way
By cash,
Cashless.
Commission fee
Flat fee.
3% of loan amount, minimum AMD 5000.
Loan arrangement is realized
“ARMECONOMBANK” OJSC following branches:
Abovyan
Ashtarak
Armavir
Yeghegnadzor
Tumanyan
Ijevan
Martuni
Nairi
Decision Period
Up to 10 working days
Attention! In case of Visa classic PLUS types of plastic cards, you will be given 30-day grace period, and USD/Euro 17% annual rate and AMD 22% annual rate.
Attention! The Bank before signing the loan contract supplies an individual leaflet.
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.
Insufficient security of the loan.
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. Passport copy (of the Borrower),
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.
2. Copy of marriage certificate.
3. Statement from the residence, given maximum 20 working days prior (of the Borrower).
4. Statement from the workplace (in the amount of salary), given maximum 20 working days prior.
5. Property with ownership right certificate copy (certificate, technical passports, etc.).
6. 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! 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
Consumer loan
Loan amount
Maximum 500,000 AMD
Loan currency
AMD
Annual interest rate
24%
Loan term
Maximum 24 months
Redemption frequency
Monthly
Security
At least the guaranty of 2 individuals who are not the members of the borrower's family.
Grant way
By cash,
Cashless.
Commission fee
Flat fee.
3% of loan amount, minimum AMD 5000.
Loan arrangement is realized
“ARMECONOMBANK” OJSC following branches:
Abovyan
Ashtarak
Armavir
Yeghegnadzor
Tumanyan
Ijevan
Martuni
Nairi
Decision Period
Up to 10 working days
Attention! In case of Visa classic PLUS types of plastic cards, you will be given 30-day grace period, and USD/Euro 17% annual rate and AMD 22% annual rate.
Attention! The Bank before signing the loan contract supplies an individual leaflet.
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.
Insufficient security of the loan.
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. Passport copy (of the Borrower),
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.
2. Copy of marriage certificate.
3. Statement from the residence, given maximum 20 working days prior (of the Borrower).
4. Statement from the workplace (in the amount of salary), given maximum 20 working days prior.
5. Property with ownership right certificate copy (certificate, technical passports, etc.).
6. 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! 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 Wednesday, 11 January 2017 15:22