Simple Fast Universal Unsecured loans

Simple Fast Universal 

Unsecured loans 

No need to provide earning confirmation, nor security. The loans are extended on the basis of goods credit history and good solvency      


  • Interest rate:
    13.5%-24%
  • Maturity:
    12-48 months
  • Minimum amount:

    100 000 AMD
  • Maximum amount:

    1 200 000 AMD


The page was updated 21.11.2017 10:43

Simple Fast Universal 

Unsecured loans
 
 

General Terms

1.

 

Purpose 

Other

 2.

Currency

Armenian dram

USD/EUR

 3.

Minimum limit 

100,000

300

4. 

 

Maximum limit 

Without guarantee

1,000,000

2 500

With guarantee

1,200,000

3 500

5.

       

Nominal annual interest rate depending on creditworthiness

USD

15 - 22,5%

EUR

13.5 – 20%

AMD

21 - 24%

 

6.  

     

Withdrawal through payment cards for loans in  USD/EUR - depending on the solvency of the client.  

Cash withdrawal in the ATMs and encashment points of the Bank, card to card transfer (to payment cards issued by the Bank and other banks). 

а) Standard cash withdrawal fee 

2 - 8%

б) Withdrawal fee on favorable terms *

1 - 7%

Cash withdrawal in ATMs and encashment points of other banks 

7-10%

 7.

Upfront fee for loans denominated in Armenian drams 

 7.1

 Standard fee 

2 - 8% and 2 000 AMD

 7.2

Commission on favorable terms*

1 - 7% and 2 000 AMD

 8.   

Minimum maturity (in months)

12

 9.

Maximum maturity (in months)

48

 10.

Minimum number of guarantors 

1

 

 11.

 

Method of providing the loan 

AMD

USD/EUR

               cash**

Non-cash

Through payment cards

12.

 

Repayment of the principal and interest amount 

Annuity 

13. 

Security

1) assessment of solvency
2) guarantee 

* The right to benefit from commissions on favorable terms  is given to those clients only, who has already been:
1) the borrower of the Bank for at least 6 months within the scope of real estate secured loan (loans) and where the total number of days in arrears during the entire period of serving the loan doesn’t exceed 15 days, moreover each late payment doesn’t exceed 3 days.    
2) the borrower of the Bank for at least 6 months within the scope of unsecured “Parz Arag Card” (Simple Fast Card), “Parz Arag Extra” (Simple Fast Extra), “Parz Arag Progress” (Simple Fast Progress), “Parz Arag Universal” (Simple Fast Universal) and where the total number of days in arrears during the entire period of serving the loan doesn’t exceed 15 days, moreover each late payment doesn’t exceed 3 days.   
Irrespectively of the score such clients are provided loans in the size of the agreement amount of the active loan at least, but not exceeding the maximum amount determined for such type of the loan.
** No current account is opened if the loan denominated in Armenian drams is disbursed in cash.  

Requirements to the borrower/guarantor

14.     

 Status of the borrower

Individual – RA citizen 

15.    

Eligible age   

Eligible age of the borrower as of the date of accepting the loan application should not be less than 20 and not have exceed 65 at the loan maturity․ 

16.    

Requirements to the credit history of the borrower/guarantor (good credit history)*

1)  As of the date of submitting application the borrower/ guarantor should not have any overdue obligations (loan, credit line, overdraft, guarantees) по состоянию


2) total days of overdue obligations of the borrower/guarantor during 2 years  preceding the date of submitting loan application must not exceed 90 days, at the same time, total days of overdue obligations during the recent 3 months should not exceed 30 days

17.    

Requirements to the registration of the borrower 

Permanent registration required, moreover:

- if the Borrower is registered at the region, where the Bank has a branch, the borrower should apply to the branch.

- if the Borrower is registered at the region, where the Bank has no branches, the borrower can apply to any branch of the Bank

18.    

Requirement to the guarantor**

The Guarantor must not be the member of the family of the borrower 


*No credit history is unacceptable

**Members of the family are: father, mother, spouse, children of the borrower 


Fees

19.    

Loan application processing fee 

2 000 AMD

20.    

Loan disbursement fee 

1) For loans in Armenian drams – in accordance with clause 7 of these terms and conditions

2) For loans in US dollars or EUR – not specified                   

21.    

Upfront fee 

According to the Bank’s rates 


Fines and penalties

22.    

Late payment fee (day) 

0.5%

23.    

Late interest payment fee (day) 

0.5%

24.    

Early repayment fee 

Not specified 

25.    

Early repayment 

The Bank has the right to repay the loan before maturity if:
      1) the client refuses to accept the payment card (for loans in USD/EUR)

1)      The client provides false or untrustworthy information to obtain the loan,

2)      The client failed to perform liabilities set by the agreement

On other grounds, according to the agreement  


Payment card rates *

26.    

Type of the card 

ARCA CLASSIC/VISA ELECTRON/MAESTRO CIRRUS

27.    

Annual service fee

N/A

28.

 Annual interest rate applied to the balance

0.1%

* The other rates of payment cards and operations executed through such cards, which are not included in the table above are specified according to the applicable rates of the Bank. 



Other terms and conditions

29.

Factors, which can have positive impact on the extension of the loan 

1) Good credit history 
2) Good financial standing 

30.

Why the  loan may be

 1) Bad credit history

2) Bad financial standing

3) Providing of false or untrustworthy information

4) Such information, which puts the return of the loan into question

5) other grounds 

31.   

Maximum term of taking decision 

Maximum 2 business days after submitting all required documents to the Bank.

32.  

 Loan approval notice

Loan approval notice is given to the client within 1 business day after taking the decision 

33.

Maximum availability period

14 business days

34.

Place of accepting the loan application 

Head office and all branches  

35.

Place of execution and extension of the loan 

Head office and all branches  

Calculation of actual annual interest rate for “Parz Arag Universal” (Simple Fast Universal)
• Loan amount: 500 000 AMD
• Annual interest rate: 22%
• Maturity: 36 months 
• Lump sum fee: 4% and 2 000 AMD
• Application processing fee:  2 000 AMD
• Method of repayment: annuity
• Effective interest rate: 28.92% 

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 29.11.2017 15:28
The following documents should be submitted to the Bank

  • ID document 

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

The page was updated 21.11.2017 09:46
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.