Retail SME credit lines on customs cards (Arca classic)

 

Loan type

Retail SME credit lines on customs cards (Arca classic)

 

Purpose

Customs payments

 

Clients

Legal entities and individual entrepreneurs with at least 6-month business history

 

Exclusion list

1. Production or trade in any product or activity deemed illegal under the Republic of Armenia laws or regulations or international conventions and agreements
2. Production or trade in weapons and munitions
3. Gambling, casinos and equivalent enterprises
4. Trade in precious stones
5. Currency exchange office
6. Brokerage or bookmaking offices
7. Production, use of or trade in hazardous substances (like radioactive materials) other than pesticides and fertilizers used in agriculture

 

Creditworthiness assessment*

According to the approved criteria

Loan conditions

Currency

AMD

USD

EUR

Minimum and maximum loan limit

• Up to 40% of average monthly cash flows through accounts with Ameriabank during the most recent 6-12 months, within AMD 1,000,000 - 20,000,000 or its equivalent in foreign currency
• The credit limit for the client with at least 3-month cash flow history with Ameriabank shall be based on the net cash flows through the client's accounts with Ameriabank for 3 months and the net turnover with the other banks for at least 3-9 preceding months, within AMD 1,000,000 - 20,000,000, provided that the client transfers his/her accounts turnover with other banks to Ameriabank.

Term (months)

12 months

Annual interest rate

Grace period applies to loans in USD and EUR. The following interest rates apply to any and all amounts used (i) if liabilities are not repaid in full during the grace period, and (ii) from the first day of utilization in case of AMD denominated loans:

14.5%
(effective rate: 16.9%)

11.5%
(effective rate: 13.4%)

10.0%
(effective rate: 11.8%)

If the outstanding debt under the loans in USD and EUR is not repaid in full during the month following the grace period, starting from the following month the amounts shall bear an interest of 20%.

Loan disbursement fee

1% of the loan amount

Loan modification application fee

N/a

Card terms

Card issuance

Free

Annual service

AMD 10,000; for clients banking with Ameriabank for over 3 months – free

Additional card issuance

Free

Annual service of additional card

AMD 5,000

Card re-issuance (in case of card loss, damage, theft, loss of PIN or its disclosure to third parties)

AMD 5,000

Card re-issuance (upon expiry of validity period)

Free

Card blocking

Free

Card unblocking

Free

Cash withdrawal

N/a

Electronic transactions at customs terminals

Free

Electronic transactions at other merchants

3%

Providing account statement or sending it via e-mail

Free

Review of card credit limit

AMD 3,000

SMS notification

Free

Forms of loan repayment

Grace period

Last day of the month of withdrawal of money +5 days

Loan repayment form: without grace period

Principal payable at the end of term, interest payable monthly; whenever the card account is credited, the interest accrued as of that moment will be charged.

Loan repayment form: with grace period

Payment of interest at the end of the term, however, whenever the card account is credited, the interest accrued as of that moment shall be charged.
Principal payable at the end of term.

Security

Eligible security

1. Pledge of cash flows through the account
2. Personal guarantee of the business founder/beneficial owner
3. The Bank may request a guarantee by another individual and/or entity. Furthermore, the source of the guarantor’s income should not depend on the financed business, and there should be no material delays in the guarantor’s credit history (no more than 30 overdue days within the recent 2 years but max 10 consecutive days).

Loan service fees**

Modification of the loan terms

AMD 25,000

Substitution of pledged property (for real estate; including change of the property owner)  

AMD 20,000

Substitution of pledged property (for vehicles; including change of the owner of the pledged vehicles)

AMD 10,000

Provision of pledge-related consents, permissions and references

AMD 10,000 (VAT included)

Change of the loan repayment date

AMD 10,000

 

Other fees payable by client

1. Fee for the unified statement from the State Committee of the Real Estate Cadaster adjunct to the RA Government; fee for police reference on vehicles encumbrance
2. Notary fee for registration of pledged real estate; fee for state registration of the bank’s security interest under the real estate pledge agreement; Fee for the certificate of registration of the security interest in the vehicle

Early repayment

N/a

 

Late payment fines and penalties

The interest rate specified in the loan agreement shall continue to be applied to overdue loans.
Fine in the amount of 0.13 % of overdue loan/interest for each day beyond terms

                     

*No creditworthiness ratios are calculated and no business analysis and proof of income are required for loans secured by cash and metal accounts in gold.

**The fee is charged if the modification is requested by client. Where there are several applicable fees for the same modification, the highest fee is charged and only once. Fees are not applicable in case of loans secured by cash, bonds and metal accounts. If the modification implies adding new pledge or involving a new guarantor, no fee is charged.