Wed, 3 September
29.6 C
Yerevan
USD: 384.03 RUB: 4.80 EUR: 443.29 GEL: 142.29 GBP: 510.11

Lenders in Armenia obliged to inform borrowers on actual interest rate

YEREVAN, June 3. /ARKA/. Armenia’s National Assembly on Wednesday approved in the second and final reading a package of amendments to the Law On Consumer Lending.

According to them, the lender must confirm in writing the actual interest rate of the loan provided to an individual. According to the authors of the amendments, this will serve as an additional warning for people to review their credit behavior.

This rule will apply also to loans considered and provided online. In this case the amendments provide for a loan freeze period during which the borrower will receive a message regarding the actual rate in order to rethink his further steps.
In addition, the amendments suggest that when obtaining loans in the amount of 300 thousand drams and more with a maturity of less than three months, credit organizations will have to look into the borrower’s solvency.

The amended law will enter into force on January 1, 2021 ($ 1,448.49 dram). -0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Cryptocurrency in Armenia: Stringent Regulations and Elevated Expectations

The future of cryptocurrencies in Armenia was a topic of discussion among participants at the Armenian Cryptocurrency Assets Forum, which recently took place in Yerevan.

Measures to encourage cashless transactions discussed in Armenia

The Armenian government, chaired by Prime Minister Nikol Pashinyan, convened a meeting yesterday to deliberate on initiatives aimed at promoting cashless transactions, the government press service reported.

ArCa payment system reinstated

The Armenian Card (ArCa) payment system has been completely reinstated, according to a report from the company's press service.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

LATEST NEWS

spot_imgspot_imgspot_img