Microcredits for apartments

Loan purpose
Energy efficiency-oriented reconstruction of residential property
Minimum loan amount
AMD equivalent of EUR 500
Loan amount
AMD equivalent of EUR 500-4000
Loan currency
AMD
Annual interest rate
12.5%
Grace period
From 6 months up to 1 year
Loan term
60 months
Redemption frequency
Monthly
Security
Up to AMD 1.000.000 1 quarantor who should not be a family member of the borrower
AMD 1.000.001-2.200.000, at least 2 guarantor individuals; at least 1 of them must not be the borrower’s family member
Grant way
In stages
Commission fee
Flat fee.
1% of loan amount.
Loan arrangement is realized
“ARMECONOMBANK” OJSC head office and branches
Borrower requirements
Resident individual over 18 years,
Registered and living in the Republic of Armenia,
Has a constant income source acceptable by the Bank.
Borrower/co-borrower must be at least a co-owner of reconstructed residential property
Loan redemption procedure
Monthly.
Equally (annuitant), or
Non-equally (differential).
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! In case of not performing the loan liabilities and repaying the liabilities in the account of the collateral, in case of the collateral being not enough to repay the Borrower’s loan liabilities, it is possible to make liabilities repayment on the account of another property of the Borrower and/or Guarantor(s).
Attention! The Bank, before presenting the loan agreement, provides customer's individual leaflet.
Documents presented by individuals

1. Loan application to Bank's CEO (Branch Manager, Head of CSD, Head of Plastic Cards Department), which includes loan amount, tenor, purpose, and collateral type;
2. Documents supporting the ownership right to the property offered as loan security: ownership certificates, notarized agreements, technical certificates, and other documents necessary for pledging;
3. Detailed information (legal and financial documents) on corporate entity where the particular individual has 10% or larger shareholding;
4. Certificate of marriage (divorce, death of spouse);
5. For persons aged from 18 to 23, consent of parents for borrowing, and written obligation of repayment (if necessary);
6. Passport copy;
7. Other documents if necessary (guarantees, employment and residential statements).

Attention
In case of non-fulfillment or improper fulfillment of your obligations, information on your debt will be provided to credit registry and credit bureau (ACRA).
Attention
Bad credit history may prevent you from receiving other loans in the future.
Attention
Property (house, car, etc.) pledged by you may be confiscated by law if you fail to fulfill your loan obligations on time.

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
Energy efficiency-oriented reconstruction of residential property
Minimum loan amount
AMD equivalent of EUR 500
Loan amount
AMD equivalent of EUR 500-4000
Loan currency
AMD
Annual interest rate
12.5%
Grace period
From 6 months up to 1 year
Loan term
60 months
Redemption frequency
Monthly
Security
Up to AMD 1.000.000 1 quarantor who should not be a family member of the borrower
AMD 1.000.001-2.200.000, at least 2 guarantor individuals; at least 1 of them must not be the borrower’s family member
Grant way
In stages
Commission fee
Flat fee.
1% of loan amount.
Loan arrangement is realized
“ARMECONOMBANK” OJSC head office and branches
Borrower requirements
Resident individual over 18 years,
Registered and living in the Republic of Armenia,
Has a constant income source acceptable by the Bank.
Borrower/co-borrower must be at least a co-owner of reconstructed residential property
Loan redemption procedure
Monthly.
Equally (annuitant), or
Non-equally (differential).
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! In case of not performing the loan liabilities and repaying the liabilities in the account of the collateral, in case of the collateral being not enough to repay the Borrower’s loan liabilities, it is possible to make liabilities repayment on the account of another property of the Borrower and/or Guarantor(s).
Attention! The Bank, before presenting the loan agreement, provides customer's individual leaflet.
Documents presented by individuals

1. Loan application to Bank's CEO (Branch Manager, Head of CSD, Head of Plastic Cards Department), which includes loan amount, tenor, purpose, and collateral type;
2. Documents supporting the ownership right to the property offered as loan security: ownership certificates, notarized agreements, technical certificates, and other documents necessary for pledging;
3. Detailed information (legal and financial documents) on corporate entity where the particular individual has 10% or larger shareholding;
4. Certificate of marriage (divorce, death of spouse);
5. For persons aged from 18 to 23, consent of parents for borrowing, and written obligation of repayment (if necessary);
6. Passport copy;
7. Other documents if necessary (guarantees, employment and residential statements).

Attention
In case of non-fulfillment or improper fulfillment of your obligations, information on your debt will be provided to credit registry and credit bureau (ACRA).
Attention
Bad credit history may prevent you from receiving other loans in the future.
Attention
Property (house, car, etc.) pledged by you may be confiscated by law if you fail to fulfill your loan obligations on time.

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 Monday, 12 December 2016 10:44