Regional

ACBA-Credit Agricole Bank issues student loans within 15 minutes

  • by Erik Abrahamyan

  • Thursday, August 28, 21:20

 ACBA-Credit Agricole Bank has issued over 31 thousand student loans over the past ten years. The press service of the Bank has told ArmInfo that the lending procedure for students is considerably facilitated now - the loan is provided within 15 minutes only. 

To receive the loan, students need to submit a letter from the education institution, the IDs of the students and the borrowers and their social cards. When receiving this loan, the borrower gets the following privileges: free VISA Student card not only for the borrower but also for his/her friend; participation in a drawing that allows winning the tuition fee, a Notebook or an iPad; for excellent progress in studies 20% of the interest paid may be refunded to the student's card. The loan is provided in Armenian drams for 3-12 months at 18% p.a. The maximum amount of the loan is 1 mln AMD. 

According to the Analytical Review "Armenian Banks in Card Business" prepared by ArmInfo, ACBA- Credit Agricole Bank is among the TOP-5 banks in terms of the total active cards (about 160 thsd, including over 90 thsd local ArCa cards, about 47 thsd Visa cards and over 20 thsd MasterCards). Over 57% of the total active cards fall on payroll card programs. ACBA-Credit Agricole Bank issues and services local ArCa cards and international Visa and MasterCards. By the number of active ArCa cards, the Bank is among the TOP-3, by the number of Visa and MasterCards it is among the TOP-5, and by the payroll card programs the bank is ranked 2nd. The Bank is ranked 2nd in terms of plastic transactions (about 140 bln AMD in 2013 (15% y-o-y growth), including about 115 bln AMD ATM transactions) and it is in the lead in the number of ATMs and POS terminals (187 and 1210, respectively). The Bank has been the exclusive partner of American Express for almost 4 years. -n-

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