Gold Secured Loans

Apply for gold secured loans in Inecobank’s branches within several minutes by choosing the most convenient option that takes into consideration your financial needs.

About Loan Terms & Conditions Additional Documents

Evaluated price for 1 gram

Valuation rates for gold items - 06/09/2024
CBA published value - 30,979
Gold assay %	Valuation in AMD	Disbursment
Gold assay %	Valuation in AMD	95%	150%
999	30,900	29,355	46,350
958	29,700	28,215	44,550
900	27,900	26,505	41,850
875	27,100	25,745	40,650
750	23,200	22,040	34,800
583	18,000	17,100	27,000
550	17,000	16,150	25,500
500	15,500	14,725	23,250
375	11,600	11,020	17,400

The Bank may unilaterally amend the terms mentioned above, preliminary notifying about the changes through Bank's official website and/or other public sources, placing within the premises of the Bank, as well as via channels stipulated by the contract.

Loan Amount

AMD 50 000 - 5 000 000 AMD

The maximum loan amount is determined based on the client's credit risk assessment

Maturity term

Differentiated repayment: 12 months
Annuity: 24, 36, 48, 60 months

Annual nominal interest rate

14%: for 12 months term, non-equal portion loan repayment schedule
14%: for 24 and 36 months term, equal portion loan repayment schedule
15%: for 48 and 60 months, equal portion loan repayment schedule

ATTENTION: The nominal interest rate on this loan may be changed by the Bank.

Annual percentage rate

14.93%: for 12 months term, non-equal portion loan repayment schedule
14.93%: for 24 and 36 months term, equal portion loan repayment schedule
16.08%: for 48 and 60 months, equal portion loan repayment schedule

ATTENTION: Loan interest rate is calculated based on the nominal interest rate, whereas the annual percentage rate indicates how much the loan would cost in case of repayment of interest amount and other payments under the defined timeline and terms. For more information please refer to the "Annual Interest Rate Calculation Guide

Interest calculation procedure

The interest rate is applied to the deductible balance of the loan based on the calculation of 365 days a year

Maximum LTV ratio

150%** depending on the customer's credit risk assessment

**In case of new loans with non-equal repayment schedule, if the LTV ratio is more than 95%, the amount exceeding 95% shall be provided on the following terms

Loan term: the new loan term

Repayment: monthly interest and principal payment

Additional one-time account service fee: N/A

Other terms: according to these tariffs

Repayment method:

One-month payment of interest, the principal is charged at the end of loan maturity period.
Interest and principal amount are charged on monthly basis

Early repayment penalty

No applicable

Repayment of overdue liabilities

For each delayed day, a 0.13%

is applied on the overdue amount.

Disbursement place

GOLD SECURED LOANS ARE PROVIDED IN THE FOLLOWING BRANCHES OF THE BANK: NOR NORK, MALATIA, SHENGAVIT, EREBUNI, TIGRAN METS, AJAPNYAK, DAVTASHEN, ZEYTUN, GYUMRI, ABOVYAN, ASHTARAK, LORI, ARTASHAT, VANADZOR.

Security

Gold items (jewels, scrap, bars) except for white gold

Loan disbursement method

Lump-sum, cash and non-cash (through the customer’s account opened in the Bank)

Your financial informant

"YOUR FINANCIAL INFORMANT" www.fininfօ.am, IS AN ELECTRONIC SYSTEM THAT GIVES INDIVIDUALS THE OPPORTUNITY TO SEARCH FOR THE NECESSARY FINANCIAL SERVICE ON A COMMON PLATFORM, COMPARING THE TERMS OH THE OFFERED SERVICES

Other provisions

Borrower Description:

RA resident citizens

Loan purpose

Consumer

Account service fee

One-off (charged at the time of loan disbursement)
For loans with 12-month and 24-month maturity term
- For loans up to AMD 200 000: the fee is AMD 2 400
- From laons from AMD 200 001 to AMD 1 000 000: the fee is AMD 4 800
- For loans over AMD 1 000 001: the fee is AMD 9 600
For loans with 3-month maturity term (interest and account service fee monthly repayments):
- 1.2% of the loan amount, but not more than 12 000 AMD
For loans with 3-month maturity term (only one-off commission fee at the beginning of the loan):
- 4.2% of the loan amount
Monthly: initial debt amount:
-0.2% for annuity repayment schedule;
-0.3% for differentiated repayment schedule;
-0%, for the loans with only one-off commission fee charged at the beginning of the loan

Disbursement method

cash and cashless (based on the customer's account at opened in the Bank)

Disbursement place

GOLD SECURED LOANS ARE PROVIDED IN THE FOLLOWING BRANCHES OF THE BANK: NOR NORK, MALATIA, SHENGAVIT, EREBUNI, TIGRAN METS, GYUMRI, ABOVYAN, ASHTARAK, LORI, ARTASHAT, VANADZOR.

Collateral

golden items (jewelry, scrap, bullion) with the exception of white gold

Repayment of overdue liabilities

For each delayed day, a {penaltyFee}%

penalty is applied on the overdue amount

NOTE: In the event of failure to make repayments of interest and loan amount on time, collateral and other property (home, car, gold or other) may be confiscated by law, and the borrower information will be recorded in the credit registry. In case the borrower fails to fulfill the obligations, the repayment of the liabilities at the expense of other property of the borrower is possible if the collateral is not sufficiently enough to repay the debt.

Loan provision criteria

Permanent place of residence
positive or neutral credit history

Loan rejection criteria

unreliable data provided by the customer
bad credit history

Lis of required documents

ID and / or Social Card

Loan disbursement period

10 - 15 minutes ( including collateral evaluation, documentation and loan provision)

Property Insurance

not required

General provisions

ATTENTION:

LOAN INTEREST RATE MAY BE CHANGED BY THE BANK:
In case the Customer does not agree to the interest rate change he/she is entitled to untimely and unilaterally terminate the Contract thus fully repaying the loan principal amount and paying the calculated interest rates and making other payments. Regardless of the tariff rate stated by the Bank the interest rate of the loan (borrowing) cannot exceed double refinancing rate defined by the Central Bank of RA.

WARNING:

INTEREST RATES AND LOAN AMOUNT IF NOT PAID TIMELY, THE PROPERTY PLEDGED AND/OR FINANCIAL FUNDS MAY BE CONFISCATED BY THE LAW AND THE INFORMATION ABOUT THE CUSTOMER IS SENT TO THE CREDIT REPORTING AGENCY WITHIN 3 WORKING DAYS WHERE THE CUSTOMER’S CREDIT HISTORY IS FORMED. THE CUSTOMER IS ENTITLED TO ACQUIRE HIS/HER CREDIT HISTORY FROM CREDIT REPORTING AGENCY ONCE A YEAR FREE OF CHARGE:

ATTENTION:

BAD CREDIT HISTORY MAY PREVENT FROM RECEIVING LOAN IN THE FUTURE. IN CASE OF NON- FULFILMENT OF THE LIABILITIES BY THE CUSTOMER, WITH NON- SUFFICIENT PLEDGE DURING REPAYMENT OF THE LIABILITIES AT THE EXPENSE OF THE PLEDGE IT IS POSSIBLE TO REPAY THE LIABILITIES AT THE EXPENSE OF OTHER PROPERTY OF THE CUSTOMER.

Credit History and credit score

Credit history

Credit history is the information on the obligations undertaken by the Customer. Credit history may have impact on credit decision-making and includes information aged at least 5 years.

Credit history includes:

information on the amount of obligations assumed by the customer, the annual interest, the balance of obligations, the property pledged for them.
history of payments for obligations assumed by the customer, including delays in payments from the established schedule.
Guarantees given to other persons
Information on obligations of related parties of the customer

The customer is entitled to get informed about his/her credit history by performing the actions indicated on the websites https://www.abcfinance.am , Frequently sked questions or www.acra.am

When identifying errors and shortcomings in the credit history, the customers can inform the credit bureau to clarify and correct them or they can directly contact the financial institution that has submitted the information to the credit bureau.

Credit score

A credit score is the creditworthness assessment formed on the basis of information collected on the customer's obligations, which indicates the risk of loan recovery by the specified customer in a certain period of time.

The Bank uses its own scoring system to assess the creditworthiness of customers in the field of retail lending.

The score calculation is based on the following groups of factors:

Credit history of the customer (delays in payments decrease the score)
Information on the customer's employment and income (the latter’s absence decreases the score)
Other social and behavioral factors of the customer (have both positive and negative impact on the score, depending on the type of factor and on how they are expressed)

Ways to improve the credit history and score

To improve their credit history and score, customers should do the following:

make payments for their assumed obligations according to the schedule
avoid credit overload and unsubstantiated new credit applications
avoid providing guarantees to unreliable third parties.

Other provisions

The Bank is entitled to conclude an agreement with the customer on other terms and tariffs different from those defined in this document.
As a rule, any amount deposited into the account is directed by the Bank to the repayment of the amounts payable to the Bank at the time of the deposit by the Customer under the Loan Agreement, including commissions, penalties, interest, and the Loan repayment. The Bank has the right to carry out the repayment specified in this Clause in a different sequence.
For the purpose of customer due diligence defined by the RA Law "On Combating Money Laundering and Terrorism Financing", the Bank may request additional documents or other information from the Customer based on the "Know Your Customer" principle, as well as during oral communication it may ask additional questions to the Customer (if there is such a request).
According to the agreement signed with the USA based on the Foreign Account Tax Compliance Act (FATCA), the Bank may collect additional information to determine whether the Customer is a US taxpayer or not.
Commissions subject to VAT taxation are also VAT-inclusive.

Providing account statements and references

Provision of account statement in the Bank

Free of charge

Providing account statement by post (monthly)

Outside the RA territory – 2000 AMD + postal delivery costs

Providing account statement via E-mail

Free of charge

Providing account statement duplicate

Aged up to 1 year - 1 000 AMD
Aged more than 1 year - 3 000 AMD

Issuance of references and provision of information (aged up to 3 years)

Provision of bank account statement and SWIFT message copy- 3000 AMD**
Information on the details of transactions (including those made through express money transfer systems)- 5,000 AMD***

Information on loans and their collaterals - 5,000 AMD****
Provision of references and information of other type and/or age: 10,000 AMD

* In case of delivery by post the postal delivery cost will additionally be charged
**The copy of the SWIFT message is provided free of charge through the InecoOnline system
***For information on more than 10 transactions, the tariff set for references of "Other type" is applied
****In case of including information on 2 or more agreements, the tariff set for references of "Other type" is applied

Updated as of 06.09.2024 10:54