Credit lines with reducible limit are provided to the RA citizen individuals, who have fixed documented income,
*Is not necessary if the credit line funds are less than 500,000 AMD
**to be submitted, if required
Example of calculation of a credit line:
In case of a 36-month, 21% annual interest rate, 700,000 AMD credit line, which will provided based on the financial flaw and guarantees via American Express Cashback card (card service annual commission fee – 6,000 AMD, cash withdrawal – 1.5%) the actual annual interest rate will comprise 26.92%. The daily interest amount will comprise Credit line used amount × Interest rate ÷ 365 = (700,000×21%÷365) = 402.74 AMD.
Penalties applicable in case of delinquencies against obligations of borrowers
Confiscation of collateral
THE PLEDGED PROPERTY MAY BE CONFISCATED, IF THE BORROWER DOES NOT MAKE DUE REPAYMENTS OF THE INTEREST AMOUNTS AND LOAN PRINCIPAL. IF THE COLLATERAL VALUE IS NOT SUFFICIENT, THE BORROWER’S LIABILITIES SHALL BE REPAID AT THE EXPENSE OF OTHER PROPERTY OF THE BORROWER.
Information to be submitted 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.