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1. Retail business loans secured by assets
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Loan type
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Retail business loans secured by assets
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Purpose 1
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Business expansion; financing of current operations and other investments; transfer of outstanding business loans with other banks and credit organizations to Ameriabank CJSC
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Customers
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Legal entities and individual entrepreneurs with at least 6-month business history
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Sectoral restrictions
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According to the Exclusion List
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Creditworthiness assessment2
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According to the approved criteria
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Loan terms
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Minimum and maximum lending limit3
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AMD 30 million - 150 million or its equivalent in other currency
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Currency
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AMD
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USD
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EUR
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Term (months)
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12-36 (with a 1-6 months grace period)
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Standard fixed annual rate 4
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13.5%
(APR: 15.1-16.9%)
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10.5%
(APR: 11.7-13.5%)
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8.5%
(APR: 10.1-11.8%)
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Term (months)
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37-60 (with a 1-6 months grace period)
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Standard fixed annual rate 4
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14.5%
(APR: 15.9-16.3%)
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11.5 %
(APR: 12.5-12.9%)
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9.5%
(APR: 10.9-11.3%)
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Standard adjustable annual rate (rate can be changed starting from the 13th month) 4
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Fixed component 4.5% + variable component (base rate)
(APR: 14.2-14.6%)
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Fixed component 8.0% + variable component (base rate)
(APR: 10.3-10.7%)
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Fixed component 7.0% + variable component (base rate)
(APR: 8.7-9.1%)
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Term (months)
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61-120 (with a 1-6 months grace period)
(doesn’t apply to the purchase of working assets)
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Standard fixed annual rate 4
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N/a
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12.5%
(APR: 12.4-12.7%)
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10.5%
(APR: 10.7-11.0%)
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Standard adjustable annual rate (rate can be changed starting from the 37th month) 4
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Fixed component 5.0% + variable component (base rate)
(APR: 14.5-14.8%)
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Fixed component 9.0% + variable component (base rate)
(APR: 11.2-11.5%)
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Fixed component 8.0% + variable component (base rate)
(APR: 9.6-9.8%)
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Business mortgage for purchase or construction of business premises or transfer of a business mortgage loan
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Term (months)
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12-60 (with a 1-6 months grace period)
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Standard fixed annual rate
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14.0%
(APR: 14.8-15.6%)
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11.5%
(APR: 12.1-12.8%)
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9.0%
(APR: 9.9-10.6%)
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Term (months)
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61-240 (with a 1-6 months grace period)
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Standard adjustable annual rate (rate can be changed starting from the 37th month)
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Fixed component 5.5% + variable component (base rate)
(APR: 14.8-15.0%)
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Fixed component 9.0% + variable component (base rate)
(APR: 10.9-11.1%)
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Fixed component 8.0% + variable component (base rate)
(APR: 9.3-9.4%)
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Minimum down payment
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At least 5% of the appraised market value of the real estate.
Where the real estate being acquired is registered in the name of a legal entity or an individual entrepreneur, the borrower should provide additional 5% down payment or additional collateral so that the LTV ratio does not exceed 90%.
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Eligible collateral
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1. The loan is secured by the real estate being purchased. The Bank may consider as additional security pledge of other real estate to the reasonable satisfaction of the Bank, as well as cash in Ameriabank or bonds issued by Ameriabank.
2. If the borrower wishes to purchase property under construction without registered certificate of title, the loan will be secured by other Armenia-based real estate to the reasonable satisfaction of the Bank.
3. If the borrower wishes to purchase property abroad, the loan will be secured by Armenia-based real estate to the reasonable satisfaction of the Bank. 4. Other information on the eligible collateral is presented in the “Security” section of these tariffs.
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Standard annual interest rate under GAF SME support program
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Term (months)
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12-60 (with a 1-6 months grace period)
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Standard fixed annual rate
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11.0-12.0%
(APR: 12.1-15.4%)
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N/a
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N/a
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Term (months)
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61-120 (with a 1-6 months grace period)
(doesn’t apply to the purchase of working assets)
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Standard adjustable annual rate (rate can be changed starting from the 61st month)
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Fixed component 4.5% + variable component (base rate)
(APR: 14.3-16.6%)
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N/a
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N/a
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Standard annual interest rate under the SME Competitiveness Support Program in the Eastern Partnership (with a cashback)
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Term (months)
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12-48 months
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Standard fixed annual rate
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12.5%
(APR: 0-8.3%)
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9.0%
(APR: 0-4.7%)
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7.0%
(APR: 0 3.3%)
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Term (months)
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49-96 months
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Standard adjustable annual rate (rate can be changed starting from the 49th month)
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Fixed component 4.0% + variable component (base rate)
(APR: 0-11.0%)
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Fixed component 8.0% + variable component (base rate)
(APR: 0-7.9%)
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Fixed component 8.0% + variable component (base rate)
(APR: 0-6.3%)
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Standard annual interest rate under the EBRD’s Women in Business Program
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Term (months)
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12-48 months
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Standard fixed annual rate
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12.5%
(APR: 14.7-16.8%)
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8.5%
(APR: 9.3-11.3%)
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6.5%
(APR: 7.7-9.6%)
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Term (months)
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49-96 months
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Standard adjustable annual rate (rate can be changed starting from the 49th month)
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Fixed component 3.75% + variable component (base rate)
(APR: 13.7-14.1%)
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Fixed component 7.5% + variable component (base rate)
(APR: 10.2-10.5%)
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Fixed component 7.5% + variable component (base rate)
(APR: 8.5-8.9%)
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Standard annual interest rate in case of finance for purchase of solar panels and water heating systems
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Term (months)
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12-120 months (with a 1-6 months grace period)
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Fixed rate on internal resources
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12% (APR: 12.8-15.0%)
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8% (APR: 8.4-10.5%)
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7% (APR: 7.3-9.4%)
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Standard fixed annual rate under GAF “Development of the Renewable Energies” program
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8.5%-9.5%
(APR: 8.9-10.0%)
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N/a
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N/a
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Term (months)
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12-48 months (with a 1-6 months grace period)
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Fixed interest rate in case of financing (EBRD) of projects with cashback option
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11.5%
(APR: 0-7.2%)
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8.0%
(APR: 0-3.7%)
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6.5%
(APR: 0-2.2%)
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Term (months)
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49-96 months (with a 1-6 months grace period)
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Standard adjustable annual rate (rate can be changed starting from the 49th month) in case of financing with a cashback option (EBRD)
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Fixed component 4.5% + variable component (base rate)
(APR: 0-9.9%)
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Fixed component 8.5% + variable component (base rate)
(APR: 0-6.8%)
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Fixed component 7.5% + variable component (base rate)
(APR: 0-5.3%)
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Standard annual rate on the loans financed under GAF “Energy Efficiency for SMEs” program 5
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Term (months)
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12-84 (with a 1-6 months grace period)
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Standard fixed annual rate
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9.5%-11.0%
(APR: 10.3-13.7%)
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N/a
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N/a
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Standard annual interest rate under GAF SME Finance (tourism, agriculture, agricultural processing, export oriented and manufacturing industries) program
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Term (months)
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12-90 months (with a 1-30 months grace period)
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Standard fixed annual rate
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10%-10.5%
(APR: 10.8-11%)
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N/a
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N/a
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Standard annual interest rate on the loans for procurement of agricultural raw materials (in accordance with the requirements of the respective program of the Armenian Government)
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Term (months)
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6-18 months (with an up to 6-month grace period),
in case of loans for procurement of grapes: 6-36 months, with an up to 12-month grace period
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Standard fixed annual rate
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12.0% (with a possibility of full or partial subsidy)
(APR: 12.8 13.5%)
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N/a
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N/a
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Standard annual interest rate on the loans for establishment of vineyards, intensive orchards and berry plantations (in accordance with the requirements of the respective program of the Armenian Government)
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Term (months)
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6-96 months (with an up to 60-month grace period)
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Standard fixed annual rate
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12%-13.0% (with a possibility of full or partial subsidy)
(APR: 12.7-14.7%)
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N/a
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N/a
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Standard annual interest rate on the loans for purchase of pedigree cattle to promote cattle-breeding (in accordance with the requirements of the respective program of the Armenian Government)
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Term (months)
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6-60 months (with an up to 12-month grace period)
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Standard fixed annual rate
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12.5%-14.0% (with a possibility of full or partial subsidy)
(APR: 13.3-15.8%)
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N/a
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N/a
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Standard annual interest rate on the loans for the development of sheep and goat farming (in accordance with the requirements of the respective program of the Armenian Government)
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Term (months)
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6-48 months (with an up to 12-month grace period)
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Standard fixed annual rate
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12.5%-14.0% (with a possibility of full or partial subsidy)
(APR: 13.3-15.8%)
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N/a
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N/a
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Loans6 issued out of other program resources 4
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8.5%-15.0%
(APR: 8.9-17.0%)
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5.5%-12.0%
(APR: 5.7-13.5%)
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4.0%-11.0%
(APR: 4.1-12.4%)
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Other terms related to the interest rate
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If the loan is secured by cash or bonds issued by Ameriabank, the interest rate is equal to:
- Applicable interest rate for cash/bond + 4%, but in any case not more than the rates specified above, if the loan and the collateral are in the same currency
- Rates specified above, if the loan and the collateral are in different currencies
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Where insurance of the collateral is obtained by the Bank at the wish of the client, the rate of interest is increased pro rata the share of each type of the collateral in the total value of the collateral by:
- 2.5% if the pledge is vehicle, or
- 0.5% if the pledge is plant and equipment.
- In case of financing for purchase of solar panels and water heating systems, the insurance related costs are included in the loan interest rate.
Where the insurance of real estate is obtained by the client, the interest rate is reduced by 0.05%, based on the share of each type of assets in the total collateral.
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If the LTV ratio differs from the ratio specified herein, the interest rate is increased by 0.25%.
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If the creditworthiness ratios deviate from the ratios approved by the internal regulations of the Bank (DSCR), the applicable interest rate is increased by 0.25%.
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In case of other deviations, the applicable interest rate may be increased by 0.25%.
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If repayment schedule is differentiated or mixed, the applicable interest rate is increased by 0.5%.
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If the client prefers a lending option without early repayment fee, the applicable interest rate is increased by 2%.
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Loan disbursement fee
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1% of the loan amount
• Does not apply to (i) the loans for procurement of agricultural raw materials,
(ii) loans for establishment of vineyards, intensive orchards and berry plantations with modern technologies,
(iii) loans for purchase of pedigree cattle,
(iv) loans for the development of sheep and goat farming,
(v) business mortgage, and
(vi) loans secured by cash collateral at Ameriabank and/or bonds issued by Ameriabank.
• In case of financing of purchase of solar panels and water heating systems, as well as GAF “Energy Efficiency for SMEs” program, the loan disbursement fee is 0.5-1% of the loan amount or AMD 500,000, whichever is greater
• 0-1% in case of financing under GAF SME Finance (tourism, agriculture, agricultural processing, export oriented and manufacturing industries) program
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Loan cashing
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Not applicable in case of AMD withdrawals from the borrower's account
0.5 % of the amount withdrawn in case of foreign currency withdrawals.
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In case of business mortgage or loans for procurement of agricultural raw materials where the amount is transferred to the bank accounts with Ameriabank CJSC for the purchase of real estate or agricultural products, the cash withdrawal fee is not charged.
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Forms of loan repayment
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Repayment
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Annuity (equal monthly installments consisting of a portion of loan and a portion of interest)
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Differentiated (decreasing installments)
(monthly repayment of equal portions of principal amount while interest accrues to outstanding loan and decreases each month)
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Mixed
(The client may choose a preferable repayment schedule based on business seasonality, but the installment of the loan principal repaid during 1 year shall be equal to at least 15% of the loan principal specified in the agreement. Interest is payable on monthly basis)
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Security
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Eligible collateral
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Real estate 7, vehicles, plant and equipment to the reasonable satisfaction of the Bank, metal accounts in gold, cash and bonds issued by Ameriabank
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LTV ratio (based on the liquidation value)
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The value of the loan security is included in the estimation of the LTV ratio in an amount not more than:
1. Real estate: If in Yerevan: up to 100%, if in the regions of Armenia: up to 90%. In case of business mortgage, the value of the collateral is calculated as 100% (for the real estate in Yerevan) or 90% (for the real estate in the regions of of Armenia) of the lower of the two: appraised liquidation value or purchase price of the property.
2. Up to 50% if the loan is secured by vehicles
3. 40%, but not more than 30% of total collateral, if the loan is secured by property, plant and equipment (this does not apply to financing for purchase of solar panels and water heating systems in which case 100% of the project value is included irrespective of the share in the total collateral)
4. 80% if the loan is secured by metal accounts in gold with Ameriabank
5. If the loan is secured by cash/bonds issued by Ameriabank:
-90% if currency of the collateral is the same as of the loan
-70% if currencies of the collateral and the loan are different
(In case of the EBRD’s Women in Business Program, the LTV ratio is +5% to the specified values)
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Location of real estate to be pledged
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Armenia
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Age of vehicles to be pledged
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Max 12 years for foreign brand vehicles other than vehicles made in Russia, China and Iran, in which case max age is 8 years
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Property appraisal
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Pledged assets to be appraised by an appraising partner of the bank.
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Additional security
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Individual guarantees by founders and beneficial owners of businesses are a required condition. The Bank may request guarantees by other individuals and/or companies as additional security.
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Insurance of property
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The insurance of the pledged real estate is to be obtained only if it is or will be used for business purposes, and the market value of the real estate being pledged is above AMD 100 million or the real estate being pledged is an apartment in Yerevan.
The insurance of real estate, vehicles and plant and equipment is maintained throughout the loan term:
1. If obtained by the client: at least for the amount of the outstanding principal/credit limit
2. If obtained by the Bank: to the extent of the outstanding principal/credit limit.
• In case of financing for purchase of solar panels and water heating systems, the insurance should be obtained within 10 days upon installation of power plants/water heating systems.
The following vehicles are not subject to insurance:
• Vehicles transporting hazardous materials (toxic substances, chemicals, radioactive and explosive materials)
• Vehicles to be used in races, test drives; vehicles which have three wheels, snow removers, motorcycles, special purpose vehicles
• Taxis and rental cars
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Loan service fees 8
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Modification of the loan terms
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AMD 25,000
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Substitution of pledged property (for real estate; including change of the property owner)
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AMD 20,000
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Substitution of pledged property (for vehicles; including change of the owner of the pledged vehicles)
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AMD 10,000
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Provision of pledge-related consents, permissions and references
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AMD 10,000 (VAT included)
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Change of the loan repayment date
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AMD 10,000
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Other fees payable by the client
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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
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Early repayment
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5% of prepaid amount, chargeable if early repayment of the loan, whether in whole or in part, is made during the first 3 years of the loan term. However, it is not applicable if the lump-sum or total amount of the prepaid loan is up to 20% of the contractual amount.
Does not apply to (i) the loans for procurement of agricultural raw materials,
(ii) loans for establishment of vineyards, intensive orchards and berry plantations with modern technologies,
(iii) loans for purchase of pedigree cattle,
(iv) loans for the development of sheep and goat farming, and
(v) loans secured by cash collateral at Ameriabank and/or bonds issued by Ameriabank.
- In case of early repayment of the loan, whether in whole or in part, the fee will not be charged if such loan is prepaid out of the loan proceeds provided by Ameriabank CJSC to the borrower for that particular purpose.
In case of loans in the amount of up to AMD 5 million or its equivalent in foreign currency, any early repayment fines, fees, increase of rates or any other means affecting the borrower’s condition are not applied.
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Late payment fines and penalties
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The interest rate specified in the loan agreement will continue to be applied to overdue loans.
Fine in the amount of 0.13 % of overdue loan/interest for each day of delay
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Down payment in case of financing for purchase of solar panels and water heating systems
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5% min, but if the borrower and the vendor sign a buyback or debt waiver agreement, there is no down payment.
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Loan disbursement tranches in case of finance for purchase of solar panels and water heating systems
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The loan can be disbursed in tranches where the share of each tranche is determined in accordance with the cooperation agreement with the vendor, provided that the share of the last tranche is at least 20% of the loan principal and is provided after insurance of the solar facilities.
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1 Unless otherwise specified in the Loan Agreement, the loan proceeds should be used for their intended purpose during no more than 3 months. In case of tranche loans, the amount of each tranche will be disbursed during no more than 3 months following the previous disbursement, after checking if the loan proceeds are used for their intended purpose.
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2 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.
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3 On a case-by-case basis, loans may be issued in the amount below the specified minimum limit for such a term specified in these terms where the application of the respective interest rate will not result in the breach of the maximum annual percentage rate stipulated by law.
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4 Depending on the creditworthiness of the borrower, term of the loan and LTV ratio, a higher or lower interest rate is applied in accordance with annex 3 forming an integral part of these terms.
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5 Total cost of the specified energy efficient investments and associated works should comprise at least 70% of the loan principal. Up to 30% may be invested into other fixed assets of the borrower. The loans for this purpose are financed under GAF “Energy Efficiency for SMEs” program.
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6 The list of resources, their value and margin are determined by the Financial and Operational Department.
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7 Geodetic measurement is required for any land other than fenced plots or grounds attached to house, if:
- Client has applied for a loan above AMD 50 million, and
- Share of credit limit to be secured by such land plot exceeds 30% of total available credit limit. For the purposes of this document total available credit limit means the sum of all loan proceeds made available to client by decision of the bank’s authorized body within acceptable LTV ratio and subject to disbursement at the given moment.
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8 The fee is charged if the modification is requested by the 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 collateral or involving a new guarantor, no fee is charged. These fees do not apply to the loans to agro-processing industry.
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