The Bank is a member of the 14th measure to neutralize the economic consequences of the coronavirus adopted by the Government of the Republic of Armenia, the conditions of which are:
These changes apply only to those borrowers who on 01.05.2020. have been students since
Starting from 01.01.2021, the loan subsidy rate will be changed, 2% or 3% will be returned to the previous conditions.
The student loans within State support are provided to pay the full or partial tuitions of the students of state or state accredited institutions of higher education.
For all students, the Ministry of Finance of the Republic of Armenia subsidizes loan interest rates by 2 percentage points, and for students who have made excellent progress in one academic year prior to the loan, by 3 percentage points. The loan interest rate can be changed in case of interruption of studies, having a 90-day overdue liabilities or non-refinancing of the loan by the Ministry of Finance of the Republic of Armenia. The years of service in the army under the RA Ministry of Defense are not considered to be interruptions.
Annual actual interest rate - 12-9․38%;
Loan repayments – repayments are made in the form of monthly payments on annuity. At the same time, during the years of study, the borrower makes only interest payments, and after the end of the study – equal repayments of the loan principal interest amounts. No fines or penalties are applied in case of repayment of the loan principal during the years of study;
Collateral - The loan is provided with the guarantee of maximum two people. In addition, the guarantee of the parent is mandatory. A mortgage may be required, if necessary. If the customer is an orphan, the guarantor may be a relative: the spouse, the spouse's parents, the parents' siblings or the grandparents.
Loan commission fee - not applicable
Interest rate accrual - daily on the loan reducing balance.
How to get paid tuition reimbursement from income tax?
This information is advisory in nature
To reimburse the tuition fees of hired individuals to acquire only one profession.
Who is it for?
For the students who are citizens of the Republic of Armenia, doing paid work, who study with the existing education in the higher educational institutions accredited in the Republic of Armenia, in master's, postgraduate or residency, with the following specialties:
How is the compensation calculated?
For the purpose of reimbursing the tuition fee, an amount in the amount of the income tax calculated for the student's salary, equal to the equivalent payments, is reimbursed for one year, but not more than the amount paid for the tuition.
The beginning of the calculation of the amount of income tax subject to refund is 01/09/20120.
How does the student receive the compensation amount?
The refund is transferred to the student's bank account.
What is required to receive compensation?
It is necessary to submit the following documents to the tax authority:
Horse application set by the tax authority for the return of income tax *
Copy of the contract signed with the higher educational institution accredited in the RA.
Student ID: RA passport or identification card.
for a certificate of a student not having a public service number or a public service number
Certificate provided by the head of the educational institution *.
* These documents must be submitted each time you apply, and the remaining documents only when you apply for the first time.
The above-mentioned documents are submitted to the tax authority within 3 months after the end of the academic year.
In case of passing all the exams necessary for the successful completion of the academic year after the end of the academic year, the documents shall be submitted to the tax authority within 6 months after the end of the academic year.
The application for income tax refund is rejected if:
For all the months included in the academic year at the time of submitting the application, during which the student was considered an employee of the given employer, the declared tax liabilities for income tax, monthly (simplified) calculation of social payment, and equivalent payments are not fully fulfilled.
The required documents have not been submitted.
The student has once again used the opportunity to return the income tax money to reimburse the tuition fee in the same educational level in the same educational level as defined by this decision.
Based on the information available in the tax authority, it turns out that during the academic year the student actually used the opportunity to get back the income tax provided for in Article 160 of the Tax Code.
The issue date of the documents at the time of acceptance shall not exceed 15 days. Depending on the circumstances, additional documents and information may be required.
* Reference shall include the customer's monthly net salary/income after taxes, work address, phone numbers, signature and stamp of the referring organization manager, outgoing date of issue.
Example of calculation of loan interest amount:
*Repayment size may differ based on the number of days in the given month.
ATTENTION: LOAN INTEREST AMOUNTS ARE CALCULATED BASED ON THE NOMINAL INTEREST RATE, AND THE ANNUAL ACTUAL INTEREST RATE SHOWS HOW MUCH THE LOAN WILL COST FOR YOU, IN CASE OF DUE PAYMENT OF INTEREST AMOUNTS, LOAN PRINCIPAL AMOUNT AND ALL MANDATORY FEES FOR PROVISION AND SERVICE OF LOAN. YOU CAN FIND THE CALCULATION OF ACTUAL INTEREST RATE HERE.
Failure by the borrower to fulfill its liabilities on time is subject to a fine of 0.13% (applied fines) for each overdue day.
The loan repayment is performed in the following sequence (in case of repaying overdue liabilities):
The loan is provided to students of RA state or state accredited universities over 18 years of age, who are RA citizens and RA residents and study undergraduate, master's and clinical residency degrees for full or partial payment of tuition fees.
YOU HAVE THE RIGHT TO COMMUNICATE WITH YOUR FINANCIAL ORGANIZATION IN YOUR PREFERRED METHOD - BY MAIL OR EMAIL. RECEIPT OF INFORMATION ELECTRONICALLY IS THE MOST CONVENIENT. IT IS AVAILABLE 24/7, FREE OF THE RISK OF LOSS OF PAPER INFORMATION AND PROVIDES CONFIDENTIALITY.
According to the agreement signed between the "Home for Youth" RCO CJSC and the Creditor, "Home for Youth" RCO CJSC has the right to change the loan interest rate. In this case, the Bank also has the right to proportionally change the loan interest rate. The changed interest rate starts from the day of repayment of the loan and/or interest repayment on the next loan repayment day.
The loan interest rate can be changed in case of interruption of study, 90-day overdue liability or non-refinancing of the loan by the Ministry of Finance of the Republic of Armenia. The years of service in the army under the RA Ministry of Defense are not considered to be interruptions.
ATTENTION: APPLYING FOR A LOAN, THE CREDITOR WILL PROVIDE YOU, YOUR GUARANTORS (IF AVAILABLE) WITH AN INDIVIDUAL SHEET OF SIGNIFICANT TERMS OF CONSUMER LOAN, WHERE THE INDIVIDUAL TERMS OF LOAN, PROVIDED TO YOU, WILL BE PRESENTED.
Information, provided to the Credit Registry
ATTENTION: IN CASE OF FAILURE TO FULFIL THE LIABILITIES OR IMPROPER PERFORMANCE OF LIABILITIES, THE CREDITOR SHALL SEND THESE DATA TO THE CREDIT BUREAU UPON 3 WORKING DAYS, WHERE YOUR CREDIT HISTORY IS REGISTERED. YOU HAVE THE RIGHT TO RECEIVE YOUR CREDIT HISTORY FROM THE CREDIT BUREAU FREE OF CHARGE ONCE IN A YEAR.
ATTENTION: BAD CREDIT HISTORY CAN BE AN OBSTACLE FOR YOU TO RECEIVE A LOAN IN THE FUTURE.
Please be informed that:
THE GUARANTOR HAS THE RIGHT TO:
ATTENTION: "YOUR FINANCIAL DIRECTORY" IS THE ELECTRONIC SYSTEM FOR SEARCH, COMPARISON OF SERVICES, OFFERED TO INDIVIDUALS, AND MAKING THE SELECTION OF THE MOST EFFICIENT OPTIONS FOR YOU EASIER.