Parz - Arag (Simple- Fast)

Property secured loans


Make use of “Simple Fast” loan. The loan is extended against security of real estate only, no need to present confirmation of earning



  • Interest rate: 

    Up to 21%

  • Maturity:

    Up to 84 months
  • Minimum amount:

    1 000 000 AMD

  • Maximum amount:

    15 000 000 AMD or 25 000 000 AMD equal  to USD/EUR


The page was updated 21.11.2017 17:29

 Parz - Arag (Simple - Fast) 

 Real estate secured
 
    

 Real estate secured




Purpose
Other
Security
Real estate
Currency

AMD USD
EUR
Annual interest rate up to  10.000.000 AMD Up to 60 months maturity
18.8% 15.2% 14.2%
60 and more months maturity 
19.8% 17.3% 16.3%
10.000.000 AMD and more Up to  60 months maturity
19.8% 16.3% 15.3%
60 and more months maturity
21% 18.8% 17.8%
Minimum maturity
Not specified
Maximum maturity
84 months
Minimum limit in Armenian drams equal to USD/EUR  
1 000 000
Maximum limit 
Denominated in Armenian drams

- If the collateral is in the 1st zone - 15 000 000

- If the collateral is in the 2nd zone -  3 000 000

In Armenian drams equal to US Dollars/EUR: 

- If the collateral is in the 1st zone - 25 000 000

- If the collateral is in the 2nd zone - 7 500 000


Maximum loan to collateral ratio (liquid value of collateral)

  • Denominated in Armenian dram:  50%

  • Denominated in USD/ EUR: 50%

  •  When pledging a separate land plot - 30%*


Method of disbursement

In Armenian drams: 
cash

 

In USD/EUR: 
non-cash – through VISA CLASSIC / MASTERCARD STANDARD payment cards

Repayment 
  • Annuity
* A separate land plot may be pledged only if located in the 1st zone, according to the Annex 1.1


Requirements to the borrower/guarantor

Status 

Individual – RA citizen 

Eligible age 

Eligible age of the borrower as of the date of accepting the loan application should not be less than 23 and not have exceed 65 at the loan maturity 

Availability of co-borrower

-

Requirements to the credit history (good credit history) 

  • No existing overdue/ classified obligations (loan, credit line, overdraft, guarantees, etc).

  • no credit history 



Security

Collateral
  • Real estate in the Republic of Armenia, as specified in Annex 1.1, acceptable for the Bank 

Pledgor 

  • Any individual or legal entity (in the case where the pledger is a legal entity, it should have state registration in RA) 

Appraisal

  • The Collateral must be appraised by one of the appraising  companies cooperating with the Bank

Minimum requirements to the collateral



  • The real estate should have masonry, panel or reinforced structure (except for the dividing walls and covers between the floors)
  • The real estate should not be public housing, or located on the territory occupied by other constructions – hotels or dormitory
  • The real estate must not be located on the territory of exclusive public interest 


* The Bank is liable to require guarantee of an individual or a legal entity as an additional security.


Fees


Loan application processing fee

Loan disbursement fee 
  • N/A when extending loans through payment cards
  • Up to 60 months – 0.1%,
60 months and more – 1.5%
Monthly loan service fee charged to the initial loan amount      0.1%
 
Upfront fee 
     
According to the applicable rates of the Bank 
Cashing fee (for loans extended without payment cards)
N/A 
Payment card rates
     According to the Bank’s rates, other than given below:
In ATMs and cash withdrawal points of the Bank 
     1%
In ATMs and cash withdrawal points of other Banks
     1.5%
Card to card transfer – on payment cards, issued by the Bank and other banks 
     1%
Subsequent collateral execution fee 
     According to the applicable rates of the Bank


Fines and penalties

Late payment fee (day)

0.1%

Late interest payment fee (day) 

0.1%

Early repayment fee 

Not specified 


Other terms and conditions

Main Credit Agreement
  • The Bank makes Main Credit Agreement with the client for up to 180 months period on loans/credit lines, on card loans/credit lines 
Exceptions
  • The following terms and conditions are set up for the given type of loan in Abovyan, Gyumri and Vanadzor branches: maximum limit – AMD 10.000.000 or equal foreign currency and maximum maturity 60 months.  
Factors, which can have positive impact on the extension of the loan 

  • Good credit history ;

  • Stable cash income;

  • Compliance of the collateral with the requirements of the Bank;

  • Other factors.


Why the  loan may be rejected 

  • Bad credit history;

  • Insufficient cash income;

  • Incompliance of the collateral with the requirements of the Bank; 

  • Provision of false or untrustworthy information;

  • Provision of such information on the client, which puts the repayment of the loan in question;

  • other grounds.


Maximum term of taking decision 
  • Maximum 3 business days after submitting all required documents to the Bank  
Loan approval notice 
  • 1 business day
Maximum availability period 
  • 15 business days
One-time fee for taking repeated decision  *
  • 5 000 AMD
Term of loan disbursement  
  • 1 business day after submitting document, which confirms the right with regard to the collateral 
Place of accepting the loan application and execution of the loan 
  • Head office and all branches 

* * Repeated is the decision, which is taken within 30 days after expiration of the availability period. When taking repeated decision the credit history of the client must be processed once again, according to the applicable terms and conditions. 

Calculation of actual annual interest rate 

• Loan amount: 10 000 000 AMD
• Annual interest rate: 18.8%
• Maturity: 60 months 
• Monthly service fee: 0.1% 
 Single time fee: 0.1% 
Application processing fee: 5 000 AMD
Loan disbursement fee: 2 000 AMD
Real estate appraisal fee: 3 000 AMD  
• Effective interest rate: 23.05%

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 23.01.2018 14:34

The following documents should be submitted to the Bank:


  • ID document

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



  • Statement of residence (persons, currently residing in) 


  •     Title of the pledged property



  •     Information on appraisal 



  • ·      Other documents, as required 


The page was updated 17.11.2017 15:11
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.

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