In case of applying for “FAST OVERDRAFT” card overdraft you will receive several advantages:
"FAST OVERDRAFT" card overdraft is provided to individuals who are at least 25 years old and who have debit cards and a credit history in the ACRA Credit Bureau.
Learn more about possible additional payments here: Loan Tariffs.
You may apply for an overdraft, if the following requirements are met:
To obtain an overdraft you can apply via remote services - ACBA On-Line system or ACBA Mobile application or by presenting an application to the branch, having issued the card.
The applications are accepted:
The overdraft is activated
After activating the overdraft an SMS text message will be sent to the mobile phone number, registered with the Bank.
In case of applying to the Bank’s head office or branches, it is necessary to present:
Example of calculation of fast overdraft:
In case of credit lines in foreign currency, the basis for the calculation of the annual actual interest rate is the exchange rate published on the official website of the CBA on the day of provision of the loan; the actual annual interest rate may change depending on the change in the official exchange rate of the Central Bank of Armenia.
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.
About tariffs of provision and service of cards, grace period of credit lines by card types here: Card Tariffs
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 credit line repayment is performed in the following sequence (in case of repaying overdue liabilities):
YOU HAVE THE RIGHT TO COMMUNICATE WITH YOUR FINANCIAL ORGANIZATION IN YOUR PREFERRED METHOD - BY MAIL OR EMAIL. RECEIPT OF INFORMATION ELECTRONICALY IS THE MOST CONVENIENT. IT IS AVAILABLE 24/7, FREE OF THE RISK OF LOSS OF PAPER INFORMATION AND PROVIDES CONFIDENTIALITY.
ATTENTION: APPLYING FOR A CREDIT LINE, THE CREDITOR WILL PROVIDE YOU WITH AN INDIVIDUAL BULLETIN ON SIGNIFICANT TERMS OF OVERDRAFT, WHERE THE INDIVIDUAL TERMS OF THE LOAN, TO BE 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.