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Credit “Individual”


General conditions

Target group: Credit is designed for the repayment of credits in other Banks, to the amount of current liability refinancing or providing bigger credit.

Credit currency

USD

Credit amount

From 50,000 – up 1,000,000

Annual minimum interest rate
(Interest is computed for reducible balance of credit.During the validity of the credit contract the Bank does not change the nominal interest rate if the borrower does not break terms of the contract.)

12%

(Current rate in other Bank– 2 %, but not less than forgoing)

Maximum credit period

84 months

(Current period up to repayment of credit in other bank + 24 months, but not less than forgoing)

Collateral form

Real estate


Warning: in case of delay in repayment of credit and interest, collateral can be confiscated in accordance with the procedure stipulated by the law.If the borrower does not pay the interest and loan principal amounts in time, information about credit history will be submitted to the credit register.In case of non-fulfilment of credit liabilities and repayment of debt via collateral, inadequacy of collateral to cover credit liabilities, repayment of credit via customer's other property is possible.

Crediting form

Credit – provision of financial means  to the  borrower’s banking account for a fixed period, via single or gradual remittance. There is a possibility of revived credit line.

Credit amount/ Collateral market value

70%

Requirements to borrower
  • Legal person                                            
  • Private entrepreneur                                 
  • Actual activity period –12 months.
  • Absence of negative current credit history.

Business actual activity period is a period within which the actual founders of the business realized their business activity

Purpose

Credit is designed for repayment of credits in other Banks

Repayment order

1. On monthly basis,  the main debt in equal installments.

2. Interest repayment is made on monthly basis

3. Preterm credit repayment is allowed without any limits.

If the credit is granted in a foreign currency, exchange fluctuations may exert influence on credit repayment. 

Required documents

According to the current order of the Bank.

Commission

0.1% from credit amount



Valuation and insurance of collateral

Collateral valuation

The collateral must be evaluated by independent licensed company.

Collateral insurance

Resolution about insurance expediency is made at the Credit committee.






Penalties and fines

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. 







































Credit application consideration period

   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.



Updated: 17/06/11 10:43
        
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