▪️ THE BORROWER SHALL BE ENTITLED TO EARLY REPAY, IN FULL OR IN PART, THE LIABILITIES UNDER THE CONTRACT, IN WHICH CASE THE PRINCIPAL LOAN SHALL BE REDUCED IN THE AMOUNT PAID AND THE TOTAL COST OF BORROWING SHALL BE REDUCED PROPORTIONATELY. IN THIS EVENT, THE INTEREST ACCRUED TO THE PRINCIPAL LOAN BALANCE AND THE SERVICE FEE ACCRUED TO THE PRINCIPAL LOAN BALANCE THEREOF SHALL BE SUBJECT TO REDUCTION FROM THE TOTAL COST OF BORROWING. THE BANK MAY NOT APPLY ANY PENALTIES TO THE BORROWER UPON EXERCISING THEIR RIGHT AS SPECIFIED HEREIN.
▪️ In the event of non-performance or improper performance of the loan agreement, the Borrower may be deprived of their right to the property being purchased and pledged thereto.
In the event of failure to repay the loan liabilites at the expense of the collateral, the full repayment thereof shall be made at the expense of other proceeds and properties pertaining to the borrower and the pledgers.
▪️ In the event of default, the repayments shall be made in the following sequence: collection expenses incurred by the Bank with regard to duly pledged property and receivables by the Bank on part of the Borrower/Co-Borrower under the loan agreements; penalty accrued to (accumulated for) the overdue interest; interest accrued to (accumulated for) the overdue Loan; accrued (accumulated) yet unpaid overdue interest; overdue Loan amount; Loan service fee; term interest accrued to (accumulated for) the used Loan; the Loan amount.
The Bank, at its own discretion, may change the sequence of monetary liabilities without prior notice to the Borrower/Co-Borrower.
The loan and pledge agreements are subject to notarization. The ownership, mortgage and other property rights are subject to state registration.
▪️ The Bank undertakes to provide the customer with the proposal (offer) seven days in advance and grant a seven-day reflection period.
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The Bank's MOBILE BANKING application enables you to make money transfers, loan repayments, overview account balances and transactions, make payments and various transactions available at the following link.
ATTENTION:
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The loan interests are accrued based on the nominal percentage rate. The actual annual percentage rate reveals the loan value in the event of the payment of the interests and other fees within the specified timeframes and in the specified amounts. For detailed information on calculation procedure of the actual annual percentage rate please visit the following link.
ATTENTION!
▪️ YOUR PROPERTY MAY BE CONFISCATED IN A MANNER PRESCRIBED BY LAW IN CASE OF FAILURE TO REPAY BOTH INTEREST AND LOAN AMOUNT IN DUE TIME.
▪️ IN CASE OF NON-PERFORMANCE OR INCOMPLETE PERFORMANCE OF YOUR LIABILITIES, THE CREDITOR SHALL, AFTER 3 BUSINESS DAYS, SEND THE INFORMATION TO THE CREDIT BUREAU WHERE YOUR CREDIT REPORT IS CREATED. YOU ARE ENTITLED TO RECEIVE THE FREE COPY OF YOUR CREDIT REPORT FROM THE CREDIT BUREAU ONCE EVERY YEAR.
▪️ A POOR CREDIT HISTORY MAY LIMIT YOUR ACCESS TO FUTURE LOANS.
▪️ FINANCIAL ORGANIZATIONS IN THE REPUBLIC OF ARMENIA ARE SUPERVISED BY THE CENTRAL BANK OF ARMENIA.
