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
||21-65 years old RA citizen or RA resident individuals, sole proprietors or legal entities, state / or community structures
||The amount provided is not a minimum threshold, a maximum of 5 million AMD, or equivalent in US dollars.
||1 – 36 months
|Annual Nominal Interest Rate
||6.5% in USD 9% in AMD
|Annual Actual Interest Rate
|Graphic of payments
||Every month, possible with grace period
|Loan provision fee*
|Loan service fee (monthly)
|Loan / Collateral ratio
||Up to 100%, in case of more than 1 mln drams Up to 90%
||Real estate, mouvables, other collateral, guarantees
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 opportunity without fines and penalties
||Annual nominal interest rate calculated on the outstanding loan balance for a 365-day year
|Prepayment/ Loan amount
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
- Charter "re-registered version"
- Register certificate with all tabs
- Reference on the condominium manager (chairman) from the register
- Copy of the condominium manager passport & social card
- Balance Sheet, Financial Statements (Tax Reports)
- The decision of the General Meeting of Owners on receiving a loan;
- Certificate on receivables and payables of the condominium (including loans, other loans)
- List of fixed assets of the condominium
- Income, expenses / on a monthly basis for the last year /
- In case of additional incomes, documents substantiating their fact / day. lease agreement /
In case of a guarantor
- Guarantee passport and social cards, in case of a legal entity - charter, head. register certificate, director's passport,
- Documents substantiating the income of the guarantors
- Documents proving the property of the guarantors
- 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.
INTEREST RATE IS CALCULATED BASED ON THE NOMINAL INTEREST RATE, WHEREAS THE ANNUAL EFFECTIVE INTEREST RATE INDICATES HOW MUCH LOAN WOULD COST
INTEREST RATE CALCULATION EXAMPLE (PDF)
“Finance for everyone” www.abcfinance.am web page’s “Financial helper” system