General
Advantages
Purpose
Business activities
Currency
AMD, USD
Security
residential, public, commercial real estate
Type of the interest rate
Fixed rate for the first 24 months and floating rate for 25 to 120 months
Annual interest rate (nominal)AMD
Stated income loans
Fixed interest rate 14.5% - 17.5%
Floating interest rate: IBRR + /5.2%-8.2%/
Fixed interest rate 14.5% - 17.5%
Floating interest rate: IBRR + /5.2%-8.2%/
Annual interest rate (nominal)AMD
Self-certified loans
Fixed interest rate 15% - 18%
Floating interest rate: IBRR + /5.7%-8.7%/
Fixed interest rate 15% - 18%
Floating interest rate: IBRR + /5.7%-8.7%/
Annual interest rate(effective)USD
Stated income loans
Fixed interest rate 10%-12%
Floating interest rate: IBRR + /6.1% - 8.1%/
Fixed interest rate 10%-12%
Floating interest rate: IBRR + /6.1% - 8.1%/
Annual interest rate(effective)USD
Self-certified loans
Fixed interest rate 11․5% - 13․5%
Floating interest rate: IBRR + /7.6% - 9.6%/
Fixed interest rate 11․5% - 13․5%
Floating interest rate: IBRR + /7.6% - 9.6%/
Minimum term
36 months
Maximum term
120 months
Minimum amount
5,000,001 AMD or equal USD
Maximum amount
125,000,000 AMD or equal USD
Maximum loan/collateral ratio (to the estimated residual value of the property)
40-70%
Method of disbursement
Cashless: through the current account.
Repayment of loan and accrued interest
1. Annuity – the loan is repaid in equal monthly installments, consisting of the loan principal and interest charges
2. Decreasing: repayments of the principal amount of the loan are equal, and the interest amounts are monthly,
3. Mixed: repayments of the principal amount of the loan based on the dynamics of the client's financial flows, and interest payments are monthly.
2. Decreasing: repayments of the principal amount of the loan are equal, and the interest amounts are monthly,
3. Mixed: repayments of the principal amount of the loan based on the dynamics of the client's financial flows, and interest payments are monthly.
Status
RA resident legal entity, RA resident individual entrepreneur
Age restrictions
IE persons must be at least 21 years old, whose age must not exceed 65 years by the loan maturity
Requirements to the credit history
-no existing overdue/ classified obligations (loan, credit line, overdraft, guarantees, etc.). -no credit history. - The customer should not be included in the list of unwanted customers of the Bank.
OTI ratio (total debt (average monthly) to net income ratio)
AMD- up to 60%, USD- up to 55%
Collateral
Residential /public/ commercial real estate located on the territory of the Republic of Armenia, including a separate land plot – settlements of designated purpose located in Yerevan,
Pledger
Any individual or legal entity (in the case where the pledgor is a legal entity, it should have state registration in RA)
Appraisal of a subject of collateral
The subject of collateral must be appraised by specialized organizations partners of the Bank, the list of which is available by the following link: List of appraisal companies
Minimum requirements to the subject of collateral
1. The real estate should have masonry, panel or reinforced structure (except for the dividing walls and covers between the floors). 2. The real estate should not be public housing, or located on the territory occupied by other constructions – dormitory. 3. The real estate must not be located on the territory of exclusive public interest. 4. If the subject of pledge is a detached house, it must not have a common yard area, common or joint ownership with other property
Insurance of the borrower against death and permanent disability resulting from accidents
May be required by the Bank
Insurance of the subject of pledge
May be required by the Bank
Loan application processing fee
Not specified
One-off loan disbursement fee (charged from the contractual loan amount at the moment of the loan disbursement)
NE
Monthly loan service fee calculated for the loan balance
Calculated on the loan balance: 0.1%
To the overdue loan, daily
0.10%
To overdue interest, daily
0.10%
Early repayment fee
In the amount of 5% of the early repaid loan amount
Master loan agreement
The bank can conclude a Master Loan agreement with the client for a period of up to 240 months
Positive factors based on which the loan may be extended
1) Good credit history, 2) Stable cash flows, 3) compliance of the subject of collateral with the requirements of the Bank 4) Other factors
Negative factors for the loan decision-making
1) negative credit history, 2) Incompliance of the collateral with the requirements of the Bank 3) provision of false or unreliable information, 4) provision of such information, which rise suspicion to the return of the loan, 5) negative credit history of the person affiliated with the client, if the Bank considers that the client's income can be used to fulfill the obligations of the affiliated person or the income of the affiliated person can be used to fulfill the obligations of the client
Maximum term of taking decision
Maximum 2-5 business days after submitting all required documents to the Bank
Maximum terms for giving notice to the customer
1 business day
Maximum validity period
30 business days.Within three months after the expiration date of the approved loan decision, the loan decision can be reaffirmed without submitting an additional application, unless the credit history and income of the borrower (co-borrower) and family members have not changed significantly.If necessary, the Bank may require to update the documents substantiating the income.
Term of loan disbursement
1 business day after submitting document, which confirms the right with regard to the collateral
Place of acceptance, registration and providing the loan application
All branches of the Bank
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.
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