With Fund Collateration

Loan purpose
Personal loan
Loan amount
Loan Period Loan to collateral value ratio
Up to 365 days 90%
366-545 days 85%
Condition of advance repayment up to 36 months, if the pledged and provided funds in the same currency 100%
Condition of advance repayment of up to 365 days to maturity, if the pledged and provided amounts in different currencies/td} 90%
Loan currency
In AMD, irrespective from the pledged cash facilities currency
Annual interest rate depending on the pledged means currency
Pledged cash facilities–loan currency Determined Interest Rate
Resident individual, including sole entrepreneur or business subject /corporate entity/pledged amount (the customer's current account gratuity funds) in AMDand the loan in AMD 6% added to the interest rate paid for pledged cash facilities
An individual entrepreneur or business entity (legal entity) pledged amount (the customer's current account funds) and foreign currency loan / irrespective of the type of currency / 6% added to the interest rate paid for pledged cash facilities
Resident individual, including sole entrepreneur or business subject /corporate entity/pledged amount (the customer's current account gratuity funds) foreign currency and the loan in AMD Bank loan rates on term deposits of currency deposit (bank account) plus 10% interest paid / payable to the independent pledged deposit rate /
Redemption frequency
Principal loan amount repayments are maid monthly or at the end of the deadline{/td
Loan interest repayments are maid monthly or in advance
Security
Term bank deposits,
Customer’s current account funds.
Grant way
By cash,
Cashless.
Loan arrangement is realized
“ARMECONOMBANK” OJSC head office and branches
Decision Period
Up to 2 banking days
Attention! In case of loan in AMD with foreign currency deposit collateration (bank guarantee) the average exchange rate of this foreign currency formulated in the foreign exchange market published by the Central Bank is taken as a basis as of the loan (bank guarantee) lending date.
Borrower requirements
Resident individual over 18 years,
Sole entrepreneur,
Businees subject /corporate entity/, which have monetary funds in the Bank.
Loan redemption procedure
Monthly.
Equally (annuitant), or
Non-equally (differential),
At the end of tenor.
Negative decision grounds
Customer’s negative credit history.
Other 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 for which no fines and penalties are charged.
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).
Documents presented by individuals
  1. Application on loan receipt.
  2. Passport.
  3. 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.

Documents presented by legal entities
  1. Copy of State Register certificate, transcript on the executive authority is mandatory,
  2. State Register statement on participants, replacement of the director, and amendments to charter. In case of joint stock companies, statement on shareholders from Central Depository of Armenia OJSC and State Register statement on replacement of the director, and amendments to charter.
  3. The information listed in paragraph 1 is not required for corporate entities in case where the decision on borrowing may be made by the director;
  4. Charter (reviewed),
  5. Authority's decision on borrowing, and pledging property (necessary if the information listed in paragraph 2 is required),
  6. Set of financial reports for the latest accounting period. If necessary, approved (sealed or stamped) by applicable tax authority (copy);
  7. List of fixed assets (if necessary);
  8. Tax code (copy); TIN;
  9. Statement of settlements with State budget or statement on liabilities to State budget from the tax authority of relevant location (mandatory for loans exceeding AMD 10 mln or foreign currency equivalent thereof);
  10. Statement of accounts receivable and payable (with breakdown if necessary);
  11. Documents supporting the ownership right to the property offered as loan security;
  12. Licenses (copy);
  13. Passport (copy);
  14. In case of pledging real estate, ownership certificate (copy);
  15. In case of collateral owned by individual, certificate of marriage (divorce, death of spouse);
  16. Bank account statement (if necessary);
  17. Agreement (copy) with supplier and invoice for import of goods;
  18. Statement on ban from Real Estate Cadastre Department (after lending decision).
Documents to be presented by sole entrepreneurs
  1. Copy of State Register certificate,
  2. Tax code (copy); TIN;
  3. Statement of settlements with State budget (mandatory for loans exceeding AMD 10 mln or foreign currency equivalent thereof);
  4. Statement of accounts receivable and payable (with breakdown if necessary);
  5. Documents supporting the ownership right to the property offered as loan security;
  6. Licenses (copy);
  7. Passport (copy);
  8. Certificate of marriage (divorce, death of spouse) (copy);
  9. In case of pledging real estate, ownership certificate (copy);
  10. Bank account statement (if necessary);
  11. Agreement (copy) with supplier and invoice for import of goods;
  12. Statement on ban from Real Estate Cadastre Department (after lending decision).

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! No change of nominal interest rate throughout the term of loan agreement.
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.
Attention! Changes in currency exchange rates may have an impact on loan repayments.
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
Personal loan
Loan amount
Loan Period Loan to collateral value ratio
Up to 365 days 90%
366-545 days 85%
Condition of advance repayment up to 36 months, if the pledged and provided funds in the same currency 100%
Condition of advance repayment of up to 365 days to maturity, if the pledged and provided amounts in different currencies/td} 90%
Loan currency
In AMD, irrespective from the pledged cash facilities currency
Annual interest rate depending on the pledged means currency
Pledged cash facilities–loan currency Determined Interest Rate
Resident individual, including sole entrepreneur or business subject /corporate entity/pledged amount (the customer's current account gratuity funds) in AMDand the loan in AMD 6% added to the interest rate paid for pledged cash facilities
An individual entrepreneur or business entity (legal entity) pledged amount (the customer's current account funds) and foreign currency loan / irrespective of the type of currency / 6% added to the interest rate paid for pledged cash facilities
Resident individual, including sole entrepreneur or business subject /corporate entity/pledged amount (the customer's current account gratuity funds) foreign currency and the loan in AMD Bank loan rates on term deposits of currency deposit (bank account) plus 10% interest paid / payable to the independent pledged deposit rate /
Redemption frequency
Principal loan amount repayments are maid monthly or at the end of the deadline{/td
Loan interest repayments are maid monthly or in advance
Security
Term bank deposits,
Customer’s current account funds.
Grant way
By cash,
Cashless.
Loan arrangement is realized
“ARMECONOMBANK” OJSC head office and branches
Decision Period
Up to 2 banking days
Attention! In case of loan in AMD with foreign currency deposit collateration (bank guarantee) the average exchange rate of this foreign currency formulated in the foreign exchange market published by the Central Bank is taken as a basis as of the loan (bank guarantee) lending date.
Borrower requirements
Resident individual over 18 years,
Sole entrepreneur,
Businees subject /corporate entity/, which have monetary funds in the Bank.
Loan redemption procedure
Monthly.
Equally (annuitant), or
Non-equally (differential),
At the end of tenor.
Negative decision grounds
Customer’s negative credit history.
Other 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 for which no fines and penalties are charged.
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).
Documents presented by individuals
  1. Application on loan receipt.
  2. Passport.
  3. 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.

Documents presented by legal entities
  1. Copy of State Register certificate, transcript on the executive authority is mandatory,
  2. State Register statement on participants, replacement of the director, and amendments to charter. In case of joint stock companies, statement on shareholders from Central Depository of Armenia OJSC and State Register statement on replacement of the director, and amendments to charter.
  3. The information listed in paragraph 1 is not required for corporate entities in case where the decision on borrowing may be made by the director;
  4. Charter (reviewed),
  5. Authority's decision on borrowing, and pledging property (necessary if the information listed in paragraph 2 is required),
  6. Set of financial reports for the latest accounting period. If necessary, approved (sealed or stamped) by applicable tax authority (copy);
  7. List of fixed assets (if necessary);
  8. Tax code (copy); TIN;
  9. Statement of settlements with State budget or statement on liabilities to State budget from the tax authority of relevant location (mandatory for loans exceeding AMD 10 mln or foreign currency equivalent thereof);
  10. Statement of accounts receivable and payable (with breakdown if necessary);
  11. Documents supporting the ownership right to the property offered as loan security;
  12. Licenses (copy);
  13. Passport (copy);
  14. In case of pledging real estate, ownership certificate (copy);
  15. In case of collateral owned by individual, certificate of marriage (divorce, death of spouse);
  16. Bank account statement (if necessary);
  17. Agreement (copy) with supplier and invoice for import of goods;
  18. Statement on ban from Real Estate Cadastre Department (after lending decision).
Documents to be presented by sole entrepreneurs
  1. Copy of State Register certificate,
  2. Tax code (copy); TIN;
  3. Statement of settlements with State budget (mandatory for loans exceeding AMD 10 mln or foreign currency equivalent thereof);
  4. Statement of accounts receivable and payable (with breakdown if necessary);
  5. Documents supporting the ownership right to the property offered as loan security;
  6. Licenses (copy);
  7. Passport (copy);
  8. Certificate of marriage (divorce, death of spouse) (copy);
  9. In case of pledging real estate, ownership certificate (copy);
  10. Bank account statement (if necessary);
  11. Agreement (copy) with supplier and invoice for import of goods;
  12. Statement on ban from Real Estate Cadastre Department (after lending decision).

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! No change of nominal interest rate throughout the term of loan agreement.
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.
Attention! Changes in currency exchange rates may have an impact on loan repayments.
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 Thursday, 11 August 2016 13:43