General
Advantages
Loan purpose
For expansion and development of business activities
Client
RA resident individual entrepreneurs
Currency
AMD
Minimum loan amount
100,000
Maximum loan amount
10,000,000
Minimum term
12 months
Maximum term
60 months
Annual nominal interest rate (fixed)
19,9-21,7%
Annual effective interest rate (fixed)
21.68% -24%
Loan application revision fee
Not specified
Commission for loan extension
Not specified
Monthly loan service fee
Not specified
Loan repayment grace period
Not specified
Loan and interest payments
Annuity: equal monthly repayments of the sum of the principal loan amount and interest
Minimum business activity period (continuous)
6 months
Opening/maintenance of a bank account
The bank account is opened free of charge and is maintained according to the applicable tariffs of the Bank
Borrower’s age restrictions
The age of persons with the status of individual entrepreneurs should not be less than 21 years old on the date of granting the loan and not be more than 65 years old by the maturity
Credit history requirements for the borrower
Credit history acceptable by the Bank
Security
• Assessment of creditworthiness,
• Cash flows
• Cash flows
Loan to collateral ratio (assessed liquid value of collateral)
No property collateral is required
Insurance of subject of pledge
No property collateral is required
Fines, penalties
penalty on overdue loan: 0.1% per day
penalty on overdue interest: 0.1% per day
early repayment fee: not specified
penalty on overdue interest: 0.1% per day
early repayment fee: not specified
Place of acceptance and registration of the loan application
In the Vardanants branch starting from 05.10.23
In all branches of the Bank starting from 16.11.23
In all branches of the Bank starting from 16.11.23
Positive factors for extension
1) Good credit history,
2) Stable cash flows,
3) Good reputation,
4) Other factors
2) Stable cash flows,
3) Good reputation,
4) Other factors
Rejection factors
1) Bad credit history,
2) insufficient financial situation,
3) Submission of false or unreliable information,
4) Submission of such information that doubts the repayment of the loan
5) Other factors
2) insufficient financial situation,
3) Submission of false or unreliable information,
4) Submission of such information that doubts the repayment of the loan
5) Other factors
Maximum decision-making period
5-10 minutes
Term for notifying the client on decision
Once the decision on providing the loan is made
Validity period of decision
10 calendar days
The bank has the right to refuse providing the loan, if the conditions considered to be essential for making a positive decision on providing the loan have changed (for example, overdue obligations, imposing seizure/arrest of bank accounts, etc.)
The bank has the right to refuse providing the loan, if the conditions considered to be essential for making a positive decision on providing the loan have changed (for example, overdue obligations, imposing seizure/arrest of bank accounts, etc.)
Term for re-approval of the decision
Without the right of re-approval (after the validity of the decision expires, it is necessary to submit a new application)
Term of providing the loan
A maximum of 5 business days after making decision on providing the loan
Required documents
Identity document
Public service number (or a reference on absence thereof)
Extract from the State Register of Legal Entities Agency of the Ministry of Justice of the Republic of Armenia on registration about the registration (copy)
Public service number (or a reference on absence thereof)
Extract from the State Register of Legal Entities Agency of the Ministry of Justice of the Republic of Armenia on registration about the registration (copy)
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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