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Special program for refinancing consumer loans for military servicemen

Special program for refinancing consumer loans for military servicemen

Terms of special refinancing program provided to the staff of the Ministry of Defense of the Republic of Armenia with military rank

Project beneficiary: The staff of the RA Ministry of Defense system (including all military units), sub-officers and officers (excluding compulsory military servicemen)
Loan designation
Reconstruction of existing consumer loan/s/
Loan currency  AMD
Maximum amount of loan
  • AMD 1,000,000 for junior and senior officers of the Ministry of Defense (ranging from lieutenant military rank to colonel's military rank, inclusively).
  • For ordinary and sub-officers of the Ministry of Defense of the Republic of Armenia (excluding compulsory military servicemen) - 500,000 AMD
Term of Loan
7 years (can be provided for a shorter period by the client's consent)
Nominal interest rate:
Loan extension form
One-time, non-cash, whereas the amount of the loan should immediately be directed to repayment of other liabilities
Loan application review, loan disbursement and service fees 0 AMD

1 If the borrower has a loan received within the framework of the Project approved by the RA Government's Decree dated 23.05.2013, No.590-N , the loan commitment is included in the maximum amount of loan amount specified in paragraph 4 of this Appendix, with the contractual amount of the loan included in the calculation.

Other terms

Loan repayment method:
Annuity (equal monthly repayment), in which the principal amount and accrued interest are included

Financial flow information

Interest calculation procedure
Interest is calculated on the declining balance of the loan

Credit history requirements
The total amount of all borrower's current / past due / delinquent days during the last 12 months should not exceed 30 calendar days

In case of breach of the repayment terms stipulated in the contract, the Borrower shall pay a fine to the Bank at the rate of 0.13% of the overdue amount for each day of default.

The list of required documents submitted to the Bank

  • Loan Application Form
  • Personal identification document and Public Service ID /or a statement for absence of PSID/, whereas the latter is not required, if identification card is provided as an identification document
  • Reference from the place of employment in which the military rank and the size of the salary must be indicated, and its validity shall not exceed 20 calendar days prior to the date of its submission to the Bank
  • Extracts (s) / reference (s) / (s) of the principal amount / (s) balances of the loan / s / in other finacnial institutions, subject to reconstruction ( to be submitted after the loan is approved, up to the disbursement of loan)
  • A document confirming full repayment of the loan (s) repaid in another financial institution (submitted within 2 working days after transfer of loan amount)
  • Other documents, as required

Other requirements:

  • The loans provided prior to December 1, 2018 are subject to reconstruction
  • Only principal balances of consumer loans are subject to reconstruion
  • Each borrower may use this Project only once within the limits of maximum eligible amount (also by way of 2 and more loans not exceeding the maximum eligble limit).