Unsecured loans for pensioners

Unsecured loans specially designed for pensioners

Receive your pension with the Anelik Bank cards and take the opportunity to get unsecured loans designed for pensioners      


  • Interest rate
    17%-24%
  • Maturity
    6-48 months
  • Minimum amount
    60 000 AMD
  • Maximum amount
    550 000 AMD 


The page was updated 22.11.2017 15:51

 Unsecured loans for pensioners

    Unsecured loans specially designed for pensioners

     
    

General terms and conditions

1.

The Borrower 

Pensioners receiving pension above 50.000 Armenian drams [1]

2.

Security 

Guarantee 

Without guarantee 

3.

Limits

Maximum

550.000 Armenian drams or  USD 1.200 

250.000  Armenian drams or USD 550 

Minimum amount

60.000 Armenian drams or USD 120

4.

Interest rate

Age 

Armenian drams

USD

Armenian drams

USD

Below 65

20,6%

17%

21%

17,4%

65 - 68

22,3%

18,7%

22,8%

19,4%

68 - 70 inclusive

23,3%

19,7%

24%

20,4%

5.

Maximum maturity

48 months

36 months

6.

Minimum  maturity

6 months

7.

Method of providing the loan

1) For Armenian drams – on the current account
2) For US dollars – any payment card issued by the Bank, other than pension card

8.

Repayment method

Annuity 

9.

Security

Cash flows

10.

Maximum ratio of total repayment on obligations  to net income

Maximum 30%

Requirements to the borrower/guarantor

11.

Status of the borrower/guarant

Individual, RA citizen

12.

Eligible age

Must not exceed  71 year as of the maturity

13.

Eligible age of the guarantor

No less than 23 years as of the date of submitting application and no more than 65 years as of the maturity 

14.

Requirements to the registration of the borrower/guarantor  

- permanent registration address 

- the borrower must apply to the branch of the Bank located in the region (marz) of the borrowers’/guarantors’ registration,

- no loan is extended if there is no branch of the Bank in the region (marz) of registration of the borrower/guarantor.

15.

Requirements to the credit history of the borrower/guarantor

No overdue/classified obligations of the borrower/guarantor (upon availability) as of the date of submitting loan application

- Credit history for at least 6 months
- NO more than 30 days of late payment of principal and /or interest in aggregate, on different loans (credit lines, overdrafts, guarantees) over the 12 month preceding the date of submitting loan application

16.

Other requirements

The pensioner receives the pension or undertakes to receive the pension through the Bank  *

*The pensioner receives the pension or undertakes to receive the pension through the Bank 

Fees 

17.

Application processing fee

Not specified

18.

Single upfront fee (from the contract amount) 

2.5%

19.

Account opening fee

According to the rates applicable by the Bank

20.

Rates of payment card

According to the rates applicable by the Bank


Fine, penalty

21.

Early repayment 

N/A

22.

For late interest and principal payment (daily)

0.1%


Other terms

23.

Factors, which can have positive impact to disburse the loan

1) Compliance with the requirements of credit history

2) Cash flows

24.

Why the loan may be rejected

) Incompliance with the requirements of the credit history

2) Cash flows incompliant with these terms

3) such information on the client, which raises question to the information provided by the Client to the Bank

4) such information, which raises question to the return of the loan

5)    Insufficient cash flows

 6) other grounds

25.

Maximum term of taking decision on the loan 

1 business day after presenting all required documents to the Bank 

26.

Term for giving notice to the client

1 business day after taking the decision 

27

Maximum term of disbursing the loan

Maximum 3 business days after taking the decision  

28.

Maximum term of the decision

10 business days

29.

The place of accepting and executing the loan application 

Head office and all branches  

1) Retirement pension: on age, on favorable terms, for the length of service, partial pension 
2) Military pension: individuals, who receive pension for the length of service,
3) Social pension: individuals, who receive old age pension. 
If the borrower serves existing credit line, the repayment of such credit line is taken into consideration depending on the maturity:
-  Repayment of interest is accounted only, if the maturity of the credit line survives the maturity of the requested loan,
-  In case where the maturity of the requested loan survives the maturity of the credit line, such credit line shall be accounted for the contract terms with repayment on annuity basis.

How to calculate actual interest rate of the loan secured with real property extended to pensioners:  

Loan amount - 200 000 Armenian drams
Annual interest rate - 22.8%
Maturity - 24 months
Single upfront fee - 2.5%
Effective interest rate - 28.91%


  How to calculate interests  

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

No penalty is applied for early repayment

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 22.11.2017 15:55
The following documents must be submitted to the Bank to receive unsecured loan extended to pensioners:

  • ID document

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


  • Pension certificate


  • Statement from the state social security service or an extract from the Bank

The page was updated 22.11.2017 15:55
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.