General
Advantages
Loan type
Credit line
Loan purpose
Expansion and development of entrepreneurial activities
Client
Individual entrepreneur resident of the Republic of Armenia, whose natural person is a citizen of the Republic of Armenia
Currency
AMD
Minimum amount
100,000
Maximum amount
10,000,000
Annual nominal interest rate /Interest rate type: floating interest rate/
IBRR+7,7%
Annual effective interest rate /Interest rate type: floating interest rate/
15.2%
Minimum/maximum loan term
60 months
Method of providing and using the credit line
By payment card: in accordance with
the terms and conditions set out in the Visa Business information bulletin, except for the annual card service fee, which is not charged, or
the terms and conditions set forth in the Visa Platinum Business information bulletin,
the terms and conditions set forth in the Visa Signature Business information bulletin
the terms and conditions set out in the Visa Business information bulletin, except for the annual card service fee, which is not charged, or
the terms and conditions set forth in the Visa Platinum Business information bulletin,
the terms and conditions set forth in the Visa Signature Business information bulletin
Interest rate applicable to unused credit line funds
0%
Repayment of credit line and interest
Monthly mandatory deposit to the card account by the 15th day of the current month:
in the amount of 10% of the credit line amount used as of the last day of the previous month, and
in the amount of interest accrued on the last day of the previous month.
Full repayment of the principal amount of the credit line at the end of the loan agreement term.
in the amount of 10% of the credit line amount used as of the last day of the previous month, and
in the amount of interest accrued on the last day of the previous month.
Full repayment of the principal amount of the credit line at the end of the loan agreement term.
Grace period for credit line repayment
Interest is not accrued on non-cash credit line amounts used during the previous month (except for card-to-card transfers, intra-bank and interbank transfers within the Republic of Armenia and between own accounts), if the customer repays the used part of the credit line in accordance with the established procedure by the 15th day of the current month.
A monthly mandatory deposit to the card account in the amount of interest accrued as of the last day of the previous month, by the 15th day of the current month.
A monthly mandatory deposit to the card account in the amount of interest accrued as of the last day of the previous month, by the 15th day of the current month.
Loan application review fee
Not specified
Credit line origination fee
Not specified
Monthly credit line servicing fee
Not specified
Minimum period of business activity (continuous)
6 months
Bank account opening and service fee
The bank account is opened free of charge and is serviced in accordance with the Bank's current rates, which are available at the link
Age restrictions for borrower
Individual entrepreneurs must be at least 21 years old on the date the loan is issued and no older than 65 years old at the end of the loan term.
Credit history requirements for borrower
Credit history acceptable to the Bank
Security
Creditworthiness assessment
Loan-to-value ratio (estimated liquidation value of collateral)
No collateral required
Insurance of collateral
No collateral required
Fines, penalties
Penalty for overdue loan: 0.1% per day
Penalty for overdue interest: 0.1% per day.
Penalty for early termination of the loan agreement: not imposed
Penalty for overdue interest: 0.1% per day.
Penalty for early termination of the loan agreement: not imposed
Where to apply and get a credit line
All branches of the Bank
Positive factors for getting a credit line
1)positive credit history,
2) steady cash flow,
3) good reputation,
4) other factors
2) steady cash flow,
3) good reputation,
4) other factors
Credit line rejection factors
1) Poor credit history,
2) Insufficient financial resources,
3) Provision of false or inaccurate information,
4)Provision of information that casts doubt on the loan's repayability
5) Other factors
2) Insufficient financial resources,
3) Provision of false or inaccurate information,
4)Provision of information that casts doubt on the loan's repayability
5) Other factors
Maximum decision-making period
5-10 minutes
Decision notification period
Immediately after the decision to provide a credit line is made
Decision validity period
10 calendar days
The Bank has the right to refuse to grant a credit line if the conditions considered necessary for making a positive decision on granting a credit line have changed (e.g., overdue obligations, seizure/freezing of bank accounts, etc.).
The Bank has the right to refuse to grant a credit line if the conditions considered necessary for making a positive decision on granting a credit line have changed (e.g., overdue obligations, seizure/freezing of bank accounts, etc.).
Decision reapproval period
No right to reapproval (after the decision expires, a new application must be submitted)
Credit line provision period
Maximum 10 calendar days after the decision to grant a credit line is made
Credit line extension period
If the Bank approves the extension, the credit line maturity date may be extended under the terms and conditions set forth in the information bulletin for this type of loan, effective at the Bank on the date of extension.
Required documents
Identity document
Public service number (or certificate of absence of public service number),
Extract from the State Register of Legal Entities of the Ministry of Justice of the Republic of Armenia on registration (copy),
Other documents, if necessary
Public service number (or certificate of absence of public service number),
Extract from the State Register of Legal Entities of the Ministry of Justice of the Republic of Armenia on registration (copy),
Other documents, if necessary
Information regarding credit history and credit score
You can learn about the importance of credit history and credit score here․
Details via abcfinance.am and acra.am links.
Details via abcfinance.am and acra.am links.
Information bulletin Apply now
The credit line is provided without any maintenance or service fee
No property collateral is needed for obtaining the credit line
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