|Loan term||24 months||12-24 months|
|Payments||Free repayment schedule||Annuity|
|Annual nominal interest rate||
|Loan service fee||
|Loan amount||From 5,000 to 500,000,000 AMD||From 100,000 to 500,000,000 AMD|
|Loan to value maximum ratio||
up to 100% of the collateral appraised value**Up to 110% for “A” class customers: moreover, with total loan balance for the up to 110% loans (including loans with foreign currency and the new one) at the time of lending should not exceed 5,500,000 AMD or the equivalent foreign currency one.
|Loan interests and service fees calculation method||Applied on the actual (non-overdue) balance of loan|
|Loan providing method||In cash, lump sum|
|Collateral||Jewelry including standardized golden bars, coins and commemorative coins, jewelry (also with precious stones) or metals.|
ATTENTIONThe jewelry’s decoration value, precious stones value (except dionds), semiprecious stones value, mechanisms and non-gold pieces aren’t taken into the pledge value during the jewelry appraisal.
|Collateral assessment||According to the Gold Assessment Scale|
|Loan early maturity penalty||
Not charged**Loans up to 200 USD: the penalty is charged, if the loan is repaid within 10 (ten) days, and is equal to the sum of the interest and service fee accounted for 10 days.
|Overdue principal amount penalty/yearly/||
|Confiscation penalty||The penalty is calculated 15 % of the loan principal amount (not more than the difference between the collateral realization amount and the creditor total debt) and charged sum lump|
3. Required Documents:
4. The loan is provided in “Goris” and “Vanadzor” branches.
5. The factors for making positive decision of the loan:
6. The factors for making negative decision of the loan:
7. It takes 1-5 minutes for making decision, notification and providing loan to the client. The period may differ depending on the number of precious stones.
8. Any amount for the repayment of the loan, as a rule, shall be directed to the repayment of the amounts by the order set out in the Loan Agreement, including service fees, penalties, interest, and Loan. The Organization has the right to set another order for the amounts subject to payment in the Loan Agreement signed between Organization and client.
9. Warning! If you do not make repayments of interests and principal amount on time, the information on you will be registered in credit register. Your property (house, car and other) may be seizure as stipulated by law if you do not make repayments of interests and principal amount on time. In case the creditor fails to accomplish the loan liabilities are covered by the collateral and its values is not sufficient for covering the whole liability, the Organization can cover it by your other property.
10. Attention! Credit interests are calculated based on nominal interest rates. Annual percentage rate shows how much the credit will cost for you if interests and other payments are paid in predetermined period and in predetermined size. Procedure on calculation of annual percentage placed on the relevant page of the official website of the organization (fastcredit.am).
11. The Organization issues the client an Individual sheet according to internal acts before signing the Loan Agreement.
A representative example of calculating the actual loan interest rate:
Loan amount: 1,000,000 AMD
Annual nominal interest rate: 21%
Term: 24 months
Service charge is not defined
Redemption method: annuity
Loan submission date: 28.08.2017
Loan repayment date: 28.08.2019
The amount of monthly repayments is 51,385 AMD
The annual actual interest rate is 23.13%.