¹ If and when the self-service devices owned by the Bank are disrupted or the accounts and the card replenishment services being maintained therefrom are unavailable – as well as for those branches of the Bank (CSD), which are not equipped with such self-service devices – AMD 0 (zero) tariff shall be established. 

² “The simple annual (nominal) interest rate” is an interest rate established subject to the tariffs at an annual rate, which shall serve as a basis for the Bank for settling the interest amounts payable to the Client.

E.g. AMD 1,000 * 5% = AMD 50 per 365 days

The annual percentage yield (APY) is the percentage which a person shall receive by applying the simple annual percentage rate for AMD 1,000 over a 365-day period and by way of interest capitalization and payment frequency.

The annual percentage yield of the deposit shall be the amount received from the settlement of the interests payable at the interest rate of the annual profitability yield.

The procedure for the settlement of the annual percentage yield is be defined in CBA Regulation 8/02 “On the Calculation of Annual Percentage Yield of Bank Deposits”

 The Bank shall pay the payable interest amount to the Client's account on a quarterly basis. Under the law of the Republic of Armenia "On the Profit Tax”, the Bank shall act as the tax agent of the depositor, collecting and transferring to the state budget the amount of payable income tax.

³ Documents and/or records past the expiry date of storage under the legislation of the Republic of Armenia shall not be provided to the Bank's Clients.

⁴ Interest rate settlement sample

Credit line limit – AMD 5,000,000

Used part – AMD 1,825,000

Annual percentage rateof loan – 20%

Number of days per annum – 365 օր

The interest accrued daily will be worth AMD 1,000 (the interest amount will be worth 1,825,000*20% /365=AMD 1,000)

Procedure for the Settlement of Annual percentage rate

The annual percentage rateshall be settled based on the formula below:

where`

i shall stand for the Annual percentage rate (APR);

A – Credit Line Amount (original Credit Line amount issued by the Bank to the Client);

n – number in series of the fee paid for the redemption of the Line of Credit;

N – number in series of the fee paid for the latest redemption of the Line of Credit;

Kn – amount of the successive fee (n in series) for the redemption of the Line of Credit;

Dn – period between the date of issuing the Credit Line until the redemption thereof as the successive fee (n in series) (expressed in the number of days)

i – actual annual percentage rate that may be settled provided the other values in the equaton are known from the agreement or otherwise.

The actual Annual percentage rate shall be settled upon entry into the agreement, the assumption being that the Credit Line Agreement shall be valid within the timeframe specified in the application-offer for the concusion of a Credit Line Agreement with a Settlement Card or issuance and maintenance of a credit card and conclusion of a mixed credit line and (or) pledge agreement, and the Parties shall, appropriately and within the agreed timeframes, discharge their liabilities under the Credit Line agreement.

The grace redemption period (if any) shall not be considered in the actual annual percentage rate resettlement.

The accepted base number of days in the year shall be the actual number of calendar days per annum.

The settled actual annual percentage rate shall be rounded at least to a hundredth and be multiplied by 100 to obtain the percentage value.

The actual annual percentage rate settlement shall not cover:

·         The fee for extra payment card release and the annual maintenance fee for the card account;

·         The settled interests and forfeit penalties (penalties and fines) for breaching a credit liability and surpassing the payment limit;

·         Commissions for cash-out and cash-in transactions;

·         Fees for the issuance of different document types;

·         Commissions for currency conversion.

 
⁵ The term herein is foreseen only if prescribed by the agreement.

Compliance with the specified terms shall be checked two months prior to the expiry of the line of credit.
7 Messages are immediately available on devices connected to the internet; otherwise, the messages can be received after the device is connected to the internet — in the case of Viber, no later than within 24 hours, and in the case of a Push notification, at any time.

Warning:

In the event of the Client’s failure to make timely redemptions of the interest amounts and loans, the information thereon shall be provided to the Credit Registry of the Central Bank of Armenia (CBA) and ACRA Credit Reporting CJSC.

Decision-making and Credit Line Issuance Timeframes

After submission of the necessary documents and a prelimary approval, the final decision on the line of credit shall be made, and the Client shall be given a notice within a 5-day period.

The line of credit shall be issued within 3 business days after a final decision-making.

Factors accounting for the issuance of a line of credit may include, but not be limited to, compliance with the terms herein and submission of documents and records specified in the documents list.

Among the factors accounting for rejection of a line of credit are non-comppliance with the terms herein, submission of non-credible or incomplete records and documents or other cases prescribed by the rules of the Bank. m

ATTENTION: The nominal interest rate for this loan is subject to changes by the Bank.