EvocaPOWER

Electricity for your home is obtained from solar energy, loans – from Evoca. For EvocaPOWER loans, you don't need to make down payment, pledge property or visit the bank.

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EvocaPOWER

1.	Loan purpose	Acquisition of solar photovoltaic systems and water heaters
2.	Eligibility	RA citizens over 18 years of age who earn their income primarily in Armenia and who during the loan period will not turn 65 or the loan will be shared by a co-borrower who meets these requirements.
3.	Loan products	Subsidized by the Government	Without subsidies
4.	Loan currency	AMD
5.	Loan amount	AMD 300,000 – AMD 5,000,000
6.	Loan period	12 - 60 months
7.	Nominal interest rate per annum	0-21.5%
8.	Fees charged by the partner organization	0-20% /with retention of the target margin set for the loan
9.	Subsidized interest rates	the interest rates on loans for renovation of property in border or mountainous settlements will be subsidized at 14%, the interest rates on loans for renovation of property in non-border rural settlements will be subsidized at 12%, the interest rates on loans for renovation of property in non-border urban settlements will be subsidized at 11%, the interest rates on loans for renovation of property in Yerevan will be subsidized at 9%.
10.	Penalty for late payment of principal and interest	For past due principal amount - 0.015% per day, For past due interest amount - 0.1% per day.
11.	Loan repayment method	«Annuity» or «Flexible» scheme
12.	Loan security	Surety bond issued by a third party (parties) (if appropriate)
13.	Insurance	For purchasing solar power stations – station insurance may be required to cover the cost of its acquisition.
14.	Creditworthiness assessment	According to Scoring model
15.	Other terms and conditions	Under the Program, only a single loan for apartment (single-family home) renovation may be subsidized.
16.	Prerequisites for loan approval	The loan will be disbursed in non-cash manner.
17.	Timeline for making decision on loan application approval or rejection	The decision on approval or rejection of the loan application will be made within 3 (three) banking days upon submission of the entire package of the required preliminary documents. The loan will be provided within 2 (two) banking days after the loan application approval.