Micro-renovation Loan with Bank Resources

Planning to renovate your apartment? Get Evocabank’s micro-renovation loan and take advantage of the state subsidy opportunity!

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1.	Loan purpose	Renovation of residential property, improvement of living conditions
2.	Eligibility	RA citizen-individuals aged 18– 65 whose major income source is generated in Armenia and who during the loan service period will not turn 65, otherwise the loan shall be shared by a co-borrower meeting these requirements.
3.	Loan currency	AMD
4.	Loan amount	AMD 275,000 – AMD 5,000,000
5.	Loan period	60 months
6.	Annual interest rates	17%	Actual	18.62%
7.	Penalty for early loan repayment	Not applicable
8.	Penalty for late payment of loan principal and interest	For past due principal - 0,015 % per day, For past due interest - 0,1 % per day.
9.	Loan repayment method	Annuity or equal principal repayments; payments should be made on a monthly basis
10.	Loan security	Without collateral
		Surety bond issued by a third party (parties) at AMD 275,000 – AMD 3,000,000 (if necessary)
		Surety bond issued by a third party (parties) at AMD 3,000,001 – AMD 5,000,000
11.	Insurance	In case of purchasing solar panels, they should be included under standard insurance coverage at the acquisition price of solar panel.
12.	Loan disbursement method	Non-cash
13.	Timeline for making decision on loan application approval or rejection	The decision on approving or declining the loan application will be made within 10 (Ten) business days upon submission of the entire package of required preliminary documents. The loan will be provided within 2 (two) business days after the approval of the loan application.