Credit product "Bonus"  

            Purpose

Any purpose connected with business (turnover means replenishment, current payments)

Requirements to borrowers

Legal persons and individual entrepreneurs, who were not classified during last year, have current credits the actual activity period of which is not less than 5 months and there is maximum 11 months up to the main debt repayment.

Credit provision order

Credit is transferred via single remittance to the borrower’s banking account.

Credit currency

USD

AMD

Credit sum

Up to 10,000

Up to  4,000,000

New credit is provided at the rate of double sum, repaid during last 5 months /according to the repayment schedule/

  Credit annual interest rate

18%

21%

Credit interest rate is calculated to the credit reduced reminder. There is not envisaged nominal interest rate by the Bank during the activity of credits contracts, if the borrower does not violate determined conditions of the contract.

Credit repayment period

  10 months

Collateral

If there is concluded Principal Mortgage contract, the new credit is provided with the same collateral, in other cases, the credit is provided with the personal guarantee of the business owners.

Attention

In case of interests amount and credit amount repayments not fulfillment in time, the pledged property can be confiscated and the information on the borrower will be registered in the Credit Register.   

In case of credit debts not fulfillment and debts repayment at the expense of collateral  it is possible debts repayment at the expense of the other property of the borrower if the collateral is not enough to cover  borrower’s  credit debts.

Credit repayment order

1.The main debt on monthly basis, in equal instalments.

2.  Interest repayment on monthly basis.

Preterm credit  repayment is allowed without any limits. And the main debt repayment is allowed only after  Bonus credit repayment.

In case of credits provision in USD, currency exchange  changes  can make its influence in the credits repayments.

Required documents

1.Application

2. Credit report  /ACRA Credit BUREAU/   

Commission

0.1% from credit amount

Collateral valuation

The collateral must be evaluated by independent licensed company.

Collateral insurance

Resolution about insurance expediency is made at the Credit committee.

Penalties

1. In case of delaying the overdue payment of the principal sum or interest, the interest rate is increased by 1%.

2. For non-fullfillment of the obligations for monthly credit turnover, the interest rate is increased by 1%.

3. For non-submission of the documents proving the target use of the credit the interest rate in increased by 1.5%.

4. For non-informing the Bank about concluding credit contracts, loan agreements, loan coverage with third parties, the interest rate is increased by 0.5%.

5. For non-submitting annual balance-sheet (priot to 1 May form 1, 2)  interest rate is increased by 0.5%.

6. For non-informing the Bank about any change in contact details (name, founders’ staff, information about the manager and chief accountant, address, residence, actual and postal address, telephone numbers, available and newly opened banking account), the interest rate is increased at 0.5%.

7. Starting from the moment the credit is granted, within 7 calendar days, the customer must insure the collateral as agreed in the credit contract, in accordance with the market cost evaluated by the independent licensed company In case of not insuring the collateral as preliminarily agreed, the interest rate in increased at 3%.

8. The Bank is entitled after each calendar year having studied the customer’s business and the current market situation to introduce additional commision for the current year, but not more than 2% of the remainder of the credit liabilities.      

Fines

In case of delaying the overdue payment of the principal sum and/or interest, the penalty is charged at 0.2% per each delayed day. 

   The Bank makes decision about a credit application within 15 working days, after    the customer produces all necessary documents to the Bank.

  The Bank informs the client about its decision on the credit application within one   working day.

  The credit is granted to the customer within 5 working days.