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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
Conditions Description
Loan type Start up loan (by Legislation of Armenia, consumer credit loans)
Borrower Individuals
Application fee AMD 2 500
Currency AMD
Loan amount AMD 60 000 - 1 500 000
Loan maturity  3-24 months in case of AMD 1 000 000 (including) loan amount
3-36 months in case of more than AMD 1 000 000 loan amount
Periodic repayments of loan amount and interest amount 
  • Annuity method for interests and repayments (method of equal maturity, principal amount of the loan plus interest)
  • The interest rate applied to the declining balance
Nominal interest rate  18 %
Actual anuual interest rate 29% - 32 %

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 - 18 %
Monthly service payment - 0.3 %
Loan amount - AMD 800.000 
Intermediary fee- AMD 24.000
Loan maturity - 24 months
Total amount to be paid to Organization - AMD 1.042.643 
Actual annual interest rate  31 %
Monthly service payment 0.3 %  
U[-front fee 3 % is charged at the loan disbusrment date
Restrictions
  • The borrower's age should be between 18-63
  • Borrower's experience in that activity should be at least 3 months
Loan security (collateral) type
  • For loans up to AMD 300 000 (including)  with at least one guarantee  who must have a monthly net salary more than AMD 50 000, with a salary certificate and who is not affiliated with the applicant.
  • For loans exceeding AMD 300 000 minimum two guarantees, moreover, the guarantee who is not affiliated with the borrower (or at least one of them) should have a monthly salary more than AMD 80 000.
Repayment of overdue liabilities For each delayed day a penalty in the amount of 0.3% 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


One-time penalty does not apply in cases where overdue amount does not exceed AMD 500, and is paid the next working day of a scheduled payment date.

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 Cash or bank transfer
Approval period 24 working hours after receiving all necessary documents. 
Loan approved by Is stated by internal regulation
Loan processing place Organization's branches and representative offices
Factors impacting the loan extension - Specifics of borrower's economic activity
- The borrower's financial situation
- Borrower's economic history, present condition
- 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.

Sample Loan Repayment Schedule:

 Loan amount
(AMD)
Loan maturity  
12 months 18 months 24 months
Monthly payment  
600.000 56,808 40,083 31,754


 
 

 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:


General Conditions Leaflet


FINANCIAL ASSISTANT
www.abcfinance.am

Branches & Offices

Meghri Branch
26/26 Z. Andranik Street
Meghri
Kapan Branch
10 Melik-Stepanyan, b. 33/1
Kapan
Armavir Branch
Erevanyan street, 33/5
Armavir
Goris Branch
Komitas street 26/24
Goris
All Branches
Updated: 09.03.2017(16:46)
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