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!

Micro-renovation Loan with Bank Resources
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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.

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