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Card type1
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Arca Classic, Master Card Standard/VISA Classic3, Master Card ,Gold/VISA Gold, Ayo Visa Gold, Master Card Platinum/VISA Platinum, VISA Signature
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Purpose
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Purpose
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Payments, cash withdrawal
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Client’s personal details
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Eligible age of client/co-borrower/guarantor
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18-65 years old, provided that the borrower's age at the time of expiry of loan agreement will not have exceeded 65, otherwise a co-borrower or guarantor is required. The eligible age of co-borrower or guarantor is 18-65 provided that at the time of expiry of agreement it will not have exceeded 65.
If involvement of a co-borrower or guarantor is a required condition under loan terms (except where co-borrowers or guarantors possess at least 70% of income included in OTI calculation), the eligible age is 18-65 provided that at the time of expiry of agreement it will not have exceeded 65.
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Residency
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Citizens and non-citizens of Armenia who are resident in Armenia
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Loan terms
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Currency
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Armenian drams, US dollars, Euros
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Minimum and maximum credit limits
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AMD: 1,000,000-100,000,000
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USD: 3,000-100,000
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EUR: 3,000-100,000
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Increase of credit limit of card
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AMD 5,000
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Term (months)
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Indefinite term (until requested back): until loan cancellation by the Bank, which may occur in accordance with the agreement, based on the results of the monitoring by the Bank
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Interest rate
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AMD: 17%
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USD: 14%
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EUR: from 12%
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Annual percentage rate (APR)2
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AMD: 18.39-23.42 %
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USD: 14.95-18.01 %
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EUR: 12.7-15.64 %
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Other terms
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Where insurance of the collateral is obtained by the bank at the with of the client, the rate of interest will be increased by:
• 2.5% if the collateral is vehicle, or
• 0.5% if the collateral is plant and equipment.
Where the insurance of real estate is obtained by the client, the interest rate will be reduced by 0.05%, based on the share of each type of assets in the total collateral.
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If repayment schedule is differentiated or mixed, the applicable interest rate is increased by 0.5%.
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If the collateral related ratios (loan-to-value ratio) deviate from those approved by the internal regulations of the Bank, the applicable interest rate is increased by 0.25%.
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If the creditworthiness ratios deviate from the ratios approved by the internal regulations of the Bank, the applicable interest rate is increased by 0.25%.
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In case of other deviations, the interest rate may be increased by 0.25%.
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If the loan is secured by cash or bonds issued by Ameriabank, the interest rate is equal to:
- Applicable interest rate for cash/bond + 4%, but in any case not more than the rates specified above, if the loan and the collateral are in the same currency
- Rates specified above, if the loan and the collateral are in different currencies
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Where the client chooses a repayment option without early repayment fee for loans exceeding AMD 15 million, the interest rate is increased by 2% (not applicable to loans secured by cash/bonds).
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Forms of repayment
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Minimum payment required
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3% of utilized amount as shown in the account statement, or AMD 5,000/USD 10/EUR 10, whichever is greater, plus accrued interest
*Not applicable to loans secured by cash/bonds and credit cards issued to Premium and Partner clients
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Security
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Eligible collateral
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Real estate, vehicles to the reasonable satisfaction of the bank, metal accounts in gold, cash and bonds issued by Ameriabank
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Maximum loan-to-value (LTV) ratio (if the loan is secured by real estate, vehicles or plant and equipment, calculation is based on their liquidation value)
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The value of the loan security will be included in the estimation of the LTV ratio in an amount not more than:
1. Real estate: 70% if in Yerevan, 60% if outside Yerevan
2. Vehicles: 60%
3. Property and equipment: 40%, but not more than 30% of the value of aggregate pledge
4. Metal accounts in gold with Ameriabank: 80%
5. Cash at Ameriabank/bonds issued by Ameriabank:
-90% if currency of the collateral is the same as of the loan
-70% if currencies of the collateral and the loan are different
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Location of real estate to be pledged
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Yerevan, regional centers of Armenia, towns where Ameriabank has branches, as well as Jrvezh, Arinj, Dzoraghbyur, Kasakh, Tsaghkadzor, Masis and Yeghvard
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Age of vehicles to be pledged
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Max 12 years for foreign brand vehicles other than vehicles made in Russia, China and Iran, in which case max age is 8 years
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Appraisal of the collateral
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Pledged property to be appraised by an appraising partner of the Bank.
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Vehicles to be appraised by an appraising partner of the Bank.
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Additional security
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The Bank may request guarantees of individuals and/or companies as additional security.
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Insurance of the collateral
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Insurance of property
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The insurance of real estate, vehicles and plant and equipment is maintained throughout the loan term:
1. If obtained by the client: at least to the extent of the credit limit
2. If obtained by the bank: to the extent of the credit limit
The bank does not obtain insurance for the following vehicles:
• Vehicles transporting hazardous materials (toxic substances, chemicals, radioactive and explosive materials)
• Vehicles to be used in races, test drives; vehicles which have three wheels, snow removers, motorcycles, special purpose vehicles
• Taxis and rental cars
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Other amounts payable
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Early repayment fee
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5% of prepaid amount, chargeable if the loan is prepaid, whether in whole or in part, during the first 3 years of the loan term. Applicable to full prepayment of credit limits exceeding AMD 15 million. Not applicable to loans secured by cash or bonds.
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Late payment fines and penalties
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The interest rate specified in the loan agreement will continue to be applied to overdue loans.
Fine in the amount of 0.13 % of overdue loan/interest for each day of delay
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Required documents
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Required documents
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Required documents filed together with the loan application
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• Loan application
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• ID [original]
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• Certificate of ownership of property to be purchased/pledged [copy]
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Documents required after initial approval
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• Proof of employment and/or other income
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• Marriage (divorce, spouse death), birth certificate (original)
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• Certificates of registration and ownership certificates of vehicles to be pledged (original)
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• Certificate of title to real estate to be pledged (original)
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• Geodetic measurement report of land plot to be pledged4
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• Initial report on appraisal of real estate/vehicle
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Documents required after loan approval
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• Copies of bases of title to real estate (to be submitted upon request)
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• IDs of owners of property to be purchased/pledged [originals]
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• Copies of marriage (divorce, spouse death) certificates of owners of property to be pledged
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• Statement from the State Committee of Real Estate Cadaster on encumbrance of real estate (unified statement)
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• Statement, issued by the Police, on encumbrance of vehicle
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• Real estate appraisal report (final)
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• Real estate/vehicle insurance policy
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• Other documents as the bank's specialist may request
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Other terms
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Other fees payable by the client
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• Fee for unified statement from the State Committee of Real Estate Cadaster of the Government of the Republic of Armenia
• Fees for notarization of pledge (real estate or vehicle) and filing of the bank’s security interest under pledge agreement
• Fee for statement from the Police on encumbrance of vehicle
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*These terms have been previously known as Retail Lending Terms and Conditions under code 11RBD PL 72-03-01. Some of the Bank documents may contain references to these terms and conditions under the former name and code.
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1 Card service and cash withdrawal fees are subject to Ameriabank CJSC Card Rates and Fees (11RBD PL 72-56, approved by Management Board Resolution # 02/20/15 dated July 29, 2015). Available at https://ameriabank.am/useful-links
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2The annual percentage rate (APR) may differ from the above specified values if there is any or a few of the following factors:
- When the property insurance is obtained by the Bank at the customer’s request
- When the borrower selects differentiated or mixed form of loan repayment
- If there are deviations from the creditworthiness criteria approved under the internal regulations of the Bank
- If additional property is pledged as collateral
- If there are other deviations
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3USD and EUR-denominated limits with pre-defined schedule of payment are opened on MasterCard Standard/Visa Classic cards, which can have other terms than defined above, including a higher credit limit, lump-sum fee for provision of credit limit, zero fee for cash withdrawal, early repayment fines, interest rate starting from 12% for USD and from 10.5% for EUR, except for loans secured by cash. If the customer pledges a car bought from a partner car dealer of the bank, the following interest rates apply: starting from 14% for USD-denominated loans, and from 12% for EUR-denominated loans.
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4 Geodetic measurement is required for any land other than fenced plots or grounds attached to house, if:
- Client has applied for a loan above AMD 50 million, and
- Share of credit limit to be secured by such land plot exceeds 30% of total available credit limit. For the purposes of this document total available credit limit means the sum of all loan proceeds made available to client by decision of the bank’s authorized body within acceptable LTV ratio and subject to disbursement at the given moment.
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