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Services
Consumer Loans

This product is for individuals, which need to be financed on consumer purchasing and have cash for family life improvement.
 
Services

This loan is for students and allows them to create their own loan history
 

Conditions Description
Loan type Educational (According to the Armenian legislation, consumer loans)
Borrower Student and/or the student's parents (other creditworthy member of the family) 
Application fee AMD 2 500
Currency AMD
Maximum amount of credit line AMD 2 000 000
Maximum amount per tranche AMD 2 000 000
Only one loan can be disbursed for each academic year, the amount of which cannot exceed annual tuition fee. 
Minimum amount per tranche AMD 50 000
Maximum quantity of tranches/loans per each student Only one loan can be disbursed for each academic year. The number of loans provided during the whole study can not exceed 4 loan / tranche.
Loan/tranche maturity  Maximim 96 months/8 years
Periodic repayments of loan amount 
  • During study, there is grace period available on loan principal repayments, and after study repayments are done on monthly bases
  • The first day of repayment for each tranche is set for next September 15 after the end of the study
Periodic repayments of loan interest rate Monthly
Periodic repayments of loan
  • The interest rate is appled to declining balance
  • Annuity method for interests and repayments (method of equal maturity, principal amount of the loan plus interest)
Nominal interest rate  12 %
Restrictions
  • A student can act as a borrower, only if his/her age is above 18. 
  • Loans are available only for covering tuition fees of students in Bachelor's degree
Actual anuual interest rate 15% - 17%

WARNING
LOAN AMOUNT CALCULATION IS BASED ON NOMINAL INTEREST RATE. ANNUAL ACTUAL RATE SHOWS HOW MUCH WILL THE LOAN COST FOR YOU IF YOU MAKE INTEREST AMOUNTS AND OTHER FEES ON TIME. YOU CAN FIND ACTUAL ANNUAL INTEREST RATE CALCULATION FORM IN THIS ADDRESS:
YEREVAN, YERVAND KOCHAR str. 19/19


Actual annual interest rate calculation example: 

Nominal interest rate - 12 %
Monthly service payment - 0.2 %
Loan amount - AMD 500.000 
Intermediary fee- AMD2500 
Loan maturity - 69 months
Total amount to be paid to Organization - AMD 796,500 
Actual annual interest rate 16.5%
Monthly service payment 0.2 %  In the case of prepaid loans, the fee is charged according to the number of days used
Loan security (collateral) type
  •  In the case when borrower is a student and have no document based income; guarantor should be a parent, brother/sister or other relative who is more than 30-years-old. In the case when borrower is a parent or brother/sister, at least one guarantor who will comply with the company's requirements.
  • Depending on the level of creditworthiness of the borrower, other guarantees may be required
     
Repayment of overdue liabilities For each delayed day a penalty in the amount of 0.4% of the overdue amount shall be accrued starting from the first overdue day. 

Borrower must pay a charge for each overdue payment:

·       In case of loan contracts up to AMD 500.000 AMD 3000 
·       In case of loan contracts AMD 500.001-600.000, AMD 5000
 

If the borrower fails to fulfill the obligation, it may be settled at the expense of other property of the borrower.


WARNING
YOUR PROPERTY MAY BE EXPROPRIATED, IF YOU FAIL TO MAKE REPAYMENTS OF YOUR LOAN AND INTERESTS ON TIME.

WARNING
IF YOU FAIL TO MAKE THE REPAYMENTS ON TIME THE INFORMATION ABOUT YOU SHALL BE REGISTERED IN THE CREDIT REGISTER.
Conditions of early (including partial) loan repayment In case of early (including partial) loan repayment no fees are installed. 
Loan disbursement methodology Bank transfer to the university account
Approval period 18 working hours after receiving all necessary documents. 
Loan approved by Small loan committee 
Loan processing place Organization's branches and representative offices
Factors impacting the loan extension  - Loan history
 - Loan and interest amount repaymant ability, loan risk 
 - Accordance with Organization's internal legal acts 


According to the 8/05 regulation of “Procedures, conditions, forms and minimum requirements for the bank, depositor, creditor and consumer” approved by the board of Central Bank of Armenia, the company provides individual customized document, before loan agreement is signed. 
List of eligible universities  -Armenian State Universities
-Armenian State  licensed and accredited higher educational institutions
-Armenian State and non-state institutions of higher education abroad



Sample Loan Repayment Schedule  (monthly service payment is 0.2 % )

 Loan amount
(AMD)
Loan maturity
During the grace period
(48 
months)
After grace period
(72 months)
Monthly payment
AMD 1 600 000/4 tranche
for AMD 400 000 
4,500-18,000 34,441


  Documents required for loan disbursement:

A. Loan application
B. Borrower's passport and passport photocopy
C. Guarantors' passports and identification/social cards and  photocopies of passports and identification/social cards 
D. Certificate from the borrower's residention address statement (3rd form)
E. Income statement:

·  Certificate from the sutedent's, borrower's or other family member's work place (if there is any) 
·  Certificate on agricultural activity of an Applicant and/or guarantor farm involved in agriculture (if required) 
·  In case of an Applicant or/and guarantor: registration certificate, taxpayer accont, income statement and license (if the borrower is engaged in an activity, which requires a license)

· Certificate from the guarantors' workplace  
·  Other documants on the applicants' and guarantors'  assets (if there are any)   
F. Student's student book or certificate from university (at least one from  is required)


General Conditions Leaflet

FINANCIAL ASSISTANT
www.abcfinance.am

Branches & Offices

Meghri Branch
26/26 Z. Andranik Street
Meghri
Goris Branch
Komitas street 26/24
Goris
Vanadzor Branch
Tigran Mets avenue 59/1
Vanadzor
Gyumri Branch
1/3 Tigran Mets Street
Gyumri
All Branches
Updated: 02.08.2017(12:35)
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