For Individual Clients

Frequently Asked Questions About "Credit Vacation"

1. What is a “credit vacation”?

The credit vacation gives the clients the opportunity to defer repayment of their loans. 

From March 13 to May 13, inclusive, all individual and private entrepreneur clients may skip regular repayments of their loans based on repayment schedules (including principal amount and accrued interest) without any adverse effect on the credit history.

 

2. Is the credit vacation mandatory?

No, it is not mandatory. Each borrower may repay the loan as per current repayment schedule.  

 

3. Which loans does the credit vacation apply to?

The opportunity of using the credit vacation is available for mortgage, consumer, car, consumer finance, and other loans. 

 

4. Does the credit vacation apply to newly issued loans? 

No, it does not. The credit vacation does not apply to new loans issued starting from March 13, the day when the announcement was published. Besides, we urge the clients to make loan repayments remotely. 

 

5. Does the credit vacation apply to overdue loans?

The credit vacation does not apply to loans that were overdue as of March 13, the day when the announcement was published. Still, if the client repays the overdue loan before the current repayment date, the client may apply for the use of the credit vacation.  

 

6. What is the mechanism for repayment of the amounts unpaid for 2 months?    

If you make use of the credit vacation, the amount of the unpaid credit liability will be equally reallocated over the next 6 months (June-December) in accordance with the revised schedule. No additional interest will be accrued to such amounts during the specified time period. 

 

7. If the loan repayment date was before March 13, what schedule will apply for further repayment? 

If your loan repayment date was before March 13 and you have made use of the credit vacation in April and May, the unpaid amount will be equally reallocated over the next 6 months (June-December).   

Only the amount due for May according to the schedule will have to be paid in May (the borrowers, who had a payment made before March 13 and then used the credit vacation, may skip repayment in May as the credit vacation will apply to May as well). The amount due over the preceding two months will be reallocated over June-December. 

 

8. Does the credit vacation imply payment of more interests by the client? 

No, it does not.  

 

9. Will the monthly repayment amount increase for the client?

Yes, it will, because besides the regular repayment amount the clients will have to repay also the amounts outstanding for the preceding two months, equally reallocated over the next 6 months. 

No additional interest will be accrued to such amounts during this time period.

 

10. Does the credit vacation affect the credit history? 

No, the credit vacation does not have any adverse effect on the credit history. Moreover, this opportunity prevents worsening of the credit history as a result of potential problems. 

 

11. What will happen in case of availability on the client’s accounts of sufficient funds for repayment of the loan? 

In case of availability of sufficient funds on your accounts as of the loan repayment date, your loan repayment will be made in accordance with the terms and conditions of the loan agreement in force. In such case, should you intend to take advantage of the “credit vacation”, you will need to inform the Bank accordingly, submitting an application at least 2 business days before the next repayment date of the respective loan. The application can be submitted using distance communication channels, including Online/Mobile banking systems and e-mail, or calling the Bank’s Contact Center at (+374 10) 561111.

 

12. Will there be any change if the client has a previously issued loan repayment instruction, such as standing orders? 

No; repayment according to all standing orders will continue automatically, based on the instruction issued by the client. 

 

13. Currently, many clients make use of the opportunity to refund interest at the expense of income tax. How will the credit vacation affect such loans?

Using the credit vacation is not mandatory. Therefore, the clients getting subsidies from the state can continue repaying their credit liabilities in accordance with the schedule in force. In this case, there will be no problem with refund of the interest amounts. 

Still, if the client chooses to make use of the credit vacation and reallocate repayment due for two months over the following months, the bank will issue the relevant reference. Anyway, the total interest amount might then be above the amount subject to subsidy.  

 

14. Does the credit vacation apply to the loans to be fully repaid/with the maturity expiring within the next two months? 

Yes, the same mechanism will apply to such loans.

 

15. What kind of distance service options does Ameriabank offer?

Currently, we are applying preferential terms for the Internet Bank service: for individuals, it is free of charge for the whole period, and for legal entities, the service is free of charge for the first year.

We have a wide range of distance service options, starting from account opening up to loan repayment and crediting/debiting of funds. The entire list of services is regularly updated on our FB page and website to help the clients make an easier choice from the vast variety of services.

 

16. How will we receive the new repayment schedule – visiting the Bank or using communication channels?

Schedules for repayment of principal loan amounts and interest for the credit vacation period will be prepared within a few days after the due date in the second month. The repayment schedule will be prepared based on the days of your loan repayment schedule. To check the additional amount due for each month, you just need to divide by 6 the total sum of the principal amount and interest due for 2 months. 

 

17. How can we make use of the credit vacation; is there a need to write an application? 

No, for individuals, the credit vacation applies automatically, except for the cases when there are sufficient funds for repayment on the client’s account. 

 

18. Does the credit vacation apply to consumer finance, overdraft/credit line?

Yes, the credit vacation applies to all loans issued to individuals. 

 

19. Is the grace period preserved for credit lines issued with a grace period? 

Yes, the grace period of credit lines will be preserved.  

 

1. What business loans does deferral of principal loan amount repayment apply to? 

The “credit vacation” applies only to principal amounts of the loans issued to legal entities operating in tourism, hotel, food, transport and agriculture sectors, without any adverse effect on their credit history.  

The decision will be made based on the clients’ applications, for each case individually.  

The offer designed for individuals applies to private entrepreneurs as well. 

 

2. How will the mechanism work in case of legal entities?

It will be possible to defer repayment only for principal amounts, for a period of 3-6 months, depending on the client’s creditworthiness.  

The client should submit an application, based on which revision of the schedule will be considered. Each application will be reviewed separately and an individual decision will be made on each one. The application can be submitted remotely via Online/Mobile Banking systems or e-mail, or by calling the Bank’s Contact Center at (+ 374 10) 561111.

 

3. What is the mechanism for repayment of the amounts unpaid for 3-6 months?  

The principal loan amount unpaid over the specified time period will be reallocated over the remaining maturity of the loan. 

 

4. Does the credit vacation apply to newly issued loans? 

No, it does not. The credit vacation does not apply to new loans issued starting from March 13, the day when the announcement was published. Besides, we urge the clients to make loan repayments remotely. 

 

5. Does the credit vacation apply to overdue loans?

The credit vacation does not apply to loans that were overdue as of March 13, the day when the announcement was published. Still, if the client repays the overdue loan before the current repayment date, the client may apply for the use of the credit vacation.  

 

6. Does the credit vacation affect the credit history? 

No, the credit vacation does not have any adverse effect on the credit history. Moreover, this opportunity prevents worsening of the credit history as a result of potential problems. 

 

7. What kind of distance service options does Ameriabank offer? 

Currently, we are applying preferential terms for the Internet Bank service: for individuals, it is free of charge for the whole period, and for legal entities, the service is free of charge for the first year.

We have a wide range of distance service options, starting from account opening up to loan repayment and crediting/debiting of funds. The entire list of services is regularly updated on our FB page and website to help the clients make an easier choice from the vast variety of services. 

 

8. How will we receive the new repayment schedule – visiting the Bank or using communication channels? 

You may view the new repayment schedule via Internet Bank system; otherwise, it can be sent to you by e-mail recorded at the Bank.  

 


Updated 26.03.2020, 11:52

Services for Individuals

  
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