Loans Provided within the Framework of Renewable Energy and Energy Saving Program

Evocabank offers beneficial loans within the framework of Armenia’s renewable energy and energy saving fund program

Loans Provided within the Framework of Renewable Energy and Energy Saving Program
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Currency

AMD

Borrowers

  • RA resident legal entities and individual entrepreneurs
  • Analysis of financial statement of the borrower should be in line with the Bank’s requirements

Purpose

In non-gasified and gasified communities:

  • Purchase of photovoltaic systems:
  • Purchase of water heaters

Limits

 

  • With pledge: AMD 3,000,001-50,000,000
  • Without pledge: (minimum 2 guarantees provided by physical individual or legal entity) AMD 1,000,000-3,000,000

Provision  method

Non-cash

Repayment period

Up to 96 months

Annual nominal interest rate

10 %

Pledge

  • Movable and immovable property
  • Monetary funds available on deposit or current accounts
  • Standard gold bars or scrap
  • Short term bonds issued by the government or other securities
  • If needed, along with other pledge the equipments to be purchases within the framework of the program can also be pledged
  • Additional condition - Personal guarantee provided by business founders/beneficiary owners is mandatory. Meanwhile, as additional security the Bank can also request other guarantee provided by physical individual and/or legal entity

Acceptable loan to value ratio

  • For immovable property and other fixed assets: up to 70% of the property value
  • For short term bonds issued by the government: up to 95% of the nominal price
  • For other securities: up to 70% of the evaluated price
  • For standard gold bars and scrap of precious metals: up to 95% of the value
  • Monetary funds (in case of deposit and current account): up to 90%
  • For equipment to be purchased: up to 50% of the evaluated price

Insurance

Upon need

Loan early repayment penalty

No penalty is applied

Penalty for loan principal and/or interest overdue

  • For overdue principal - 0,015 % daily
  • For overdue interest - 0.1% daily

Loan repayment method

Annuity

Requirements for the guarantors

  • RA resident legal entity, individual entrepreneur or physical individual
  • No overdue liabilities (including for the guarantees provided)
  • No any classification of credit facilities for the last 12 months, and the sum of total overdue days should not exceed 30 days 

Fees

Not applicable

State duties and other fees

  • State duties paid to the RA government: are paid for ratification and registration of the pledge agreement
  • Valuation fee for pledged securities: according to the tariffs defined by the independent valuating companies

Additional terms

In case of refinancing of loans provided to legal entities and individual entrepreneurs, 20% co-financing is done

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Evocabank is a fast, simple and innovative service bank, distinguished by the active use of the latest information technologies.

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