IDBank has announced that if you are still a student and you have got a student loan at IDBank as of May 1, 2020, the annual loan interest rate will be reduced for you.

“From now on, those students studying for their bachelor’s and master’s degrees in the Armenian state or Armenian state-accredited universities, as well as clinical residency students, can enjoy privileged terms on Student loans: the annual nominal interest rate on Student loans will be 6-7% (the actual annual interest rate is 9.38%),” the bank said.

The interest rate for the provided loan is 9%, of which the state subsidizes 2% for all students, and 3% for students who have made excellent progress in the previous academic year). As a result, the interest rate that should be paid is 6.38-7.38%.

The new terms for provision of student loans apply to loans already provided and those to be provided.

IDBank is also participating in the government's programs to neutralize the economic consequences of the coronavirus.

From May 1 to December 31, within the framework of the 14th program of the Government of Armenia “Neutralization of Economic Consequences of Coronavirus”, the interest rates on student loans will be subsidized by the state in full or  by 5%, depending on the given student’s academic progress.

Details about the terms of student loans are available on the bank’s official website.

IDBank is controlled by the CBA.