Educational Loans
| Parameter | Value |
|---|---|
| Loan Purpose | Consumer loan provided for educational purposes |
| Borrower Description | Individual, RA resident aged 23–65 |
| Borrower Requirements | Borrower must have a stable, documented income |
| Loan Currency | RA Dram (AMD) |
| Loan Amount | 100,000–1,500,000 AMD |
| Loan Term | 12–36 months |
| Annual Nominal Interest Rate | 18%–22% |
| Annual Actual Interest Rate | 20.39%–25.33% |
| Monthly Service Fee (calculated on the actual loan balance) | 0.04% |
| Interest Calculation Procedure | Based on the annual nominal interest rate — applied to the remaining loan balance |
| Loan Provision Method | Non-cash transfer |
| Loan Repayment Method | Monthly equal payments of principal and interest (annuity)* |
| Other Borrower Expenses | Commissions and expenses related to loan setup and service** |
| Loan Security / Collateral | Without collateral, guarantee, surety, or other methods specified by the RA Civil Code |
| Penalty for Early Repayment | Not applicable |
| Decision-Making & Client Notification Term | After submitting all documents requested by the Organization, decision-making takes up to 3 working days; the client is notified within 1 day |
| Loan Disbursement Term | Provided within 1 working day after approval and signing of the agreement |
| Validity Term of Approved Loan Application | Maximum 15 working days |
| Location of Loan Processing | Head Office of "Gladzor UCO" CJSC, address: Yerevan, Charents St. 1b, N 42 |
| Penalty Calculated on Overdue Loan Principal | Calculation of nominal interest does not cease, and a daily penalty of 0.06% is accrued on the overdue principal amount |
| Penalty Calculated on Overdue Interest | A daily penalty of 0.07% is accrued on the overdue interest amount |
| Factors for a Positive Loan Decision | - Accurate and complete documents
- Positive or neutral credit history
- Source of stable income
|
| Factors for Loan Application Rejection | - Client failed to submit required documents
- Inquiry to CB RA Credit Register and/or ACRA Credit Bureau revealed a negative credit history
- Creditworthiness evaluation showed the client is non-creditworthy
- Client provided false information
|
| Payment Methods | Cash — at "Gladzor UCO" CJSC cash desk (Yerevan, Charents St. 1b, N 42);
Non-cash:
1. Ardshinbank CJSC accounts: AMD 2474602514470000, USD 2474602514470010;
2. IDBank CJSC accounts: AMD 11817068806300, USD 11817068806301;
3. Artsakhbank CJSC accounts: AMD 22325000913900, USD 22325000913902;
4. Amio Bank CJSC accounts: AMD 11500583623036, USD 11500993230832;
5. Telcell terminals and Telcell Wallet app by selecting "Gladzor UCO" CJSC and entering your loan code from the first page of your agreement.
|
| Additional Services | - Loan agreement extension fee: 20,000 AMD
- Schedule modification fee: 5,000 AMD
- Other service modifications (address change, new registrant, etc.): 5,000 AMD
|
| Statement Provision Terms | "Gladzor UCO" CJSC provides written statements via e-mail free of charge on the 16th of each month in accordance with CB RA Regulation 8/05. Additional statements and duplicates are provided free upon consumer request. |
LOANS WITH CONDITIONS DIFFERING FROM INFORMATION BULLETINS ARE PROVIDED BY THE DECISION OF THE COMPANY'S BOARD.
ATTENTION
- PLEASE BE INFORMED THAT THIS TYPE OF LOAN HAS A HIGH ANNUAL ACTUAL INTEREST RATE. THEREFORE, PLEASE STUDY OTHER SIMILAR MARKET SERVICES IN ADVANCE AND EVALUATE YOUR REPAYMENT CAPABILITIES.
- INTEREST ON THE LOAN IS CALCULATED BASED ON THE NOMINAL INTEREST RATE, WHILE THE ANNUAL ACTUAL INTEREST RATE SHOWS HOW MUCH THE LOAN WILL COST YOU IF INTEREST AND OTHER PAYMENTS ARE MADE ON TIME AND IN SPECIFIED AMOUNTS.
- "YOUR FINANCIAL INFORMANT" IS AN ELECTRONIC SYSTEM THAT FACILITATES SEARCHING, COMPARING, AND CHOOSING THE MOST EFFICIENT OPTION FOR SERVICES OFFERED TO INDIVIDUALS: www.fininfo.am.
- IN CASE OF OVERDUE PAYMENTS, INFORMATION ABOUT YOU WILL BE REGISTERED IN THE CREDIT REGISTER.
- IN CASE OF NON-FULFILLMENT OR IMPROPER FULFILLMENT OF OBLIGATIONS, THE LENDER SENDS DATA TO THE CREDIT BUREAU WITHIN 3 WORKING DAYS, FORMING YOUR CREDIT HISTORY. YOU CAN OBTAIN YOUR CREDIT HISTORY FREE ONCE A YEAR. A BAD CREDIT HISTORY MAY HINDER FUTURE LOAN APPLICATIONS.
- YOU HAVE THE RIGHT TO COMMUNICATE WITH THE FINANCIAL ORGANIZATION VIA YOUR PREFERRED METHOD (POST OR E-MAIL). E-MAIL IS RECOMMENDED AS IT IS AVAILABLE 24/7, PREVENTS LOSS OF PAPER DOCUMENTS, AND ENSURES CONFIDENTIALITY.
- UNDER THE RA LAW ON "COMBATING MONEY LAUNDERING AND TERRORIST FINANCING", THE ORGANISATION MAY REQUEST ADDITIONAL DOCUMENTS OR INFORMATION BASED ON THE "KNOW YOUR CUSTOMER" (KYC) PRINCIPLE AND ASK ADDITIONAL QUESTIONS DURING VERBAL COMMUNICATION.
- YOU HAVE THE RIGHT TO UNILATERALLY TERMINATE THE LOAN AGREEMENT WITHOUT REASON WITHIN 7 WORKING DAYS FOLLOWING SIGNING (COOLING-OFF PERIOD). CONSUMER MUST PAY INTEREST ACCRUED ACCORDING TO THE ANNUAL ACTUAL INTEREST RATE. NO OTHER COMPENSATION MAY BE DEMANDED.
- THE CONSUMER LOAN CAN BE REPAID EARLY AT ANY TIME WITHOUT FINES OR PENALTIES.
- BEFORE SIGNING, THE LENDER MUST INFORM THE GUARANTOR THAT IF THE BORROWER FAILS TO PAY, THE GUARANTOR WILL BE OBLIGATED TO PAY, THEIR CREDIT HISTORY WILL DETERIORATE, AND THEY MAY LOSE THEIR PROPERTY.
* Under the annuity repayment method, equal monthly installments comprising principal and interest are calculated. Initially, interest makes up a larger portion, which gradually decreases as the principal portion increases over time, keeping monthly totals constant.
INFORMATION ON LOAN DECISION-MAKING
Application is APPROVED if:
- Accurate and complete documents are submitted,
- Positive or neutral credit history,
- Stable income source.
Application is REJECTED if:
- Required documents are not submitted,
- ACRA / CB RA query reveals negative credit history,
- Solvency assessment shows borrower is non-creditworthy,
- False information provided,
- Failure to appear or submit documents within 15 days of approval,
- Circumstances arise casting doubt on solvency.
IMPACT OF CREDIT HISTORY AND SCORING ON DECISION-MAKING AND CONDITIONS
Credit history and credit scoring significantly influence decision-making and key loan terms (amount, rate, term, etc.).
Credit history is the record of all active and fulfilled credit obligations and repayment discipline.
Credit scoring is a numerical assessment of creditworthiness calculated by ACRA or the financial institution based on history, income, age, active liabilities, and other factors.
- Positive credit history and high scoring increase approval probability and improve loan terms (lower rate, higher limit, etc.).
Negative history or low scoring increases rejection risk or results in stricter terms.
FACTORS INFLUENCING CREDIT SCORING
| FACTOR | DESCRIPTION / IMPACT |
|---|---|
| Repayment Schedule & Discipline | Payment delays lower score. Regular timely payments improve score. |
| Credit History Duration | Long-standing positive credit history improves score. |
| Debt Burden (Active Loans) | High active loan balance lowers score. |
| Frequency of New Credit Applications | Frequent new loan inquiries lower score. |
| Work Experience | Longer work experience improves score. |
| Income Level | High, stable income improves score. |
Details: www.abcfinance.am, www.acra.am
IMPACT OF CREDIT INQUIRIES ON SCORING SCORE
Depending on the type of credit inquiry, it may affect ACRA scores (ACRA score and FICO score) as well as internal scoring used by financial institutions:
| INQUIRY PURPOSE | SUB-PURPOSE | IMPACT ON SCORING |
|---|---|---|
| New Loan Application | Decreases | |
| Guarantor | New Loan Application | Decreases |
| Related Person | No impact | |
| Active Loan Monitoring | No impact | |
| Guarantor | - Active Loan
- Active Guarantor Monitoring
| No impact |
Whenever a credit inquiry affecting scoring (FICO, ACRA, or internal scoring) is conducted, "Gladzor UCO" CJSC notifies the consumer within maximum 2 working days, stating the inquiry date, purpose, type, and relevant credit scoring links.
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