Student loans within State support

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Student loans within State support

The student loans within State support are provided to pay the full or partial tuitions of the students of state or state accredited institutions of higher education. The student gets an opportunity to receive an international VISA Student card with PayWave feature by only paying 1,500 AMD annual service commission fee.

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Product's business card

Currency

AMD

Interest rate

Duration

Up to 10 years

Maximum amount

Minimum amount

not defined

Security

Advantages

Terms and conditions

Required documents

To obtain a credit

Useful information

The loan is provided with 9% or 10% annual interest rate.
During the years of studying the borrower makes only interest amount payments.
The loan is provided for a long period of time - up to 10 years.
The student, being a borrower, receives an opportunity to create a credit history during the studying years.
The borrower can receive a Visa Student international payment card with only 1,500 AMD annual service commission fee.

The loan is provided to fully or partially pay the tuitions of the students of state or state accredited educational institutions who have attained the age of 18 and are RA citizens or residents.

No minimum amount of deposit payment is defined,
Currency - AMD,
Minimum duration of the loan - the studying period plus 6 months,
Maximum duration of the loan – studying period plus 6 years, but not more than 120 months,
Maximum amount of the loan – maximum 1,800,000 AMD for the whole period of studying, which will be provided through 4 separate loans. Each loan amount should not exceed 450,000 AMD,
Annual interest rate - 12%: “The loans are provided with 12% annual interest rate, where RA Ministry of Finance subsidizes 2 interest points for all the students and 3 interest points for the students who show excellent performance the year previous to the loan provision. The loan interest rate may change in case of suspension of studying, having 90 days of overdue liabilities, in case of not being refinanced by the RA Ministry of Finance. The years of recruitment to the Military Forces of RA are not considered as suspension of studying.
Loan repayments – the repayments are made by monthly equal installments. Moreover, during the studying years the borrower makes only interest amount payments, and after the studying period the equal installments of the loan principal amount and interest amount. No penalties apply for making loan principal amount payments during the studying period.
The loan amounts are calculated towards the decreasing balance of the loan amount.
The loan is provided with guarantee of maximum 2 persons. Moreover, the guarantee of a parent is mandatory. The loan is provided with guarantee of maximum two persons. Guarantee of a parent is mandatory. If the customer is parentless, any of the relative can become a guarantor – husband, husband’s parents, sisters and brothers, grandparents.

Read more:
Loans commissions, fees and other applicable charges - Lending operations

Personal identification document,
Document containing the social services number or the original document on receiving or not receiving a social services number from an institution holding the state registry.
Copy of the marriage certificate (if applicable),
Statement from the place of employment and/or other documents verifying the income (if the student works, these documents are required),
Statement from the higher education institution, where the faculty, year and the tuition for one year (the remaining balance for the current year), the bank account requisites of the higher education institution, the date of the student’s graduation should be mentioned. In case of excellent performance that should also be mentioned,
The state approved personal identification documents of the parent(guarantor(s)) or the original document on receiving or not receiving a social services number from an institution holding the state registry.
Statements of the parent(s) and/or guarantors and/or the other family members of the borrower or other reliable documents if applicable.
Other documents

Visit the Bank,
Fill in the loan application form and present the necessary documents

The loan funds are transferred to the bank account of the educational institution,
The decision on loan provision is made and the customer is informed one day after presenting all the necessary documents,
The factor affecting the process of making a positive or negative decision is the assessment of the customer’s and the guarantor’s creditworthiness,
The loan is issued in the Bank’s branches,
No penalties apply for the loan’s early repayment.

Penalties applicable in case of delinquencies against obligations of borrowers

Information provided to the credit registry

IN CASE OF FAILURE BY THE BORROWER TO PAY INTEREST ON THE LOAN AND PRINCIPAL THEREOF IN ACCORDANCE WITH THE REPAYMENT SCHEDULE, INFORMATION ABOUT THE BORROWER WILL BE SUBMITTED TO THE CREDIT REGISTRY.

“BAD” CREDIT HISTORY MAY IMPAIR YOUR ABILITY TO OBTAIN LOANS / CREDITS IN THE FUTURE.

Financial assistant

Advantages

The loan is provided with 9% or 10% annual interest rate.
During the years of studying the borrower makes only interest amount payments.
The loan is provided for a long period of time - up to 10 years.
The student, being a borrower, receives an opportunity to create a credit history during the studying years.
The borrower can receive a Visa Student international payment card with only 1,500 AMD annual service commission fee.

Terms and conditions

The loan is provided to fully or partially pay the tuitions of the students of state or state accredited educational institutions who have attained the age of 18 and are RA citizens or residents.

No minimum amount of deposit payment is defined,
Currency - AMD,
Minimum duration of the loan - the studying period plus 6 months,
Maximum duration of the loan – studying period plus 6 years, but not more than 120 months,
Maximum amount of the loan – maximum 1,800,000 AMD for the whole period of studying, which will be provided through 4 separate loans. Each loan amount should not exceed 450,000 AMD,
Annual interest rate - 12%: “The loans are provided with 12% annual interest rate, where RA Ministry of Finance subsidizes 2 interest points for all the students and 3 interest points for the students who show excellent performance the year previous to the loan provision. The loan interest rate may change in case of suspension of studying, having 90 days of overdue liabilities, in case of not being refinanced by the RA Ministry of Finance. The years of recruitment to the Military Forces of RA are not considered as suspension of studying.
Loan repayments – the repayments are made by monthly equal installments. Moreover, during the studying years the borrower makes only interest amount payments, and after the studying period the equal installments of the loan principal amount and interest amount. No penalties apply for making loan principal amount payments during the studying period.
The loan amounts are calculated towards the decreasing balance of the loan amount.
The loan is provided with guarantee of maximum 2 persons. Moreover, the guarantee of a parent is mandatory. The loan is provided with guarantee of maximum two persons. Guarantee of a parent is mandatory. If the customer is parentless, any of the relative can become a guarantor – husband, husband’s parents, sisters and brothers, grandparents.

Read more:
Loans commissions, fees and other applicable charges - Lending operations

Required documents

Personal identification document,
Document containing the social services number or the original document on receiving or not receiving a social services number from an institution holding the state registry.
Copy of the marriage certificate (if applicable),
Statement from the place of employment and/or other documents verifying the income (if the student works, these documents are required),
Statement from the higher education institution, where the faculty, year and the tuition for one year (the remaining balance for the current year), the bank account requisites of the higher education institution, the date of the student’s graduation should be mentioned. In case of excellent performance that should also be mentioned,
The state approved personal identification documents of the parent(guarantor(s)) or the original document on receiving or not receiving a social services number from an institution holding the state registry.
Statements of the parent(s) and/or guarantors and/or the other family members of the borrower or other reliable documents if applicable.
Other documents

To obtain a credit

Visit the Bank,
Fill in the loan application form and present the necessary documents

Useful information

The loan funds are transferred to the bank account of the educational institution,
The decision on loan provision is made and the customer is informed one day after presenting all the necessary documents,
The factor affecting the process of making a positive or negative decision is the assessment of the customer’s and the guarantor’s creditworthiness,
The loan is issued in the Bank’s branches,
No penalties apply for the loan’s early repayment.

Penalties applicable in case of delinquencies against obligations of borrowers

Information provided to the credit registry

“BAD” CREDIT HISTORY MAY IMPAIR YOUR ABILITY TO OBTAIN LOANS / CREDITS IN THE FUTURE.

Financial assistant

In case of any inconsistencies between the published Armenian and English information, the Armenian version prevails.
Updated: 10.11.2016 11:37

82-84 Aram Street, Yerevan, Armenia

Tel: (+374 10) 31 88 88

Fax: (+374 10) 54 34 85

E-mail: acba@acba.am

Financial system mediator