Armenian banks, credit organizations and pawnshops now obliged to indicate real interest rate on consumer loans up to 15 million drams

19.06.2019 18:57
Armenian banks, credit organizations and pawnshops now obliged to indicate real interest rate on consumer loans up to 15 million drams

YEREVAN, June 19, /ARKA/. Armenia-based commercial banks, credit organizations and pawnshops are now obliged to indicate a real interest rate on loans worth up to 15 million drams in the loan agreements, a parliament member from the Bright Armenia party Maneh Tandilyan wrote in a Facebook post today.

Her post comes after the National Assembly approved in the second and final reading a draft law on consumer lending, which had been proposed by herself.

The bill raises the upper limit of a consumer loan from the current 10 million drams to 15 million drams.
Besides, the bill also eliminates the minimum amount of a consume loan which is currently 100 thousand drams since many citizens seek loans less than that amount.

"This means that banks, credit organizations and pawnshops are also obliged to meet the requirements of the law for lending these amounts, in particular, they must specify the size of the real interest rate and the procedure for filing complaints," she wrote.

Tandilyan urged citizens to monitor the implementation of this law and, if necessary, contact the Financial Ombudsman. ($1 -478.04 drama). -0-


Read the news first and discuss them in our Telegram


Tags: , , Новости Армении АМИ Новости-Армения

Related Posts
Share of non-performing loans of Armenian banks grows to 7%2021-06-04 14:52:53 Share of non-performing loans of Armenian banks grows to 7%
Armenian banks to writ off 3 billion dram worth loans owed by killed or wounded servicemen or their families2021-03-17 13:58:39 Armenian banks to writ off 3 billion dram worth loans owed by killed or wounded servicemen or their families
Armenian banks to forgive loans of those killed in hostilities or became disabled2020-10-21 18:28:21 Armenian banks to forgive loans of those killed in hostilities or became disabled
Share of problem loans of Armenian banks may grow to 10 percent, central bank chairman warns2020-09-08 21:26:58 Share of problem loans of Armenian banks may grow to 10 percent, central bank chairman warns
Non-performing loans in Armenian banks make 4.67 percent2020-08-10 20:14:06 Non-performing loans in Armenian banks make 4.67 percent
Armenian banks provided 73 billion drams as loans as part of anti-coronavirus programs2020-07-01 12:43:03 Armenian banks provided 73 billion drams as loans as part of anti-coronavirus programs
Armenian banks have revised 200 billion drams worth loans2020-03-27 19:34:07 Armenian banks have revised 200 billion drams worth loans
Share of non-performing individual and corporate loans of Armenia-based commercial banks does not exceed 5%2019-11-29 17:46:09 Share of non-performing individual and corporate loans of Armenia-based commercial banks does not exceed 5%
Some 5.1 percent of loans held by Armenia banks in first half were non-performing2019-11-06 13:31:42 Some 5.1 percent of loans held by Armenia banks in first half were non-performing

«
»