YEREVAN, July 14. /ARKA/. The Armenian Development Bank offers a new kind of the non-revolving credit line to those individuals who want to borrow money as quickly as possible, the bank's press office reports.

The new credit line called 'Simplified' is intended for individuals with stable income and positive credit history. The borrower solvency estimation procedure is simplified.

The bank lends up to AMD 7 million or the amount in US dollars or Euros equivalent to the mentioned sum for up to seven years. The loan is secured by immovable property.

Sarkis Khachatryan, chief of the bank's lending and investment division, is quoted in the press release as saying that thanks to the fast formalization and the minimum papers required, clients can get the money in a few days.

“Besides, the bank has lowered the annual interest rates on loans as well as the expenses needed for formalization,” he said.

Khachatryan also said that there are no expenses for estimating and insuring the pledged property and no application consideration fees and fine for early repayment.

“It is very important to many that this is a long-term loan, since this eases repayment burden significantly,” he said.

The Armenian Development Bank was established in 1990. Prior to 1996 it operated as Bank of Reconstruction and Development. Its shareholders are Ruben Hayrapetyan - 19.98%, Rafik Hayrapetyan – 19.52% and Grigor Termenjian - 16.03%. --0--