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Point of sale loans |
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General information |
| Terms and conditions for Point of sale loans servicing | | Borrower’s description | Individual being RA resident | | Purpose of the Loan | to purchase consumer goods such as home appliances and computer technology, cell phones, furniture, air conditioners, heating systems and etc. | | Criteria for a positive loan provision decision | - A positive credit score according to the standards stipulated by the Bank
- permanent residency (which is confirmed with the stamp in the passport)
- Stable income
- positive or neutral credit history
- Authentic and fully fledged documents
| | Criteria for a negative loan provision decision | - insufficient income to pay off the credit
- untrustworthy information provided by the customer
- negative credit history
- customer’s income from a risky sector
| | Conditions limiting loan availability for the customer | - The loan is provided to individuals having registration in Yerevan, Abovyan, Echmiadzin and Masis cities, as well as in the cities and nearby inhabited places where the Bank has branches. The Bank services only those on credit purchases which are made in the stores cooperating with the Bank.
| | Places the service is provided | All branches of the Bank | | Pledge | The good to be purchasedThe maximum loan/pledge value correlation ratio is 90%. | | Property Insurance | Not required | | Allocation Mode | Non cash | | Repayment mode | Monthly equal repayments, which include the principal and the interests. | | Prepayment of the loan | No penalty | | Transaction Time Period | 5 – 15 minutes | | Required documents | · passport copy,
· copy of social card,
· income reference (signed and sealed) from workplace | | Repayment of overdue obligations | Starting from the default day 0.4 percent of the overdue amount will be calculated for each overdue day as a penalty.
Introduction: In the case of not repaying the loan interest and the principal on time the pledged property may be confiscated and the information about the borrower will be entered in the loan registry. If the borrower does not perform his/her obligations and repays his/her obligations with the pledge which is not sufficient there is a possibility of repaying the obligations through additional property. | | Loan currency | AMD | | Interest Estimation | The interest is calculated based on 365-day per annum on the balance of the loan | | Annual effective rate calculation example | Loan amount - 200 000 AMD
Interest rate – 26%
Term – 12 months
Commission fee – 2000 AMD
Annual effective rate will be 31.67%
(the calculation method is introduced in the guidebook)
Monthly effective rate will be 2.33% | | ATTENTION: Attention: Loan interests are calculated based on the nominal interest rate. The annual interest shows how much the loan will cost if you realize the payments for all the interests and other fees within stipulated terms and quantity. You can find the annual interest calculation policy in the Annual interest calculation guideline. | | Other conditions | Stipulated for bank’s depositors - 2 percent interest discount
- 50 percent discount for the account servicing additional commission fee and advance payment
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| Tariffs for Point of sale loans | | Home appliances | | Borrower’s grade | 5 | 4 | 3 | 2 | 1 | | Max loan amount (AMD, min 30 000 AMD) | 600,000 | 400,000 | 300,000 | 250,000 | 200,000 | | Min amount of advance payment | 10% | 15% | 20% | | Additional lump-sum fee for account servicing | 2000 AMD
In case of 36 and more days overdue obligations by the last loan agreement repaid during 36 months preceding the loan registration date or in case of 20 and more days overdue obligations by the current loan agreement additional lump-sum fee for account servicing will be 5000 AMD. | | Term | 3-24 months | | Annual nominal interest rate | 26% |
| Computers | | Borrower’s grade | 5 | 4 | 3 | 2 | 1 | | Max loan amount (AMD, min 30 000 AMD) | 500,000 | 400,000 | 300,000 | 200,000 | 200,000 | | Min amount of advance payment | 20% | 25% | 30% | 50% | | Additional lump-sum fee for account servicing | 2000 AMD
In case of 36 and more days overdue obligations by the last loan agreement repaid during 36 months preceding the loan registration date or in case of 20 and more days overdue obligations by the current loan agreement additional lump-sum fee for account servicing will be 5000 AMD. | | Term | 3-24 months | 3-12 months | | Annual nominal interest rate | 26% |
| Cell phones | | Borrower’s grade | 5 | 4 | 3 | 2 | 1 | | Max loan amount (AMD, min 30 000 AMD) | 180,000 | 150,000 | 100,000 | 70,000 | 50,000 | | Min amount of advance payment | 20% | 30% | 40% | 50% | | Additional lump-sum fee for account servicing | 2000 AMD
In case of 36 and more days overdue obligations by the last loan agreement repaid during 36 months preceding the loan registration date or in case of 20 and more days overdue obligations by the current loan agreement additional lump-sum fee for account servicing will be 5000 AMD. | | Term | 3-24 months | | Annual nominal interest rate | 26% |
Furniture, equipments and heating systems | Borrower’s grade | 5 | 4 | 3 | 2 | 1 | Max loan amount (AMD, min 30 000 AMD) | 700,000 | 500,000 | 400,000 | 300,000 | 300,000 | Min amount of advance payment | 15% | 20% | 25% | Additional lump-sum fee for account servicing | 5000 AMD
In case of 36 and more days overdue obligations by the last loan agreement repaid during 36 months preceding the loan registration date or in case of 20 and more days overdue obligations by the current loan agreement additional lump-sum fee for account servicing will be 8000 AMD. | Term | 3-24 months | Annual nominal interest rate | 26% | Irrespective of the tariffs stipulated by the Bank the interest rate of a loan can’t be above the double banking rate stipulated by the CBA. |
Maximum loan amount and min amount of advance payment depend on borrower’s grade.
| Updated 17.08.2010 at 16:19 |
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ANNUAL EFFECTIVE RATE CALCULATION GUIDEBOOK -
ANNUAL EFFECTIVE RATE CALCULATOR (BY EQUAL INSTALLMENTS) -
CONDITIONS AND TARIFFS FOR POS SERVICING (FOR COOPERATING ORGANIZATIONS AND INDIVIDUALS) -
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| Eng Arm |
| Excange rate for non-cash transactions |
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Currency
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Bid |
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Ask |
| USD |
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362 |
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365.5 |
| EUR |
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458 |
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468 |
| RUR |
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11.65 |
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11.95 |
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| USD Rate |
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© Copyright INECOBANK cjsc 2007. All rights reserved.
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