TARGET GROUP– Those members-shareholders of the cooperative who have been loaned by the cooperative at least once and whose activities include any sphere of economic activity not prohibited by law can apply for a loan.
The actual annual interest rate shows how much the loan will cost you if you make the interest payments and other payments in the specified terms and amounts.
Example of loan interest calculation
Daily interest amount = Loan amount balance x annual interest rate/365
Balance of the loan amount: - 1,000,000 AMD
Annual loan interest rate: - 19.9%
Daily interest = 1,000,000 x 19.9%/365 = 545.21
Size of penalties - In case of delays in repayment of the loan interest or principal amount, the client pays penalty of 0.13% of the overdue amount (overdue principal amount and overdue interest amount of the loan) for each day of delay, until the 270th successive day of being overdue. Starting from the 271st successive day of being overdue, calculation of penalties stops, interest rate, assuming that a year consists of 365 days.
Possibility of early repayment - the customer can repay the loan earlier than the term specified in the contract. No penalty/penalty applies for early repayment of loans.
The repayment of the loan and the interest calculated on it is carried out in the following way:
The same customer and their affiliates can have only one active credit.
Amounts paid for loan repayment are paid in the following order:
1. Penalties, fines,
2. Overdue interest,
3. Overdue principal amount,
4. Accumulated interest,
5. Principal amount of the loan.
If the customer corresponds to the target group, a collateral or guarantee of another person is not required.
Loan service fee 2.5% per month, depending on the source of financing.
The loan service fee is calculated on the actual loan balance.
Loan service repayments are determined on the day of each loan repayment schedule of loan principal / interest rate.
- In case of cash operations with commercial banks and payment organizations, the customer may be required to pay cash withdraw fee up to 0.25% of the amount.
- When repaying the loan principal and interest by the customer through the payment terminals payment organizations, a commission fee of 100-300 AMD will be charged for each transaction.
The loan is provided within 1 working day. The assessment of the client's creditworthiness is reduced to a minimum, taking into account the amount and duration of the loans.
ATTENTION: When applying for a loan, the lender will provide you, the guarantor(s) (if any) with an individual sheet of essential terms of the consumer loan, in which the individual terms of the loan to be granted to you will be presented.
For the purpose of due diligence of the customer defined by the Law of the Republic of Armenia "On Combating Money Laundering and Financing of Terrorism", the consumer may request additional documents or other information based on the "Know your customer" principle, as well as ask additional questions during oral communication to the consumer (if there is such a request).
During the term of the contract, loan statements are provided via e-mail at thirty-day intervals, unless the customer chooses another communication method. Loan statements (including a copy) are provided free of charge. The amounts of fees charged for the provision of information are defined in the tariffs.
. You have the right to communicate with the credit institution in the way you prefer, by mail or electronically. Receiving information electronically is the most convenient. It is available 24/7, free from the risks of paper information loss and ensures privacy. In the case of foreign currency loans, loan repayments may be affected by differences in foreign currency exchange rates.
. The actual interest rates of loans in US dollars were calculated based on the average exchange rate of the US dollar published by the Central Bank of Armenia on 17/02/2023. The actual annual interest rate may change depending on the change in the magnitude of the exchange rate published by the Central Bank of Armenia.
. In case of a change of 2 or more percentage points in the bank interest calculation rate set by the Central Bank of the Republic of Armenia, the organization can revise the current loan interest rate, but not more than twice the current bank interest rate.
. Your property (home, car, or other) may be seized if you fail to make your interest and loan payments on time.
. In case of non-fulfilment or incomplete fulfillment of the obligation by you, the lender sends the data to the credit bureau after 3 working days, where your credit history is formed. You have the right to get your credit history from the credit bureau once a year for free.
Attention: a bad credit history can prevent you from getting a loan in the future.
. In case of non-fulfillment of obligations by the borrower, the obligations can be paid off at the expense of other property of the borrower, if the collateral is not sufficient to repay the obligations at the expense of the collateral (at the expense of the money received from the sale of the subject of the collateral).
In case of non-performance of obligations for the repayment of credit expenses (at the expense of the amount obtained from the realization of collateral), the obligation may be redeemed at the expense of lessee’s other property.