Agro "Macro" credits
Credit calculator
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Monthly fee֏
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Credit Interest24 %
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Credit amount֏
Information
| TERMS | |||||
| 1. Targeted geography | RA and NKR | ||||
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2. Targeted market |
Registered persons in the RA/AR, if during 12 months prior to the credit disbursement, the client does not have total 60 days delay, per ACRA information |
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3. Credit amount1 |
2 000 001-3 000 000 AMD |
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4. Credit Currency and the Type of one-time Disbursement |
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5. Credit terms |
maximum 48 months2 |
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6. Credit Interest |
24% pa It is calculated on the actual outstanding balance of the Credit amount |
13% pa |
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7. Monthly service fee |
N/A |
0.55%, calculated on the disbursed credit amount and charged at monthly basis In case of partial of early full repayment of the loan amount, the total cost of crediting can be proportionally reduced. In case of early full repayment of the loan, if the actual repayment day does not coincide with the day defined in Repayment Schedule, then the service fee of the last month is calculated on a daily basis for the period from the repayment day defined in the schedule preceding the actual repayment day to the actual repayment day. |
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| 8. Disbursement fee |
2.5% is calculated on the amount to be disbursed and charged at disbursement time |
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9. Principal and Interest payments3 |
Annuity option - Principal and calculated interest is paid in equal monthly installments, except grace period months
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10. Security |
Additional guarantor/s with salary/income, firm pledge may be required * Documents containing respective information on salary (reference, contract, excerpt from the order, statement or turnover on bank account, Nork query etc.) |
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11. Fines and Penalties |
0.13% daily penalty, which is calculated on the amount (including principal, interest and service fee, if applicable) due that month per repayment schedule, but not paid. In case of the end of the credit repayment term, the amount to be paid in the given month is considered as the amount paid in the last month except for the current service fee of the Loan. The calculation of penalties shall start from the delay of each repayment day defined by the Repayment Schedule and stop on the full repayment day of the overdue liability.
0.0% The total amount of all penalties defined by the Contract cannot exceed the outstanding debt amount available at that moment. |
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1.
The borrower may receive 1 Agro/Business "Macro" Credit. The total sum of agro/ business Micro and agro/ business Macro credits (as well as Group Guaranteed Micro, Micro Express, Express, Express Credit Line, Macro) cannot exceed 4 000 000 AMD. The borrowers may also receive Consumer Credit/s
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The mentioned term can be in average 20 days more based on credit disbursement day
3.
If the repayment day is a non-working day then the repayment day is considered the next working day following the non-working day and the interest amounts calculated as at the actual repayment day shall be paid.
4.«
Grace period” is the period during which no principal payments of Credit amounts are considered
NOTICE
In case if the Borrower fails to repay the credit amount and interests in proper and timely manner, negative information on him/her will be recorded in the Credit Bureau.
The Pledged property can be confiscated by the order defined by Law, if the Borrower does not repay the credit and interest amounts in a proper and timely manner.
The Annual Actual Interest specifies the extent of the credit amount in case of repaying interests and other fees in a timely and proper manner. The calculation order of the Annual Actual Interest is presented below:
The Calculation of the Annual Actual Interest
Article 13. The formula and Explanations of AAI calculation
- The Annual Actual Interest is calculated taking into account the following formula:
Where.
i - The Annual Actual Interest(AAI).
A -The Credit amount (The primary credit amount disbursed by the creditor to consumer).
n - The number of the credit repayment.
N –The number of the last credit repayment.
Kn- the credit repayment amount.
Dn- The period between the credit disbursement and credit repayment dates expressed by the number of the days.
i -the actual annual interest can be calculated, if the other data of the equation is known from the Credit Contract etc.
Article 14. The Calculation of the Actual Annual Interest
1. The Actual Annual Interest is calculated at the time of signing the Credit Contract, assuming, that the Credit Contract will be effective in the manner specified by the Contract and the Parties who signed the Credit Contract shall fulfill their liabilities in a proper and timely manner.
2. In case if the Credit Contract specifies provisions which allow deviations and changes in the number and extent of interests and/or other fees included in the total crediting cost of the consumer and it is impossible to identify the number of changes, the Annual Actual Interest shall be calculated so as the interests and/or other fees included in the consumer’s total crediting cost shall be fixed and applied till the end of the Credit Contract term.
3. The following principles are effective in case of calculating the actual annual interest (upon necessity):
1 In case if the credit maximum amount is not specified by the Credit Contract, the disbursed maximum credit amount is one million AMD.
2) If the Credit Contract specifies that the consumer can receive the credit amount part by part, or can choose the date of the credit disbursement, then it’s considered, that the credit amount was disbursed to the consumer totally at the moment of contract signing.
3) In case if the Credit Repayment Schedule or other terms and conditions of the credit repayment are not specified by the Credit Contract, the deadline for the credit repayment is one year.
4) In case if the credit contract defines more than one credit repayment term, the credit repayment shall be fulfilled in the nearest term defined by the Credit Contract, if there is not prescribed anything else by the Credit Contract.
4. The Central Bank, in accordance with its legal acts, can define explanations and samples of AAI (Annual Actual Interest) calculation and formula specified by Article 13.
ATTENTION
WHEN APPLYING FOR THE CREDIT, THE CREDITOR WILL PROVIDE INDIVIDUAL BULLETIN ON ESSENTIAL TERMS OF THE CREDIT, IN WHICH THE INDIVIDUAL TERMS OF THE CREDIT TO BE DISBURSED WILL BE SUBMITTED.
LIST OF REQUIRED DOCUMENTS
/If applicable/
For physical persons
- passport/identification document and social card (if available)
- Certificate of Ownership (if available) of the real estate which relates with agriculture
- Certificate of registration of agricultural machinery (if available)
- Certificate of registration of equipment engaged in the agriculture (if available)
- Reference about the livestock (upon necessity)
- Reference about family members, residence address (upon necessity)
- Other documents
Private entrepreneur and legal entities
- passport/identification document and social card (if available)
- Certificate of state registration
- Tax Code
- License in case business required license
- List of fixed and current assets (upon necessity)
- Current contracts and agreements related with the business (sale, procurement, lease and other, if available)
- Invoices, acts, payment orders or requests etc. (if available)
- Reference from the State Tax Inspection on the liabilities (upon necessity)
- Financial statements (upon necessity)
- Statement on the banks for the 12 months (upon necessity)
- The certificate of payer for the fixed payment (if available)
For the legal entities as well as
- Charter with amendments and participants
- Certificate from the State registry about the changes in the Charter and participants
- The participants’ or shareholders’ decision about borrowing the credit
- Reference about the debit and credit liabilities (mentioning the size of the liability and terms of repayments)
- Reference about participation (more than 10%) in other legal entity
For Joint Stock Companies reference about the shares
- From Central Depository for Open Joint Stock Companies
- From the registrar responsible for Closed Joint Stock Companies
For guarantor/s
- passport/identification document and social card (if available)
- Reference from the employer and/or other document about the income (reference on income from Nork Information System for the last 6 months or statement on bank account for the last 3 months), certificate (s) of ownership
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Legal entities
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Sole entrepreneurs above 18 years old
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Individuals engaged in agribusiness above 18 years old
The credit disbursement may be refused because of:
- the false documents,
- the required documents have not been submitted,
- negative information from the Credit Registry and/or other specialized organization,
- absence of required security for credit repayment
- other reasons.