TERMS
AND
TARIFFS
Borrower
18-65 years old resident of the Republic of Armenia, individual, legal entity, private entrepreneur
Loan Purpose
Refinancing of loans for the implementation of agricultural activities of the borrower and/or persons conducting joint economic activities in other banks (including financial institutions) of the Republic of Armenia, development of agricultural activities *
Loan Type
Loan
Loan Currency
AMD
Loan Amount
1,000,000 - 10,000,000 AMD
Loans secured only with a guarantee
(including additional loan amount)
10,000,001 - 150,000,000 AMD
Loans secured by real estate collateral
(including additional loan amount)
Annual Nominal Interest Rate **
Weighted average nominal interest rate for loans transferred from another financial institution -2%, minimum 15%
Weighted average nominal interest rate for loans transferred from another financial institution -2%, minimum 13,5%
Annual Effective Interest Rate
16․1-23․79%
13․8-23․79%
Loan Term
24-84 months
Principal Repayment Grace Period
0-18 months, depending on the specifics of the business
Additional loan amount ***
Up to 40% of the refinanced loan balance
Requirements for refinanced loan(s)
For loans up to AMD 10 million (including additional loan amount)
The Bank conducts a visit to the Borrower's place of business and takes pictures. ****
In case of loans exceeding AMD 10 million (including additional loan amount)
The Bank visits the Borrower's place of business if required, the Customer submits photos from the place of business.
Regardless of the loan amount, the Bank provides the loan without analyzing the Borrower's financial and economic indicators, if the following conditions are met simultaneously:
the refinanced loan/s /not included in the Additional Loan amount/ are serviced in other RA banks or financial institutions for at least 12 months (in case of more than 1 loan, with a weighted average term of 12 months),
at least 10% of the principal amount has been repaid on each refinanced loan/s,
the number of overdue days on each of the refinanced loan/s does not exceed 5 days,
The number of loans received by the Borrower /including persons conducting joint business/ in the last year shall not exceed 5.
In case of deviations from the above conditions, the loan is subject to provision based on the analysis of financial and economic indicators. In the event of refinancing using additional loan funds, the requirements specified in this paragraph do not apply to the refinanced loan.
Moreover, the monthly repayment amount for servicing the newly issued loan (including the amount of the additional loan) shall not exceed 115% of the average monthly repayment amount made on the refinanced loan over the last 12 months (applicable in cases where a financial and economic analysis is not carried out in the case of refinancing).
Claims against the borrower (also participants/shareholders of a legal entity, beneficial owner)
Credit history:
Absence of classification and/or the total number of days of overdue liabilities during the last 12 months shall not exceed 30 days. In case of overdue liabilities of 15 days or more, the Bank may require an analysis of financial and economic indicators.
Absence of current overdue liabilities.
Method of repayment
Annuity /equal monthly payment of principal and interest/
Differentiated / equal monthly payment of principal and interest/
Individual payment schedule depending on the specifics of the business (presenting the repayment schedules of refinanced loans).
Repayment method by the customer’s choice
COMMISSION FEES, PENALTIES AND FINES
Not defined
Loan disbursement and servicing fee
0.1% daily
Penalty for overdue principal
0.1% daily
Penalty for overdue interest
0.13% daily
Penalty for early repayment of loan
5% of the amount repaid early. Applicable for loans with a contractual amount of more than AMD 5,000,000.
COLLATERAL
Collateral
Loans secured only with a guarantee
(including additional loan amount)
The loan collateral is:
In case of a loan of 1,000,000-3,000,000 AMD, guarantee of at least 1 individual (18-65 years old).
In case of a loan of 3,000,001 - 10,000,000 AMD, guarantees of at least 2 individuals (18-65 years old).
- At least one of the guarantors must be the owner of real estate or be secured by a registered salary,
- The total number of days of overdue liabilities of each of the guarantors in the last year shall not exceed 30 days.
Loans secured by real estate collateral (including additional loan amount)
The collateral for the loan is Real Estate. The collateral criteria are defined in accordance with Appendix 1.
Guarantee/s:
In the case of clients who are legal entities, personal guarantees of the founders and beneficial owners,
In the case of private entrepreneurs, if the beneficial owner is a third party, a guarantee of the beneficial owner։
Other collateral may also be provided by the decision of the Credit Committee.
Loan/ Collateral Maximum Value
According to Appendix 1
Collateral Valuation
The collateral is subject to valuation by an independent property valuation organization cooperating with the Bank․
OTHER CONDITIONS
Loan decision deadline
Decision on loan application within 3 (three) business days after submitting required documents․
Decision notification deadline
Up to 1 (one) business day after the decision is made.
Loan issuance deadline
Up to 1 (one) business day after submitting all required documents and performing state registration of the pledge right.
Maximum validity period of the decision
30 business days
Moreover, the Bank has the right to refuse to provide a loan if any of the conditions considered essential for making a positive decision on providing a loan have changed.
* Consumer loans provided for agricultural purposes are also subject to refinancing. The latter can be refinanced only through the Additional Loan amount.
** In case of refinancing of foreign currency loans, including loans in different currencies (including AMD) with an AMD loan, the annual nominal interest rate is set at 15%, regardless of the loan collateral.
If the weighted average nominal interest rate of loans transferred from another financial institution exceeds 21.50% by the difference of -2%, the annual nominal interest rate is set at 21.50%.
The basis for calculating the weighted average interest rate and term are the balances of the transferred loans and the actual serviced terms. In case of calculating the weighted average interest rate, the interest rate is rounded to the decimal point.
The refinanced loan/loans may have been serviced in more than 1 financial institution before being transferred to "Fast Bank" CJSC.
*** The additional loan amount can be provided both together with the refinancing loan, through 1 loan, and as a separate loan, under the conditions set forth in this summary. Moreover, the total amount of the loan provided for the purpose of refinancing and the additional loan cannot exceed the maximum loan amount set forth in this summary.
**** The established condition may not be met if the Bank has provided the Customer with at least 1 agricultural loan during the 6 months preceding the submission of the loan application, based on the analysis of financial and economic indicators.
ATTENTION: IN THE EVENT OF NON-PERFORMANCE OR INCOMPLETE PERFORMANCE OF YOUR OBLIGATIONS, THE LENDER SHALL, AFTER 3 WORKING DAYS, SUBMIT SUCH DATA TO THE ACRA CREDIT BUREAU AND THE CENTRAL BANK (CB) CREDIT REGISTRY, WHERE YOUR CREDIT HISTORY IS FORMED.
YOU HAVE THE RIGHT TO OBTAIN YOUR CREDIT HISTORY FROM THE CREDIT BUREAU FREE OF CHARGE ONCE A YEAR.
ATTENTION: A POOR CREDIT HISTORY MAY HINDER YOU FROM OBTAINING LOANS IN THE FUTURE.
ATTENTION: LOAN INTEREST IS CALCULATED ON THE BASIS OF THE NOMINAL INTEREST RATE, WHILE THE ANNUAL ACTUAL INTEREST RATE SHOWS HOW MUCH THE LOAN WILL COST IF THE INTEREST AND OTHER PAYMENTS ARE MADE WITHIN THE SPECIFIED PERIOD AND AMOUNTS. THE PROCEDURE FOR CALCULATING THE ANNUAL ACTUAL INTEREST RATE IS POSTED ON THE BANK'S OFFICIAL WEBSITE
You can find detailed information about credit history and credit score here
You can find other loan-related terms and conditions at the following link.