Agricultural (with Estate Collateration)

Loan purpose
Agricultural loan
Loan amount
The loan amount is conditioned by and related to:
purpose of the loan,
customer's creditworthiness,
loan security offered by customer,
loan risk assessment,
regulatory requirements set by Central Bank of RA and by international agreements.
Loan currency
AMD
USD
Annual interest rate
In case of AMD minimum 15%.
In case of USD minimum 13%.
Grace period
For loan amount 9 months
Loan term
Maximum 60 months (no minimum term)
Security
Chattels or real estate
Loan to pledge value ratio
Maximum 60%
Grant way
By cash
Cashless
Commission fee
Flat fee.
1% of loan amount (max. 100,000 AMD).
Loan arrangement is realized
“ARMECONOMBANK” OJSC branches
Decision Period
Up to 25 working days(In case of mortgage the loan is provided within 2 business days following the receipt of collateral registration right)
Attention! The interest accrues on the degressive loan balance. During the Loan Agreement activity period interest rate change is not intended.
Attention! The loan amount should make max. 60% of the pledged estate appraised value
Borrower requirements
Resident individual
Loan redemption procedure
Monthly.
Equally (annuitant), or
Non-equally (differential).
Guarantee
The pledged chattels are obligatory subject to be secured. In case of real estate, the security is sold upon the Bank request. Insurances are realized by the insurance company having permission (license) from RA CB according to the tariff defined by the latter. The minimum of the pledged estate assessed value and loan amount is taken as a basis for the insurance.
Pledged estate appraisal
Assessment is realized by any assessment organization licensed by RA legislation, according to the tariff determined by the latter.
Negative decision grounds
Negative assessment of the customer’s financial condition.
Insufficient profitability of the presented project, insufficient argumentation of the loan purpose.
Non-credibility of the presented documents.
Unacceptable guarantee.
Not presenting the required documents within the predefined timeframe.
Negative conclusion of the loan register.
Other basic reasons which according to the Bank assessment will hamper the loan repayment.
Penalties
Overdue Loan 0.2% of the unpaid amount for each overdue day
Overdue Interest 0.4% of the unpaid amount for each overdue day
Attention! It is possible to define a loan repayment flexible schedule depending on the peculiarities of the financed activity.
Attention! Early loan repayment is allowed for which no fines and penalties are charged.
Attention! Changes in foreign currency exchange rates may have an impact on loan repayments for foreign currency loans.
Documents presented by individuals

1. Passport copies, also of the Borrower's family members (2 copies).
2. Document containing public services number.
• Social card, or
• RA citizen identification card, or
• Foreign citizen residence card (if any) containing public services number, or
• Documents certifying the refugee identification of RA permanent resident, individual having no citizenship containing public services number, or
• Statement containing public services number.
3. Statement from the residence.
4. Copy of marriage certificate (if any).
5. Statement from the workplace about income, given 20 working days prior.
6. Property certificate copy (of the pledged apartment, 3 copies).
7. Statement that the present apartment is not under barrage (the original and 1 copy), to be presented after the loan lending confirmation.

Attention! During the Loan Agreement validity period no nominal interest rate change is foreseen on the part of the Bank.
Attention! In case of not making the interest and loan amount repayments on time, the pledged estate can be confiscated, and the information about the Borrower and/or the Guarantor(s) will be recorded in the loan register.

Interests are calculated on the loan balance. Loan interests are calculated based on the nominal interest rate. The actual interest rate shows how much the loan interests and other payments will cost in case of performance in defined terms and sizes.

Actual annual interest rate calculation procedure and sample.
Actual annual interest rate calculation formula.

Attention! In case of default under loan agreement and repayment of the loan on the account of the collateral, should the collateral value not suffice, repayment of liabilities on the account of other property of the borrower and/or the Guarantor(s) may be applied.
Attention! In case of failure to repay the interest and the principal on time, the mortgaged property may be confiscated, and the information about the Borrower and/or the Guarantor/s will be recorded in the loan register.
Loan amount
Interest rate calculation procedure
Loan agreement termination
Pledge subject for the Bank
Overdue loan and overdue interest
Documents required for loan grant
Negative conclusion grounds on loan case are
Security
Pledged estate sales rules
Loan purpose
Agricultural loan
Loan amount
The loan amount is conditioned by and related to:
purpose of the loan,
customer's creditworthiness,
loan security offered by customer,
loan risk assessment,
regulatory requirements set by Central Bank of RA and by international agreements.
Loan currency
AMD
USD
Annual interest rate
In case of AMD minimum 15%.
In case of USD minimum 13%.
Grace period
For loan amount 9 months
Loan term
Maximum 60 months (no minimum term)
Security
Chattels or real estate
Loan to pledge value ratio
Maximum 60%
Grant way
By cash
Cashless
Commission fee
Flat fee.
1% of loan amount (max. 100,000 AMD).
Loan arrangement is realized
“ARMECONOMBANK” OJSC branches
Decision Period
Up to 25 working days(In case of mortgage the loan is provided within 2 business days following the receipt of collateral registration right)
Attention! The interest accrues on the degressive loan balance. During the Loan Agreement activity period interest rate change is not intended.
Attention! The loan amount should make max. 60% of the pledged estate appraised value
Borrower requirements
Resident individual
Loan redemption procedure
Monthly.
Equally (annuitant), or
Non-equally (differential).
Guarantee
The pledged chattels are obligatory subject to be secured. In case of real estate, the security is sold upon the Bank request. Insurances are realized by the insurance company having permission (license) from RA CB according to the tariff defined by the latter. The minimum of the pledged estate assessed value and loan amount is taken as a basis for the insurance.
Pledged estate appraisal
Assessment is realized by any assessment organization licensed by RA legislation, according to the tariff determined by the latter.
Negative decision grounds
Negative assessment of the customer’s financial condition.
Insufficient profitability of the presented project, insufficient argumentation of the loan purpose.
Non-credibility of the presented documents.
Unacceptable guarantee.
Not presenting the required documents within the predefined timeframe.
Negative conclusion of the loan register.
Other basic reasons which according to the Bank assessment will hamper the loan repayment.
Penalties
Overdue Loan 0.2% of the unpaid amount for each overdue day
Overdue Interest 0.4% of the unpaid amount for each overdue day
Attention! It is possible to define a loan repayment flexible schedule depending on the peculiarities of the financed activity.
Attention! Early loan repayment is allowed for which no fines and penalties are charged.
Attention! Changes in foreign currency exchange rates may have an impact on loan repayments for foreign currency loans.
Documents presented by individuals

1. Passport copies, also of the Borrower's family members (2 copies).
2. Document containing public services number.
• Social card, or
• RA citizen identification card, or
• Foreign citizen residence card (if any) containing public services number, or
• Documents certifying the refugee identification of RA permanent resident, individual having no citizenship containing public services number, or
• Statement containing public services number.
3. Statement from the residence.
4. Copy of marriage certificate (if any).
5. Statement from the workplace about income, given 20 working days prior.
6. Property certificate copy (of the pledged apartment, 3 copies).
7. Statement that the present apartment is not under barrage (the original and 1 copy), to be presented after the loan lending confirmation.

Attention! During the Loan Agreement validity period no nominal interest rate change is foreseen on the part of the Bank.
Attention! In case of not making the interest and loan amount repayments on time, the pledged estate can be confiscated, and the information about the Borrower and/or the Guarantor(s) will be recorded in the loan register.

Interests are calculated on the loan balance. Loan interests are calculated based on the nominal interest rate. The actual interest rate shows how much the loan interests and other payments will cost in case of performance in defined terms and sizes.

Actual annual interest rate calculation procedure and sample.
Actual annual interest rate calculation formula.

Attention! In case of default under loan agreement and repayment of the loan on the account of the collateral, should the collateral value not suffice, repayment of liabilities on the account of other property of the borrower and/or the Guarantor(s) may be applied.
Attention! In case of failure to repay the interest and the principal on time, the mortgaged property may be confiscated, and the information about the Borrower and/or the Guarantor/s will be recorded in the loan register.
Loan amount
Interest rate calculation procedure
Loan agreement termination
Pledge subject for the Bank
Overdue loan and overdue interest
Documents required for loan grant
Negative conclusion grounds on loan case are
Security
Pledged estate sales rules
Last modified on Wednesday, 15 July 2015 10:53