Loans GAF - Energy Efficiency for SMEs Program

If you want to buy energy efficient equipment and machines or make other energy efficient investments, this type of loan is for you.

Loans GAF - Energy Efficiency for SMEs Program




  • Legal entities and individual entrepreneurs who are RA residents
  • The analysis of the borrower’s financial reports must meet the Bank’s requirements


Purchase of energy efficient equipment and machines, construction of infrastructure and other projects for which renewable energy resource is used:

  • Heating, air-conditioning and ventilation.
  • Lighting
  • Heating/cooling for industrial purposes
  • Thermal insulation of the walls and roof of the building
  • Industrial manufacturing machines
  • Solar energy
  • Biomass energy
  • Other energy efficient investments which comply with the requirements of “GAF – Energy Efficiency for SMEs” program  




Without pledge

AMD 1,000,000-5,000,000 (with guarantee of at least one physical individual or legal entity)

With pledge

AMD 5,000,001– 500,000,000

Provision method


Repayment period

Up to 5 years

Annual nominal interest rate

For loans with amount of AMD 1,000,000 – 5,000,000

10 %

For loans with amount of AMD 5,000,001 – 20,000,000

9.5 %

For loans with amount of AMD 20,000,001– 500,000,000

9 %


  • Movable and immovable property
  • Monetary funds available on deposit or current accounts
  • Standard gold bars or scrap, precious metals
  • Short term bonds issued by the government or other securities
  • Along with other pledge, if required,  working capital as well as final product can also be accepted as pledge (taking into consideration the liquidity of other pledge or loan to value ratio, loan term, customer profile etc)
  • 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

Loan to value ratio acceptable limits

  • 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 working capital: up to 50% of the value 


Upon need

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


  • Loan application review fee - AMD 0
  • Loan service fee – one-off, 0.5% of the granted amount
  • Receipt of credit amount in cash – In case if the loan amount is received in cash, a cash withdrawal fee is charged from the bank account according to the current tariffs.

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.

Other terms

  • Standard energy efficient investment
    • For loans not exceeding AMD 150,0 mln energy-audit may be conducted upon Bank’s request
    • For loans exceeding AMD 150,0 mln energy-audit is mandatory
  • Non-standard and mixed energy efficient investment

Energy audit is mandatory

  • Note – Energy- audit service fees are not paid by the customer-borrower, they are borne by the Bank


  • If you do not pay the interest and loan amount on time, the mortgaged property may be SEIZED in accordance with the law, and your information will be recorded in the Credit Register (which may subsequently prevent you from receiving new loans).
  • In the case of repayment of obligations on the account of collateral as a result of non-fulfillment of credit obligations, if the value of the collateral is not sufficient to cover the credit obligations of the borrower, then we (according to the current legislation) have the opportunity to repay the loan obligations on account of your other property (if any).

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