Loans secured with white gold

White gold secured loans

Receive loans secured with white gold in the amount of up to 10 million Armenian drams, with 24% interest rate, with maximum 24 months maturity. You can apply for the loan to the “Tigran Mets” branch of the Bank only, at Tigran Mets avenue 4, c. Yerevan.       


  • Interest rate
    24%
  • Maturity
    3 - 12 months
  • Minimum amount
    AMD 30 000
  • Maximum amount
    10 000 000 AMD


The page was updated 21.11.2017 17:33

Loans secured with white gold 

White gold secured loans
 
 

General terms and conditions 

Purpose other
Currency Armenian drams 
Annual interest rate
24%
Minimum amount
30 000 Armenian drams
Maximum amount
10 000 000 Armenian drams 

Maturity
3 - 12 months

Repayment

Repayment method
Discount
Favorable, equal payments
Annuity

Interest
At the beginning
Monthly
Principal amount
At the beginning
At the beginning
Loan to collateral 100% 95% 100%
Upfront fee
2%

Monthly service fee
500 Armenian drams
Application processing fee
Not applicable
Late  payment fee (day)
0.1% from the principal amount
0.1% from the interest amount
No fine and penalty is charged for early repayment 
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 65 at the loan maturity

Requirement to the credit history
The borrower should not have overdue/ classified obligations as of the date of loan application

-  As a security the Bank accepts:
Jewelry made of white gold, white gold bullions

- If the proposed as a collateral jewelry contains 30% and more white gold, the loan is extended on the abovementioned terms, 
- If the proposed as a collateral jewelry contains 30% and more white gold, the loan is extended on the below terms.
- The value of  artistic integrity of the jewelry is not taken into consideration 
-  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

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

  • 1 business day

Term of loan disbursement

  • 1 business day

Term of giving the notice to the client on the taken decision

  • 1  business day

Maximum term of the decision  

  • 15 business days

Where to apply  
  • “Tigran Mets” branch

- In the event of occurrence of overdue obligations the payment should be effected in the following sequence order: fine and penalty, interest, loan service fee, payment card service fee, principal amount.
- In the event where the client failed to visit the Bank after full repayment of the loan to take back the pledged gold items, 100 Armenian drams will be charged for each day of such non-appearance starting from the 30th day.
- In case where the loan amount or the balance exceeds 3.000.000 Armenian drams, or equal foreign currency, the gold items,  subject of collateral must be appraised at the presence of the second expert, where the appraisal act should be signed by all experts involved in the process of appraisal of such gold items.

 

How to calculate the annual actual interest rate for loan secured with white gold: 

Loan amount - 500 000 Armenian drams
Annual interest rate - 24%
Maturity - 12months
Method of repayment - annuity
Single time fee  charged at the time of disbursing the loan- 2%
Monthly service fee - 500 Armenian drams
Effective interest rate - 34.51 %

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
500
8 300 AMD
560
9 400 AMD
585
9 800 AMD
750 and more
12 500 AMD


How to calculate interest: 



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. 

The page was updated 23.01.2018 14:47
The following documents should be submitted to the Bank to get white gold secured loan:

  • ID document 

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

The page was updated 22.11.2017 11:06
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.