BEFORE SIGNING THE LOAN AGREEMENT, INDIVIDUAL BULLETIN TO BE PROVIDED AS PER CENTRAL BANK OF ARMENIA REGULATION 8/05 "ON BUSINESS CONDUCT RULES OF FINANCIAL ORGANIZATIONS".
Before signing the loan agreement, you have the opportunity to get acquainted with the essential terms of the loan and, if desired, compare it with the essential terms of the loan offered by other creditors.
The Individual Bulletin defines the essential terms and tariffs of the given credit, consumer rights and obligations applicable to all customers and the negative consequences in case of non-fulfilment in time.
The Individual Bulletin includes, but is not limited to:
- type of credit
- credit amount
- credit currency
- credit provision term
- credit annual nominal interest rate
- credit annual percentage interest rate
- payment frequency
- credit related payments
- penalties and fines in case of not properly paying loan or interest amounts
If the fulfilment of the consumer's obligations is secured by a pledge and (or) guarantee, security section should cover:
- type of pledge
- note on the guarantor
- and other conditions
We would also like to inform you that there may be differences between the Individual Bulletin and mortgage lending agreements due to changes in the repayment schedule and (or) the exchange rate.
The terms of the Individual Bulletin are valid for 10 working days after informing you, as a consumer, about the positive decision of the credit application. In case the consumer (guarantor) wants to sign the Individual Bulletin immediately, the Bank gives sufficient time to the consumer (guarantor) to read the Individual Bulletin in detail. If the consumer submits the signed Individual Bulletin to the Bank later than the established term, the Bank decides whether to sign the lending or mortgage lending agreement under those conditions in accordance with its internal legal acts or no.
ATTENTION: IN CASE OF NOT MAKING YOUR LOAN MONTHLY REPAYMENTS IN LINE WITH THE LOAN SCHEDULE YOU CAN BE DEPRIVED OF RIGHTS AGAINST PLEDGED PROPERTY. INFORMATION ABOUT DELAY WILL BE SUBMITTED TO CENTRAL BANK OF ARMENIA AND ACRA CREDIT REPORTING CJSC WITHIN THREE WORKING DAYS, RESULTING IN NEGATIVE IMPACT ON YOUR CREDIT HISTORY, SHOULD YOU DECIDE TO APPLY FOR ANOTHER LOAN IN THE FUTURE. YOU HAVE A RIGHT TO OBTAIN YOUR CREDIT HISTORY FROM CREDIT BUREAU FREE OF CHARGE ONCE A YEAR.