Gold secured loans Gold Standard

Gold Standard

Gold secured loans

Get a quick and favorable loan denominated in Armenian drams, secured with gold, with the interest rate from 11%, up to 60 months maturity.       


  • Interest rate
    11%-18.5%
  • Maturity
    1-60 months
  • Minimum amount
    30 000 AMD 
    or 75 USD
  • Maximum amount
    30 000 000 AMD
    or 50 000 USD


The page was updated 22.11.2017 11:10

Gold Standard 

Gold secured loans
 
 

General terms and conditions

Currency Armenian dram, US dollars
Minimum limit 30 000 AMD
75 USD
Maximum limit 1) 30 000 000 AMD /50 000 USD, or
2) 2 500 000 AMD / 5 000 USD
For 150%* loan to collateral ratio
Type of the loan 1) loan – for loans denominated in Armenian drams,
2) card loan - for loans denominated in US dollars
Option 1
Maximum loan to collateral ratio 110%
Principal and interest repayment Interest – at the time of disbursing the loan and the principal amount at the maturity (discount)
Maturity from 90 up to 182 days inclusive from 183 up to 365 days inclusive **
Annual interest rate Armenian drams 18.50% 18%
US dollars 15.50% 15%
Loan disbursement fee (deducted from the loan amount at the moment of disbursing the loan) AMD 1%, no more than AMD 5 000
USD 0.3%, no more than AMD 5 000
[1] No fee is charged for gold secured loans fully transferred from other banks of RA, credit organizations, pawn shops
[2] No fee is charged when extending loans to individuals dealing with trade and/or output of gold
Monthly loan service fee AMD Not specified
USD
Option 2
Maximum loan to collateral ratio 100% 100% 100%
150%* for debtors who pledged real estate
Repayment of principal and interest amount Interest – at the time of disbursing and the principal amount at the maturity (discount) Annuity
Maturity from 30-to 91-day inclusive from 92-to 182-day inclusive from 365-to 1095-day inclusive from 1096- 1 to 826-day inclusive
Annual interest rate AMD 14% 16% 18% 17%
USD 11% 13% 14% 13%
Loan disbursement fee (deducted from the loan amount at the moment of disbursing the loan) AMD 1% 1%, no more than AMD 5 000 1.50%
USD 0.3%, no more than AMD 5 000 0.30%
- [1] No fee is charged for gold secured loans fully transferred from other banks of RA, credit organizations, pawn shops -
[2] No fee is charged when extending loans to individuals dealing with trade and/or output of gold
Monthly loan account service fee AMD Not specified 0.30%
USD
Option  3
Maximum loan to collateral ratio 95%
Repayment of principal and interest amount Interest – on monthly basis and the maturity (favorable, equal payments)
Maturity From 1-to 365-day inclusive
Annual interest rate AMD 18%
USD 14%
Loan disbursement fee (deducted from the loan amount at the moment of disbursing the loan) AMD 1%, no more than AMD 5.000
USD 0.3%, no more than AMD 5.000
[1] No fee is charged for gold secured loans fully transferred from other banks of RA, credit organizations, pawn shops
[2] No fee is charged when extending loans to individuals dealing with trade and/or output of gold
Monthly loan account service fee AMD Not specified
USD
Eligible age Borrower
· Individual, the eligible age of which as of the date of accepting the loan application should not be less than 18 and not have exceed 70 at the loan maturity
· The borrower should not have overdue/ classified obligations as of the date of loan application

* Loan to collateral ratio for the clients who have real estate secured loans at the Bank can be established 150%, but no more that 50% of the aggregate amount of the outstanding balance of the loans, secured with real estate. Moreover, in such case the Bank should sign an addendum with the client stating, that the real estate may be released from the collateral, provided however, that the client has repaid the loan secured with gold. 
** In independent cases the minimum maturity of the loan may be established less than 91 days.

Card type ArCa Classic / Visa Electron / Maestro Cirrus
Cashing fee Not charged
Annual card service fee 1 000 AMD
Other service rates According to applicable rates of the Bank

Fines and penalties

Late  loan payment fee (day) 0.2%
Late interest payment fee (day) 0.5%
Early repayment fee Not specified

- The Bank accepts standard gold bullions, gold jewelry,  gold bars as the subject of collateral
- The Bank doesn’t accepts white gold, jewelry the 30 % and more of which is made of white gold, or jewelry, which cannot be weighted without the part of the white gold.
- The value of  artistic integrity, precious and semi-precious  stones is not taken into consideration.
- These general terms and conditions should not refer to the loan secured with white gold, which is extended in Tigran Mets branch, according to the term and conditions independently stipulated for such type of loan.
- Appraisal of the property to be pledged is carried out by a jeweler –expert, according to the rates applicable by the Bank as of the given day.  

Other terms and conditions

Factors, which can have positive impact on the extension of the loan Compliance with the established terms and conditions
Why the  loan may be rejected · Existence of classified loan obligations as of the date of providing the loan
· Failure to provide required documents,
· Suspects with regard to the person or ID document,
· Suspects with regard to the purity of gold (during the check)
· False or untrustworthy information and false documents,
· Provision of such information, which puts the information presented/submitted by the client in question
· Provision of such information on the client, which puts the repayment of the loan in question
Maximum term of taking decision The day of submitting loan application
Term of submitting information to the client with regard to the decision on the loan The day of submitting loan application
Term of loan disbursement The day of submitting loan application
Place of accepting the loan application All branches of the Bank, except for "Vardanants" branch
Place of execution  and disbursement of the loan All branches of the Bank, except for "Vardanants" branch

[[1] The client should sign declaration on existing loan, if the loan is transferred from pawn shops and credit organizations, which are not members of ACRA system.
[[2] As a proof of performing activities the individual must present lease agreement on the place of economic activity (not necessarily be notarized).  

Example:
• Loan amount - 500 000 AMD
• Interest rate - 18%
• Maturity - 24 months 
• Single time fee - 0 AMD
• Effective rate - 19.56%

For gold secured loans the appraisal of one gram of gold is carried out according to the following prices, based on the purity:

Gold purity

Price for 1 gram

375

7 600 AMD

500

10 200 AMD

560

11 400 AMD

583

11 900 AMD

750

15 300 AMD

875

17 900 AMD

900

18 400 AMD

958 and more

19 500 AMD

 
Price for 1 gram

Method of calculation of interest amount 

Interest amount is applied to the reduced balance with the account of 365 days a year. 

ATTENTION: THE INTEREST ACCRUED TO THE CREDIT AMOUNT IS CALCULATED ON THE BASIS OF NOMINAL INTEREST RATE. THE ACTUAL ANNUAL PERCENTAGE RATE SHOWS THE COST OF THE LOAN IF YOU PAY THE INTEREST AND OTHER DUE PAYMENTS WITHIN THE DEFINED TERMS AND AMOUNTS.

Early repayment of the loan
No early repayment fee is charged

Exchange rate effect 
Taking into account the fact that the Bank provides loans in both Armenian drams and foreign currency, the borrower should understand that foreign currency fluctuations can have either positive or negative impact on the loan repayment.

  Loan request rejection  

The Bank may reject loan applications of those clients, which fail to meet the program requirements or where the Bank is not sure of the solvency of clients; the Bank can provide written notice on rejection upon request of the client.   The Bank is liable to provide such information on rejecting the loan to other banks of RA and credit organizations (according to the RA Law on banking secrecy).

ATTENTION: IN CASE OF FAILURE TO REPAY THE LOAN INTEREST AND/OR PRINCIPAL WHEN DUE YOUR ASSETS CAN BE SEIZED. THE INFORMATION ABOUT YOUR OVERDUE LIABILITIES SHALL BE RECORDED IN THE CREDIT REGISTER.

If the funds received as a result of disposal of pledged property are not enough to cover the borrower's liabilities under the loan, such liabilities shall be paid on the account of other equivalent assets of the borrower.

The page was updated 11.01.2018 11:39

The following documents should be submitted to the Bank to get gold secured loan:


  • ID document    

  • Public service number /reference on non-receiving the PSN

The page was updated 22.11.2017 11:53
Attention: The Bank does not bear any responsibility for the inaccuracy of information on the linked web sites, nor does it accept any responsibility for the advertisements therein or possible consequences arising out of use of information provided on the linked web-sites. In case of any discrepancies in the website materials in Armenian, Russian and English languages, the Armenian version is prevailing.