Armenia - Guidance To Apply Student Loan

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Procedure

Student loan - Banks:

1. The applicant/guarantor must gather all documents they may need to present or submit to the bank to apply for a loan.
2. Complete an application, make sure that you have provided all the required information in the form. Most forms can be downloaded from the bank's website.
3. Submitting an application:
   1. In person: Most loan applications are done in person, with the applicant or his/her guardian going to the bank, you may set up an appointment with the bank by giving them a ring. Submit the completed application form along with other required documents. Note: Banks may ask you to submit additional documents aside from the ones listed on the 'Required documents' section. It will be better if you can get in touch with the bank's representative/lending officer/customer service by phone first before you go to the bank's branch. They can give you a checklist of required documents, answer some of your queries and direct you to the nearest branch of the bank in your area.
   2. Online: To save you some time, you may also check if you can start your loan application online. Some banks will ask applicants to complete a preliminary application to be submitted electronically, with some of the required documents sent via email. After reviewing the application, a lending officer will contact you to discuss your application.
4. Once your application is approved, the bank will ask you or your guarantor to sign the loan agreement. Note: Read the loan agreement carefully before you sign, take note of the interest rate, grace period, when you will start repaying the loan and any penalties in case of default.

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Required Documents

Some of the documents that a bank might ask applicants to submit or present:

• Completed application form
• Identification of borrower, guarantor and student
• Proof that the student is enrolled in the university/college

Note: The bank may ask you to present additional documents, check the bank's website first before going to their branch office to apply for a loan.

Office Locations & Contacts

Please list down the office locations that can be approached for applying. External links can also be used specifying office locations.

Eligibility

Under Armenia's student loan program, university students aged 16 and above are eligible to take long-term loans from the bank at a low interest rate.

Fees

Students applying for a loan will not pay for consideration of application, formalization of loans and servicing of loan account.

Validity

Repayment period for most student loans starts after course completion, which can last for up to 10 years.

Students pay off only interest during the first four years. The original loan amount and the interest is paid in equal parts upon completion of the course.

Documents to Use

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Sample Documents

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Processing Time

After submitting all the required documents are available, the loan can be extended in a day or two.

Related Videos

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites.
Please remove the "&" inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
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e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M". 
	

Instructions

Before applying for a student loan:

• Make sure that you can present and submit all the required documents that the bank is asking for.
• Take note of the interest rate, conditions, and repayment scheme that the bank is offering. Look into several banks and do some research regarding the banks application process.
• You might also need to consider the bank's customer service before you apply for a loan, since student loans are usually long term, it will make transactions easier and can spare you from a lot of headache in the future if your bank has good and accommodating bank representatives or loan officers.
• It may be helpful if you can ask your university/college if they offer any loans to students or if they have partnered with any banks that offers student financing.
• Loan amount: You may not need to accept the entire amount of the loan the bank is offering you. Remember that what you are getting is not a grant but a loan, meaning you will need to pay back everything plus interest sometime in the future.

Required Information

A list which displays the kind of information which is required to complete the procedure.
e.g.
1. Date of Birth.
2. City or County of Birth.

Need for the Document

Student loan schemes are designed to make the student's academic life easier with its interest rate substantially lower than other personal loans offered by the bank and repaying the loan may be deferred while the student is still in school. Student loans are less risky compared to other consumer loans.

Armenias government launched a student loan program in 2013, some banks in the country joined this program by offering student loans that can help cover school related expenses like tuition fees, travel, accommodation and daily expenses.

Here is a guide that can help students apply for student/education finance in Armenia.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

http://www.armbanks.am/en/2014/10/14/80370/

http://arka.am/en/news/business/vtb_bank_armenia_to_extend_student_loans_under_government_s_program/

Others

More information which might help people.