Tel.: (374 10) 20 28 22
 
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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 high school students, undergraduate and postgraduate students, also employed professionals who want to get vocational education and qualification
 

Conditions Description
Loan type Educational (According to the Armenian legislation, consumer loans)
Borrower Individuals
Application fee AMD 2.500*
*For Company's employees no application is required 
Currency AMD
Loan amount AMD 50.000 - 500.000
Loan/tranche maturity  24 month 
Periodic repayments of loan interest rate Monthly
Periodic repayments of loan
  • The interest rate is appled to declining balance
  • The first 6-month-period is grace period
  • Annuity method for interests and repayments (method of equal maturity, principal amount of the loan plus interest)
Nominal interest rate 15%
Restrictions
  • An individual can act as a borrower if her/his age is above 18. 
  • Loans are available only for covering vocational tiotion fees, particularly:
 for covering tuition fees at colleges or at other secondary institutions listed by the Ministry of Education and Science of RA
 for covering training fees at British Council-Armenia within the framework of English skills improvement program (for more details visit www.britishcouncil.am)
  • Loan is transferred to education providing institution's bank account
Monthly service payment 0.3%  
In the case of prepaid loans, the fee is charged according to the number of days used
Actual anuual interest rate 20%-22%

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 - 15%
Monthly service payment - 0.3%
Loan amount - AMD 250.000 
Loan maturity - 24 months
Total amount to be paid to Organization - AMD 317.482
Actual annual interest rate 22%
Loan security (collateral) type
  •  In the case when borrower is a beneficiary 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 AMD 3.000. 
 

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 Company's  inner regulations
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 

 



Sample Loan Repayment Schedule  (monthly service payment is 0.3 % )

 Loan amount
(AMD)
Loan maturity
During the grace period
(6 
months)
After grace period
(18 months)
Monthly payment
AMD 250.000 3.875 16.346


  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

Yerevan Branch
19/19 Yervand Kochar Street
Yerevan
Meghri Branch
26/26 Z. Andranik Street
Meghri
Stepanavan Branch
6a G. Nzhdeh Street
Stepanavan
Masis Branch
M. Heratsi 13
Masis
All Branches
Updated: 02.08.2017(12:35)
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