5. Automatically approved business loans for purchase of solar panels and water heating systems

Loan type

Automatically approved business loans for purchase of solar panels and water heating systems

Purpose

Purchase of solar panels and water heating systems

Customers

LLCs and individual entrepreneurs with at least 6-month business history

Sectoral restrictions

According to the Exclusion List

Creditworthiness assessment

Based on approved score card

Currency

AMD

USD

EUR

Minimum and maximum loan limit

AMD 3 million - 30 million or its equivalent in foreign currency
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.

Term (months)

84 (with an up to 6-month grace period)

Standard adjustable annual rate (rate can be changed starting from the 49th month) in case of financing with a cashback option (EBRD)

Fixed component 4.5% + variable component (base rate)
(APR: 0-10.4%)

Fixed component 8.5% + variable component (base rate)
(APR: 0-7.3%)

Fixed component 7.5% + variable component (base rate)
(APR: 0-5.7%)

Fixed rate on internal resources

13.0%
(APR: 14.1-14.8%)

9.0%
(APR: 9.7-10.3%)

8.0%
(APR: 8.6-9.2%)

Standard fixed annual rate under GAF “Development of the Renewable Energies” program

  8.5%-9.5%
(APR: 8.5-10.0%)

N/a

N/a

Standard fixed annual rate on the loans financed under GAF “Energy Efficiency for SMEs” program 

8.5%-10.0%
(APR: 9.0-10.7%)

N/a

N/a

Loan disbursement fee

1% of the loan amount 

Loan cashing

Not applicable in case of AMD withdrawals from the borrower's account
0.5 % of the amount withdrawn in case of foreign currency withdrawals.

Repayment

Annuity (equal monthly installments consisting of a portion of loan and a portion of interest)

Security

1. Pledge of cash flows through the account
2. Personal guarantee of the business founder and beneficial owner (for LLCs)
3. Pledge of the solar panels and water heating systems being bought

Loan service fees ¹

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

 Early repayment fee

- In case of loans provided for purchase of solar panels and water heating systems: at least 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.                                                                                                                                                                                                                                                    - 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.

Late payment fines and penalties

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

Down payment

5% minimum. If the borrower and the vendor sign a buyback or debt waiver agreement, there is no down payment.

Insurance of property

In case of financing for purchase of solar panels and water heating systems, if the insurance is obtained by the bank, the insurance related costs are included in the loan interest rate.  
Insurance shall be obtained within 10 days upon installation of the solar panels/solar water heating system.                                                                                                                      

¹ 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.