Possibility of an overdraft of 50,000 or 100,000 AMD to your account via the acba digital app in just 3 minutes.
Available 24/7 via the acba digital app, within minutes and without visiting the bank
Interest-free lending (only an issuance service fee applies)
No changes to the nominal interest rate will be applied during the overdraft term
with a few taps in the acba digital app, you can apply for and receive AMD 50,000 or 100,000 directly to your account 24/7
Fast Overdraft is provided to individuals aged 25 and over who hold the Bank’s payment cards and have an established credit history with the ACRA credit bureau.
Currency – AMD
Term – 4 months
Amount – AMD 50,000 or AMD 100,000
Annual nominal interest rate – 0%
Annual effective interest rate – 19.57–23.89%
Service fee – AMD 2,400 for an AMD 50,000 overdraft, AMD 4,800 for an AMD 100,000 overdraft
Collateral – not required
Repayment – repayment is made in a single payment on the maturity date specified in the overdraft agreement
Decision on approval – at the moment the application is submitted via acba digital
If the amount used is repaid during the overdraft term, the overdraft limit is restored by the repaid amount
Learn more about possible additional fees: Card Tariffs
you can apply for Fast Overdraft if the following conditions are met:
You have the Bank payment card (except ArCa Pension, ARCA Credit, ARCA FARMER, VISA Student, Visa Signature, American Express Blue, and American Express Gold) that does not have a credit line attached at the time of application for the overdraft, and the payment card has no overspending at the time of application
You are 25 years old or older
At the time of application, you have no overdue obligations with the Bank
You have a positive credit history
The decision on the overdraft application is made and communicated, and in case of a positive decision it is provided to the customer within the same business day
IN CASE OF EARLY CREDIT LINE REPAYMENT, NO PENALTIES ARE CHARGED.
Example of Fast Overdraft calculation:
Overdraft amount – AMD 50,000
Annual nominal interest rate – 0%
Overdraft term – 4 months
Service fee – AMD 2,900
Annual effective interest rate will be 19.57%
NOTE: LOAN INTEREST IS CALCULATED BASED ON THE NOMINAL INTEREST RATE, WHILE THE ANNUAL EFFECTIVE INTEREST RATE SHOWS HOW MUCH THE LOAN WILL ACTUALLY COST YOU, PROVIDED THAT ALL INTEREST PAYMENTS AND ALL MANDATORY PAYMENTS RELATED TO LOAN DISBURSEMENT AND SERVICING ARE MADE WITHIN THE SPECIFIED TIMEFRAMES AND AMOUNTS. YOU CAN FIND THE CALCULATION OF THE EFFECTIVE INTEREST RATE HERE.
Learn more։
Card issuance and service fees by card type – Card tariffs.
In case the borrower fails to fulfill their obligations on time, a penalty of 0.13% is charged for each overdue day (applicable penalties).
Loan repayments are made in the following order (when settling overdue obligations):
Penalty/fine
Interest
Principal amount
The overdraft is provided to individuals for consumer purposes,
The overdraft amount is provided on a non-cash form.
Factors for a positive overdraft approval decision include the assessment of the customer’s creditworthiness,
If you use the overdraft on the last day of the agreement, the Bank will receive the amount you used on the next business day, and it will be recorded as an overdraft overlimit. In this case, interest will accrue on the resulting overlimit amount in accordance with your card servicing terms.
During the term of the agreement, statements are provided via email every thirty days, unless the customer chooses another method of communication.
During the term of the agreement, the loan account statement and other information that are subject to mandatory disclosure under the legislation of the RA are provided free of charge. Statements not subject to mandatory disclosure under the legislation of the RA, as well as duplicate statements, are provided as follows:
For statements with a period of up to 6 months (inclusive) – free of charge
For statements with a period of 6 to 12 months (inclusive) – AMD 2,000 (including VAT)
For statements with a period of more than 1 year – AMD 3,000 (including VAT).
YOU HAVE THE RIGHT TO COMMUNICATE WITH THE FINANCIAL INSTITUTION IN YOUR PREFERRED WAY, EITHER BY POSTAL MAIL OR THROUGH DIGITAL CHANNELS. RECEIVING INFORMATION DIGITALLY IS THE MOST CONVENIENT OPTION. IT IS AVAILABLE 24/7, ELIMINATES THE RISK OF LOSS OF PAPER DOCUMENTS, AND ENSURES CONFIDENTIALITY.
NOTE: WHEN APPLYING FOR A CREDIT LINE, THE BANK WILL PROVIDE YOU WITH AN INDIVIDUAL INFORMATION SHEET ON THE ESSENTIAL TERMS OF THE CREDIT LINE.
Information provided to the Credit register:
NOTE: IN CASE OF YOUR FAILURE OR IMPROPER PERFORMANCE OF YOUR OBLIGATIONS, THE LENDER WILL, AFTER 3 BUSINESS DAYS, SUBMIT SUCH INFORMATION TO THE CREDIT BUREAU, WHERE YOUR CREDIT HISTORY IS FORMED. YOU HAVE THE RIGHT TO OBTAIN YOUR CREDIT HISTORY FROM THE CREDIT BUREAU FREE OF CHARGE ONCE A YEAR.
NOTE: A POOR CREDIT HISTORY MAY HINDER YOUR ABILITY TO OBTAIN A LOAN IN THE FUTURE.
You can learn more about the importance of credit history and the use of credit scoring here.
Your financial informant
NOTE: "YOUR FINANCIAL INFORMANT" IS AN ELECTRONIC SYSTEM THAT MAKES IT EASY TO SEARCH FOR, COMPARE, AND CHOOSE THE MOST EFFECTIVE OPTION FOR INDIVIDUALS.
