Energy Efficient-Households

 

 

Energy Efficient-Households

Energy efficient to households’ loans main purpose is to support the management bodies of residential buildings to renovate and improve energy efficiency in their buildings, including renovation of entrances, installation of energy efficient windows and doors, external thermal insulation of walls, modernization of lighting systems, etc.

General Terms of Energy Efficiency Loans
Borrower 21-65 years old RA citizen or RA resident individuals, sole proprietors or legal entities, state / or community structures
Loan Amount The amount provided is not a minimum threshold, a maximum of 5 million AMD, or equivalent in US dollars.
Loan Term 1 – 36 months
Annual Nominal Interest Rate 6.5% in USD      9% in AMD
Annual Actual Interest Rate 7.03-15.83%
Graphic of payments Every month, possible with grace period
Loan provision fee* 0.5%
Loan service fee (monthly) 0%
Loan / Collateral ratio Up to 100%, in case of more than 1 mln drams Up to 90%
Collateral Real estate, mouvables, other collateral, guarantees
Application Fee No charge
Penalties

For overdue principal amount – 0,1 % per day.

For overdue interest – 0,1% per day.
The term of the loan application review and decision-making** Up to 3 working days*

*In case the borrower submits the necessary documents on time.

NO EARLY REPAYMENT FEE IS APPLICABLE.

Repayments of the loan and interests
Loan repayment schedule Loan repayment schedule with schedule of equal payments of principal or equal monthly payments. Periods of loan repayment are possible.
Premature repayment Premature repayment opportunity without fines and penalties
Interest calculation Annual nominal interest rate calculated on the outstanding loan balance for a 365-day year
Prepayment/ Loan amount From 0%

Regardless of the rates set forth in these Terms, the fees for third-party services may vary by third parties.

Criteria of the loan disbursement approval or denial:

Criteria for a positive decision on loan granting

  • Steady income
  • Appropriate collateral, guarantees
  • Positive credit history
  • Employers guarantee
  • Other guarantees

Criteria for a negative decision on loan granting

  • Insufficient income to pay the credit off
  • Customer’s income source can’t be verified or presented income is undocumented
  • Bad credit history, with number of overdue days and classifications or customer’s loan history is overloaded

List of required documents
  1. Charter "re-registered version"
  2. Register certificate with all tabs
  3. Reference on the condominium manager (chairman) from the register
  4. Copy of the condominium manager passport & social card
  5. Balance Sheet, Financial Statements (Tax Reports)
  6. The decision of the General Meeting of Owners on receiving a loan;
  7. Certificate on receivables and payables of the condominium (including loans, other loans)
  8. List of fixed assets of the condominium
  9. Income, expenses / on a monthly basis for the last year /
  10. In case of additional incomes, documents substantiating their fact / day. lease agreement /

 

 

In case of a guarantor

  1. Guarantee passport and social cards, in case of a legal entity - charter, head. register certificate, director's passport,
  2. Documents substantiating the income of the guarantors
  3. Documents proving the property of the guarantors

WARNING
  • IF YOU FAIL TO REPAY THE LOAN AND THE INTEREST IN TIME, THE PLEDGED PROPERTY MAY BE REPOSSESSED. IF THE VALUE OF THE COLLATERAL IS NOT SUFFICIENT TO COLLECT THE DEBT, OTHER ASSETS MAY BE REPOSSESSED TOO.
  • IF THE BORROWER DOES NOT PAY THE INTEREST AND LOAN PRINCIPAL AMOUNTS IN TIME, INFORMATION ABOUT CREDIT HISTORY WILL BE SUBMITTED TO THE CENTRAL BANK OF ARMENIA CREDIT REGISTER AND ACRA CREDIT REPORTING CJSC.

ATTENTION

ATTENTION: LOAN INTEREST RATES ARE CALCULATED BASED ON THE NOMINAL INTEREST RATE. AND THE ACTUAL ANNUAL INTEREST RATE SHOWS HOW MUCH THE LOAN WILL COST YOU IF YOU MAKE THE INTEREST PAYMENTS AND ALL MANDATORY PAYMENTS UNDER THE LOAN PROVISION AND SERVICING LINE WITHIN THE SPECIFIED PERIODS AND MEASURES. THE FORMULA FOR CALCULATING THE ANNUAL ACTUAL INTEREST RATE IS AVAILABLE ON THE WEBSITE

INTEREST RATE CALCULATION EXAMPLE (PDF)

“Finance for everyone” www.abcfinance.am web page’s “Financial helper” system

 

Updated: 26/09/2020