Credit for business property repair

“CLASSICAL”

Credit for business property repair

Purpose

 Credit for the  business repair or reconstruction

Target group

Physical persons, RA residents, having a stable income

Maximum credit amount

A

B

C

1000,000 USD

30,000 USD

20,000 USD

Credit currency

USD

Maximum credit period (months)

A

B

C

84

60

48

Annual interest rate

A

B

C

17%

18 %

19 %

Credit interest is computed on the basis of the nominal interest rate. The actual interest rate shows the cost of the credit in case of timely payment of interest and other fees.  Please see the annual actual interest rate calculation formula here. During the validity of the credit contract the Bank does not change the nominal interest rate if the borrower does not break terms of the contract.

Commission

1. Commissions for granting loans:

- For the credits up to 30,000 USD  - 50,000 AMD

- For the credits from 30,001 and more  - 80,000 AMD

2. Cash-withdrawal commission (according to the tariffs for cashing at the time of withdrawal from the account)

Repayment order

1. On monthly basis,  the main debt in equal installments.

2.  Annuity payments on monthly basis

Credit interest is computed on the reduced credit reminder.

Credit provision order

Non-cash

Pre-payment possibility

Is allowed without any penalties

Penalties

For delay in payment of principal credit sum

0,2% on the overdue amount for each day of delay until the day of redemption 

For not paying interests

0,2% on the overdue amount for each day of delay until the day of redemption 

 Security

Collateral

Acquired business territory

Third person guarantee

Is not obligatory

The appropriateness is determined by Bank

Attention!

In case of interests and credit amount repayments not in time, the pledged property can be confiscated and the information on the borrower will be registered in the Credit Register.
In case of credit debts not fulfillment and debts repayment at the collateral 's expense, it is possible debts repayment at the expense of the other property of the borrower if the collateral is not enough to cover  borrower’s  credit debts

The collateral is estimated and insured by companies cooperating with the bank /see the list here/.

The price range of additional services is:

• property estimation - from 15,000 AMD (depending on the property type and area)
• property insurance - 0.2% of the assessed value or of the loan amount (by the customer's request)
• personal insurance - 0.25% of the loan amount
• payment of notarial services - according to the notary law

The ratio of the loan amount to the pledge

Maximum 80%

Collateral valuation

Obligatory by the independent licensed appraiser company at the borrower’ expenses

Obligatory

  Insurance

Property

Obligatory

Personal

  Obligatory

Requirements to the collateral

Premise should be highly liquid, it should have a plot of land with convenient entrance.

Territorial limitation

Settlement

A

Yerevan  

B

Gumri, Vanadzor, Abovyan, Jrvej, Dzoraghbyur, Echmiadzin

C

Tsakhkadzor, Argavand, Parakyar, Kasakh, Aring, Stepanakert, Hrazdan, Tashir, Sevan, Armavir, Martuni, Ashtarak, Kapan, Artashat, Ijevan, Dilijan, Stepanavan,Zovuni, Eghvard, Ptghni, Eghegnadzor, Jermuk, Artik, Gavar, Alaverdi

Maximum period for the decision acceptance on the credit application.

Within 4 days, after all the necessary documents presentation.

Maximum period for notification to the client on the Bank decision.

Within 1 days

Maximum period for credit granting

Within 1 working day after collateral state registration.