Setting a credit limit

Is provided on the basis of an application, maximum for the amount of the credit limit1, according to the following scale:

• up to AMD 150 000, if one of the student’s parents has a credit liability towards the Bank2, or if the student has a student loan obtained from the Bank
• up to AMD 100 000, if one of the student’s parents is included in one of the salary projects implemented by the Bank. In the context of this instrument, the list of the salary projects is approved by the Executive Director
• up to AMD 50 000 in other cases

In all cases, the credit limit is provided in case of availability of the guarantee issued by at least 1 parent and the parents’ interrelated parties, who, as well as the applicant, shall have credit history acceptable for the Bank.

Procedure of repayment and calculation of the interest rate

The transactions performed by the customer each month are reflected in the monthly statement. The statement date is 25th day of each month /if it’s a non-working day, then the next working day/.

The customer is provided with 15-days’ grace period, and if the used portion of the credit limit is fully repaid during it, then no interest is charged.

The customer shall repay the debt specified in the statement until expiry of the grace period, in accordance with the Tariffs and Rates set by the Bank.

The part of the credit limit used by the customer is restored for the size of the repaid amount.

In case of failure to repay fully the liability created at the end of the grace period, interest is accrued at the interest rates set by the Bank’s tariffs at the given moment.

The accrued interest is the sum of interest accrued to separate transactions for the period starting from the date of recording a transaction until the date of repayment of the transaction amount.

Any amount credited to the customer’s accounts is used for repayment of the used limit, after which the limit is restored for the same amount.

Penalties

In case of failure by the customer to repay the required minimum amount specified in the statement (for settlement cards), a penalty is charged from the card account, equal to 0.15% for each day of delay, and a penalty of 0.4% is accrued to the overdue interest amount for each day of delay.

In exceptional cases and depending on the place of usage of the Card (for any type of cards) and the character of the transaction, the credit limit of the card can be exceeded in the result of one or several transactions, in case of which a penalty is accrued in the size set by the Bank’s Tariffs and Rates.

List of required documents:

• Application,
• Passport,
• Social services number or a reference on absence of a SSN,
• Document evidencing the fact of being a student,
• In case of applying for a credit limit:
  • The document evidencing that the person is a student shall contain the student’s name and surname, the name of the department, and the year of study. The reference shall be verified with the seal of the educational institution and signed by the dean of the respective department;
  • Passport/s/ of guarantor parent/s/.