General
Advantages
Main areas of lending
Provision of loans for renovation and furnishing
Provision of loans for the purpose of purchasing a parking space
Provision of loans for renovation and furnishing offered by companies cooperating with the Bank
Provision of loans for the purpose of purchasing a parking space
Provision of loans for renovation and furnishing offered by companies cooperating with the Bank
Resource
Own resource
Loan purpose
Renovation and furnishing of real estate purchased on the primary market
Purchase of a parking space located adjacent to or in the same district as the acquired/acquiring real estate.
Purchase of a parking space located adjacent to or in the same district as the acquired/acquiring real estate.
Loan currency
AMD
Minimum loan amount
AMD 2,000,000
Maximum loan amount
AMD 20,000,000
Minimum loan term
60 months
Maximum loan term
120 months
Nominal annual interest rate
13.75% /Floating interest rate from the 6th month to 120 months IBRR + [4.45%]
Effective annual interest rate
13.90%-14.80%
Method of loan and interest repayment
1. Annuity repayment method - Equal monthly repayments of the sum of loan principal and interest amount, in case of change of the annual nominal interest rate during the loan period, the method of repayment of the loan and interest amounts can be changed.
2. Differentiated repayment method - equal monthly repayments of loan principal, repayments of interest amount on a monthly basis
* in case of change of the annual nominal interest rate during the loan period, the method of repayment of the loan and interest amounts can be changed
2. Differentiated repayment method - equal monthly repayments of loan principal, repayments of interest amount on a monthly basis
* in case of change of the annual nominal interest rate during the loan period, the method of repayment of the loan and interest amounts can be changed
Loan origination one-off fee
Not specified
Loan service fee
Not specified
Requirement for collateral
NE
The Bank may require the pledge of the property being renovated/parking space/other property in cases specified in the agreement.
The Bank may require the pledge of the property being renovated/parking space/other property in cases specified in the agreement.
Appraisal of property undergoing renovation(Provision of loans for renovation and furnishing )
The property must be appraised at the client's initiative by companies cooperating with the Bank
Appraisal of property undergoing renovation(Provision of loans for the purpose of purchasing a parking space)
The parking space must be evaluated by the client through companies cooperating with the Bank, if information on the average value provided by the developer is not available to the Bank.
Appraisal of property undergoing renovation(Provision of loans for renovation and furnishing offered by companies cooperating with the Bank)
No appraisal required
Loan application review fee
NE
Commission for encashment of loan amount
NE
Borrower's status
RA resident physical entity
Age restriction
Physical entity over 21 years old whose age must not exceed 65 years by the loan maturity,
Revenues of the borrower
For loans exceeding AMD 10,000,000, additional income verification may be required.
Requirements to the borrower's credit history
1.Absence of overdue liabilities towards the financial-banking system as of the date of acceptance of the loan application (in terms of loans, credit lines, overdrafts, provided guarantee etc.), and
2. Less than 30 total overdue days in terms of loan principal amount and/or interest repayments in terms of loans (credit line, overdraft, guarantee etc.) received within the 12 months preceding the loan application submission date,
3. The client must not be included in the list of unwanted clients of the Bank
2. Less than 30 total overdue days in terms of loan principal amount and/or interest repayments in terms of loans (credit line, overdraft, guarantee etc.) received within the 12 months preceding the loan application submission date,
3. The client must not be included in the list of unwanted clients of the Bank
Loan rejection factors
1. Non-compliance with the conditions of the loan type
2. Adverse credit history of the client
3. Adverse credit history of the person affiliated with the client
4. Insufficient level of creditworthiness
5. Insufficient level of collateral liquidity from the bank's perspective
6. An undesirable client for the bank
7. Provision of false or unreliable information
8. Availability of information casting doubt on loan repayment
9. Lack of a client email address
10. Other reasons
2. Adverse credit history of the client
3. Adverse credit history of the person affiliated with the client
4. Insufficient level of creditworthiness
5. Insufficient level of collateral liquidity from the bank's perspective
6. An undesirable client for the bank
7. Provision of false or unreliable information
8. Availability of information casting doubt on loan repayment
9. Lack of a client email address
10. Other reasons
FINES, PENALTIES
Penalty for overdue principal amount - 0.12% daily. Penalty for overdue interest amount - 0.12% daily.
In case of non-targeted use of the loan the Bank is entitled to demand:
1) early repayment of the whole loan amount,
2) penalty in the amount of 25% of the misused loan amount,
3) revision of loan interest rate according to the competent body if the Bank.
In case of non-targeted use of the loan the Bank is entitled to demand:
1) early repayment of the whole loan amount,
2) penalty in the amount of 25% of the misused loan amount,
3) revision of loan interest rate according to the competent body if the Bank.
Loan decision making and notification of the client
Up to 2 business days after submission of a complete package of documents required by the Bank
Validity of the loan decision
30 business days
Within three months after the expiration of the validity of the approved loan decision, the decision on issuing the loan may be reconfirmed without submitting an additional application, if the credit history of the borrower has not undergone significant changes.
Within three months after the expiration of the validity of the approved loan decision, the decision on issuing the loan may be reconfirmed without submitting an additional application, if the credit history of the borrower has not undergone significant changes.
Information regarding credit history and credit score
You can learn about the importance of credit history and credit score here.
Details via abcfinance.am and acra.am links.
Details via abcfinance.am and acra.am links.
1
ATTENTION: INTEREST PAYMENTS ARE CALCULATED BASED ON THE NOMINAL INTEREST RATE. THE ANNUAL EFFECTIVE PERCENTAGE RATE INDICATES THE TOTAL COST OF THE LOAN TO YOU, INCLUDING INTEREST PAYMENTS AND ALL MANDATORY FEES RELATED TO THE ISSUANCE AND SERVICING OF THE LOAN, PROVIDED THAT ALL PAYMENTS ARE MADE IN THE AMOUNTS AND WITHIN THE TIMEFRAMES SPECIFIED IN THE LOAN AGREEMENT.
2
THE PROCEDURE FOR CALCULATING THE ANNUAL EFFECTIVE PERCENTAGE RATE IS PRESENTED WITH THIS LINK.
3
The Bank has the right to unilaterally amend the material terms of the loan, including the loan interest rate, or to require early partial or full repayment։ RULES FOR LENDING UNDER MASTER LOAN AGREEMENT CONCLUDED WITH “ID BANK” CJSC
4
A POOR CREDIT HISTORY MAY HINDER THE CUSTOMER’S ABILITY TO OBTAIN A LOAN IN THE FUTURE.
5
IN THE EVENT OF OVERDUE OBLIGATIONS, REPAYMENTS SHALL BE APPLIED IN THE FOLLOWING ORDER: EXPENSES INCURRED FOR DEBT RECOVERY, INCLUDING COURT COSTS (IF ANY), PENALTIES ON INTEREST, PENALTIES ON THE LOAN PRINCIPAL, INTEREST, SERVICE FEES AND COMMISSIONS (IF ANY), AND THE LOAN PRINCIPAL. THE BANK RESERVES THE RIGHT TO UNILATERALLY CHANGE THE ORDER OF REPAYMENT SPECIFIED IN THIS CLAUSE AT ANY TIME.
6
Disputes arising between the parties may be resolved through the courts or through the Financial System Mediator (in accordance with the procedure established by the RA Law on the Financial System Mediator), address: 15 M. Khorenatsi Street, Elite Plaza Business Center, 7th Floor, Yerevan 0010, Republic of Armenia, e-mail: [email protected], telephone: (+37460) 70-11-11, fax: (+37410) 58 24 21. Furthermore, if the amount of the property claim does not exceed AMD 250,000 (two hundred fifty thousand) or its equivalent in foreign currency, the decisions of the Financial System Mediator may not be challenged by the Bank.
7
The Bank may, for the purposes of customer due diligence as required by the RA Law on Combating Money Laundering and Terrorist Financing, request additional documents or information based on the “Know Your Customer” (KYC) principle.
8
Pursuant to the agreement concluded with the United States under the Foreign Account Tax Compliance Act (FATCA), the Bank may collect additional information to determine whether the customer is a U.S. taxpayer, as well as to provide the State Revenue Committee of the Republic of Armenia with information on customers who are foreign tax residents in accordance with the Common Reporting Standard (CRS) of the Organisation for Economic Co-operation and Development (OECD), as prescribed by the RA Tax Code.
9
THE BORROWER HAS THE RIGHT TO COMMUNICATE WITH THE BANK THROUGH THE METHOD OF THEIR CHOICE, EITHER BY POSTAL MAIL OR ELECTRONIC MEANS. RECEIVING INFORMATION ELECTRONICALLY IS THE MOST CONVENIENT OPTION. IT IS AVAILABLE 24/7, ELIMINATES THE RISK OF LOSING PAPER DOCUMENTS, AND ENSURES CONFIDENTIALITY.
10
DURING THE TERM OF THE LOAN AGREEMENT, INFORMATION ON THE TERMS FOR THE PROVISION OF STATEMENTS, DUPLICATE STATEMENTS, AND CERTIFICATES IS AVAILABLE AT THE FOLLOWING LINK: Tariff։
11
The list of the Bank’s branches and ATMs, as well as their addresses and business hours, is available at the following link:Branches and ATMs:
12
ATTENTION: WHEN APPLYING FOR A LOAN, THE LENDER WILL PROVIDE YOU WITH AN INDIVIDUAL SHEET OF THE ESSENTIAL TERMS OF THE CONSUMER LOAN, WHICH WILL PRESENT THE INDIVIDUAL TERMS OF THE LOAN TO BE PROVIDED TO YOU.
13
WARNING: YOUR PROPERTY (HOME, VEHICLE, OR OTHER ASSETS) MAY BE SEIZED IN ACCORDANCE WITH THE LAW IF YOU FAIL TO MAKE TIMELY PAYMENTS OF INTEREST AND REPAY THE LOAN AMOUNT.
Information Bulletin The loan is provided in AMD.
The minimum amount is AMD 2,000,000, and the maximum is AMD 20,000,000. For loans exceeding AMD 10,000,000, additional income verification may be required.
The loan term is up to 120 months.
No, the loan is provided without collateral.
The annual nominal floating interest rate is 13.75%. It is fixed for the first 6 months, after which it becomes floating: IBRR + 4.45%. The annual effective interest rate ranges from 14.50% to 14.80%.
The floating interest rate is based on the IBRR, which is the weighted average interest rate on deposits with a term of more than one year, published by the Central Bank. The Bank revises the IBRR twice a year, in May and November. The floating interest rate for each loan can increase or decrease by a maximum of 2 percentage points for loans in USD, and by up to 4 percentage points for loans in AMD.
The loan is issued without provision fees, lump-sum fees, or service fees.
The borrower and co-borrower must be individuals at least 21 years old, and their age must not exceed 65 at the end of the loan term.
You can apply at any Bank branch, at a partner organization's office, through the idbank.am website, or via the contact center.
An identity document and an appraisal report of the real estate being renovated or furnished are required.
A parking space can be purchased adjacent to the acquired/to-be-acquired property or within the same district.
Apply now
Long repayment term - up to 120 months
Annual effective rate starting from 13.9%
For apartments purchased on the primary market
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