All banking and credit organizations operating in Armenia, by the decision of the Government, will forgive penalties for loans accumulated till June 1, 2018, about 100,000 citizens will benefit from this.

Since August 1 the process has started. Currently, banks accept documents and re-register loans, and in case of forgiving fines, each borrower's individual credit history and financial liabilities are taken into account. Citizens should apply to banks and credit companies to pay off their overdue debts.

Documents must be submitted by the end of the year.

Borrowers can pay the principal amount of the loan at once and get rid of fines or get a schedule of 11-month payment, and in this case, a loan agreement is signed with the borrower.

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