Important to know
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◾The Bank may request additional documents or other information from the consumer based on the “Know Your Customer” principle for the purpose of conducting due diligence on the customer as defined by the RA Law “On Combating Money Laundering and Financing of Terrorism”, as well as ask the consumer additional questions during oral communication (if such a request exists).
◾In accordance with the agreement signed with the United States based on the Foreign Account Tax Compliance Act (FATCA), the Bank may collect additional information to determine your US taxpayer status.
◾ATTENTION: Loan interest is calculated based on the nominal interest rate. The annual percentage rate shows how much the loan will cost you if you pay the interest and all mandatory payments for the loan and its servicing within the specified period and amount. You can find the procedure for calculating the annual percentage rate here.
◾WARNING: Your property (house, car, or other) may be seized in accordance with the law if you fail to make timely repayments of your interest and loan amounts.
◾ATTENTION: In case of failure or incomplete fulfillment of your obligation, the lender will send this data to the credit bureau after 3 business days, where your credit history is formed. You have the right to obtain your credit history from the credit bureau once a year for free. A bad credit history may hinder you from obtaining a loan in the future.
◾The borrower has the right to unilaterally terminate the loan agreement without giving any reasons within 7 business days following its conclusion, unless a longer period is provided for in the loan agreement (cooling off period). In that case, the borrower is obliged to pay interest to the Bank for the use of the loan amount, which is calculated in accordance with the annual effective interest rate provided for in the loan agreement. No other compensation may be required from the consumer in connection with the termination of the loan agreement.
◾The borrower has the right to fulfill (repay) his obligations under the loan agreement ahead of schedule, regardless of whether such a right is provided for in the loan agreement or not.
◾You have the right to communicate with Ardshinbank CJSC in your preferred way: by mail or electronically. Receiving information electronically is the most convenient. It is available 24/7, is free from the risks of losing paper information, and ensures confidentiality.
Information about Score and Credit History
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What is credit history?
Under the law of the Republic of Armenia “On Circulation of Credit Information and Activities of Credit Bureaus”, credit information is any information about the liabilities undertaken by the subject of information, which reveals the debts, payments, payment habits or any other information about the liabilities or the performance thereof (that are being taken into consideration by financial organizations upon the issuance of credits, as well as by manufacturing, selling and service providing organizations while making a decision on the realization of goods/services based on the principle of instalment payments).
Importance of credit history
A negative credit history recorded in the past may serve as grounds for the tightening of the terms of credit or the non-issuance thereof.
A credit report is a written or electronic document which contains credit information on the performance of the financial liability in relation to the subject of the credit information (natural person or a legal entity) and the entrepreneurial organizations taken over by the latter.
The report shall comprise data obtained as of the moment of the inquiry from organizations affiliated with ACRA and shall reflect credit data of the 5 years preceeding such an inquiry.
ACRA is a credit bureau collaborating with all the banks and credit organizations in the Republic of Armenia.
Types of the score being applied
The evaluation of credit worthiness in ARDSHINBANK CJSC involves the ACRA credit history, the FICO score mark and the Bank's internal screening mechanism.
What is a credit score mark?
A FICO score is a screening system processed jointly by the closed joint stock company (CJSC) ACRA Credit Reporting and Fair Isaac Services which, conducting a statistical study of the client's credit history, gives the digital mark of the credit worthiness of the client’s credit risk as a pivotal instrument for the dimensioning of the consumer crediting risk.
The corresponding information is available also at abcfinance.am and acra.am.
Main factors influencing the score
According to FICO score calculation model, the determiners influencing the score include:
1. Payment (redemption) history;
2. Credit burden;
3. Length of credit history;
4. Types of used loans;
5. New credit application.
The Bank's internal screening mechanism is influenced by
1. Information about bank and deposit accunts, transactions made therewith and information about transfers;
2. Information about credit history;
3. Information about income and employment history;
4. Information about family status and education;
5. Information about the ownership of immovable and movable property;
6. Information about the servicing of other liabilities;
7. Any other information characterizing the client.
Credit inquiry influence on the score mark
The number of credit inquiries may have a negative impact on the concise credit mark. If the inquiry is conducted as part of a monitoring, it does not normally have a negative impact.
How to avoid a deterioration of a credit history and a score mark?
1. To discharge the credit liabilities in a due manner without delays in accordance with the established schedule;
2. To avoid being a co-borrower and/or guarantor, etc. with respect to the liabilities of borrowers with a suspicous or negative credit history;
3. Upon making redemptions of credit liabilities through a payment terminal, to take into consideration the fact that payments made after 4:45pm, i.e. – the Bank's operational hour, are rescheduled to the next business/operational day and the payment is deemed made on the next day.
How to improve credit history and the score mark?
1. To redeem the overdue liabilities if any;
2. To discharge the credit liabilities in a due manner without delays, and to rule out even daily delays thereof;
4. To avoid being guarantors for non-trustworthy persons in the future.
Who to turn to in case of errors in the credit history?
Whenever the borrower’s credit history contains errors or incomplete data, the borrower shall:
1. pursuant to the clauses set forth in Article 20 of the law of the Republic of Armenia “On Credit Information or Activities of Credit Bureaus”, inform the credit bureau thereof or simply turn to the subject providing such information (the source of credit information). The notification may be arranged by way of submitting a corresponding written application to the credit bureau, or electronically, i.e. – in an online regime from the personal office My ACRA. The process of the acceptance/receipt and consideration of clients’ complaints (as submitted by ACRA), and the response thereto and the succession of actions shall be determined subject to the "Dispute Resolution Procedure" of ACRA Credit Reporting. Corresponding information is available also at abcfinance.am and acra.am
2. Turn to the Bank
• by sending a letter to the Bank’s official email address (office@ardshinbank.am)
• by contacting the Bank’s 24/7 call center (tel. 012222222);
• by submitting a written application/complaint/request at any branch of the Bank.
Ինչպես միանալ կուտակայի կենսաթոշակին
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Ներկայացնում ենք բնակելի գույքի ձեռքբերման և վերանորոգման (բարեկարգման) նպատակով վարկերի բոլոր տեսակները, որոնք, պարբերաբար բարելավելով, մշտապես առաջարկում ենք շուկայում գործող առավել մրցունակ պայմանները: