YEREVAN, February 12. /ARKA/. A scheme designed by the Armenian government to support citizens with bad loans started on February 1 with 1000 beneficiaries having already submitted online applications, Deputy Minister of Labor and Social Affairs David Khachatryan said today.
“The scheme will run until January 31, 2026. Those who do not have ID cards can apply for assistance by visiting a Unified Social Service center,” Khachatryan said at a press conference on Wednesday.
According to him, as of October 2024, there were about 220,000 individuals with “bad” loans.
“They can receive state support under the scheme if at least one loan is issued to them by a lending organization licensed by the Central Bank. They will be written off most of the fines and penalties accrued due to violation of the repayment schedule. Also, in order to become beneficiaries of the program, they must be officially employed,” Khachatryan said.
He explained that the issue is about loans up to AMD 1 million, which are classified as “bad” with an overdue repayment period of at least three years.
“If the loan amount is higher than AMD 1 million, the citizen should pay the difference, after which he/she should apply for involvement in the program,” Khachatryan said.
Earlier, Minister of Labor and Social Affairs Narek Mkrtchyan said that according to the government’s decision, financial assistance will be provided for a maximum of 24 months.
The amount of assistance will be equal to the amount of income tax payments;
20% will be deducted from the salaries of the beneficiaries of the program for debt repayment, instead of 50%, as before. At the same time, banks are ready to write off up to 80% of fines and penalties to debtors.-0-
