Gold pledge consumer loans

Loan purpose  Consumer
Loan currency AMD
Loan term   24 months 12-24 months
Payments Free repayment schedule Annuity
Annual nominal interest rate

 

  • 24% for loans from 5,000 AMD to 499,999 AMD
  •  21% for loans from 500,000 AMD to 2,499,999 AMD
  •  18% for loans from 2,500,000 AMD to 500,000,000 AMD

 

 

  • 24% for loans from 100,000 AMD to 499,999 AMD
  • 21% for loans from 500,000 AMD to 2,499,999 AMD
  •  18% for loans from 2,500,000 AMD to 500,000,000 AMD

 

Loan service fee

 

  • 0% per-year for loans from 100,000 AMD to 500,000,000 AMD
  • 12% per-year for loans from 5,000 AMD to 99,999 AMD

 

Not charged
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.  

ATTENTION

The 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/

 

  • 36% per-year for loans from 5,000 AMD to 100,000 AMD
  • 24% per-year for loans from 100,000 AMD to 499,999 AMD
  • 21% per-year for loans from 500,000 AMD to 2,499,999 AMD
  • 18% per-year for loans from 2,500,000 AMD to 500,000,000 AMD

 

  •  24% per-year for loans from 100,000 AMD to 499,999 AMD
  • 21% per-year for loans from 500,000 AMD to 2,499,999 AMD
  • 18% per-year for loans from 2,500,000 AMD to 500,000,000 AMD

 

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
Acquaintance
  1.  The loans are provided to at least 18 years old physical entities.
  2.  “A” class customers shall meet at least the following conditions at the same time in the Organization:
  • Over the past three years  the gross overdue days for operating and repaid loans at the time of application should be 0,
  • Over the past three years the total days of the operating and repaid loans at the time of application should be > = 360 days,
  • Over the past three years the risk class of operating and repaid loans should be "Standard"

3. Required Documents:

  • Personal identification document.

4.  The loan is provided in “Goris” and “Vanadzor” branches.

5. The factors for making positive decision of the loan:

  • Client or Collateral comply with the requirements set out in this document.

6.   The factors for making negative decision of the loan:

  • Client and Collateral does not comply with the requirements set out in this document.

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%.

Annual Indicative Calculation Guideline

Power of Attorney.