Loans under “Energy Efficiency and Renewable Energy National Program”

Loan purpose

a) Purchase of photovoltaic system by the customers with a capacity of up to 10 kW

b) Purchase of solar water heaters by the customers

Who can apply

RA citizens at the age of 18– 63 from gasified or non-gasified communities, whose main source of income is in RA and whose age will not exceed 63 years throughout the loan service period

Location of the property

Non-gasified and gasified communities of RA

Loan currency

AMD

Loan amount

300,000-3,000,000

Repayment period

Up to 96 months

Annual nominal interest rate

Non-gasified communities

9% 

Gasified communities

11%

Early loan repayment penalty

No early loan repayment fee is applicable

Penalty for loan principal and/or interest overdue

For overdue principal - 0,015 % daily,
For overdue interest - 0,1 % daily

Loan payment schedule

Annuity

Loan repayment security measure

Guarantee

Loan provision method

Non-cash (the amount is transferred to the seller’s account)

Bank commission

Not applicable

Creditworthiness assessment (loan approval criteria)

Simplified credit assessment in accordance with personal lending of physical individuals.

Other terms

· Energy efficiency greater than 15%, simple repurchase for the program is up to 15 years (the simple repurchase is calculated according to current energy tariff)
· Energy efficieny assessment is conducted by the project

Deadlines for approving or rejecting loan provision

The decision to approve or reject the loan is made within 10 (ten) working days maximum.
The loan is granted in case of Bank’s positive decision, within 2 (two) working days.