Get an agricultural credit line from Acba quickly and without hidden fees.
Interest is calculated only on the amount used from the credit line.
The loan can be provided without a guarantor or with a guarantor only, depending on your preference.
An agricultural credit product with similar terms is unique in Armenia.
Without collateral or with guarantees from 1-3 persons
FOR GUARANTORS:
If the Borrower fails to fulfill their obligations, you will make the payments on their behalf, your credit history will deteriorate, and you may lose your property.
You will be provided with a copy of the loan and guarantee agreements and the repayment schedule.
Communication will be carried out through the method selected by you.
You will be notified 7 days in advance of changes to the terms of the agreement.
A reminder regarding the outstanding obligation will be sent 1 day in advance.
In case of a delay in loan repayment, you will be notified no later than one day after the delay.
THE GUARANTOR HAS THE RIGHT TO:
Request information from the lender at any time regarding the outstanding balance of the loan.
Recover from the Borrower the amounts you have paid toward the loan, as well as any other damages incurred on behalf of the Borrower.
For Individuals
Identification document
A copy of a document prescribed by law containing the Social Services Number, or the original certificate issued by the state registry authority regarding obtaining or not obtaining a Social Services Number
Copies of the passports of guarantors and/or collateral providers
For the purpose of proper customer due diligence as prescribed by the RA Law “On Combating Money Laundering and Terrorist Financing,” the Bank may, based on the “Know Your Customer” principle, request additional documents or other information, as well as ask additional questions during verbal communication
Other documents may also be required, if necessary
Loans are provided on a cashless basis
Cash withdrawal fee from the credit line: 2%
A decision regarding the loan application is made and the customer is informed by telephone call and/or electronic means within a maximum of 3 days after submission of the application and the required package of documents
No penalties are charged for early repayment of loans of up to AMD 5,000,000 or the equivalent in foreign currency
In case of fluctuations in the interest rates of funds attracted and placed by the Bank in the financial market and/or changes in the financing rate and/or the existence of such prerequisites and/or non-purposeful use of the loan by the Borrower, the Bank may unilaterally change the interest rates and fees stipulated by the agreement, notifying the Borrower at least 30 calendar days in advance.
Example of Loan Interest Calculation:
Credit line amount - AMD 400,000
Credit line interest rate - 17.9% (interest is paid once a year)
Credit line term - 24 months
Cash withdrawal - 2%
The annual actual interest rate will be - 19.19%
Daily interest will be calculated as Loan amount (outstanding balance) × Loan interest rate / 365 = (400,000 × 17.9% / 365) = AMD 196.2
“ATTENTION: LOAN INTEREST IS CALCULATED BASED ON THE NOMINAL INTEREST RATE. THE ANNUAL ACTUAL INTEREST RATE SHOWS HOW MUCH THE LOAN WILL COST YOU IN INTEREST AND ALL MANDATORY PAYMENTS FOR THE PROVISION AND SERVICING OF THE LOAN, PROVIDED THAT SUCH PAYMENTS ARE MADE WITHIN THE SPECIFIED PERIODS AND IN THE SPECIFIED AMOUNTS. THE PROCEDURE FOR CALCULATING THE ANNUAL ACTUAL INTEREST RATE CAN BE FOUND HERE.”
If the Borrower fails to fulfill their obligations on time, a penalty of 0.13% is calculated for each overdue day.
For loans in foreign currency, the exchange rate published on the official website of the Central Bank of the Republic of Armenia as of the date of loan disbursement serves as the basis for calculating the annual actual interest rate. The annual actual interest rate may change depending on changes in the exchange rate published on the official website of the Central Bank of the Republic of Armenia.
For loans of up to AMD 5 million or the equivalent in foreign currency, the Borrower has the right to unilaterally terminate the credit agreement without giving any reason within 7 working days following its conclusion. In such case, the Borrower shall pay the lender interest for using the credit amount, calculated in accordance with the annual actual interest rate stipulated in the credit agreement. No other compensation related to termination of the credit agreement may be required from the Borrower.
For loans of up to AMD 5 million or the equivalent in foreign currency, the Borrower has the right to perform (repay) their obligations under the credit agreement ahead of schedule, regardless of whether such right is stipulated in the credit agreement.
ATTENTION: WHEN APPLYING FOR A LOAN, THE LENDER WILL PROVIDE YOU WITH AN INDIVIDUAL SHEET OF ESSENTIAL TERMS OF THE CONSUMER LOAN, WHICH WILL PRESENT THE INDIVIDUAL TERMS OF THE LOAN TO BE PROVIDED TO YOU.
Foreclosure of Collateral
THE PLEDGED PROPERTY MAY BE FORECLOSED IF THE BORROWER FAILS TO MAKE THE INTEREST AND LOAN PRINCIPAL PAYMENTS ON TIME. IF THE VALUE OF THE COLLATERAL IS INSUFFICIENT, THE BORROWER’S OBLIGATIONS WILL BE REPAYED FROM THE BORROWER’S OTHER PROPERTY.
Information Provided to the Credit Registry
ATTENTION: IF YOU FAIL TO FULFILL OR INADEQUATELY FULFILL YOUR OBLIGATION, THE LENDER WILL SEND SUCH INFORMATION TO A CREDIT BUREAU AFTER 3 WORKING DAYS, WHERE YOUR CREDIT HISTORY IS FORMED. YOU HAVE THE RIGHT TO OBTAIN YOUR CREDIT HISTORY FREE OF CHARGE FROM THE CREDIT BUREAU ONCE A YEAR. ATTENTION: A POOR CREDIT HISTORY MAY PREVENT YOU FROM OBTAINING A LOAN IN THE FUTURE.
YOU HAVE THE RIGHT TO COMMUNICATE WITH THE FINANCIAL ORGANIZATION IN THE MANNER YOU PREFER, BY POSTAL MAIL OR ELECTRONICALLY. RECEIVING INFORMATION ELECTRONICALLY IS THE MOST CONVENIENT. IT IS AVAILABLE 24/7, FREE FROM THE RISKS OF LOSS OF PAPER-BASED INFORMATION, AND ENSURES CONFIDENTIALITY.
FOR GUARANTORS:
We hereby inform you that
If the Borrower fails to fulfill their obligations, you will make the payments on their behalf, your credit history will deteriorate, and you may lose your property.
You will be provided with a copy of the loan and guarantee agreements and the repayment schedule.
Communication will be carried out through the method selected by you.
You will be notified 7 days in advance of changes to the terms of the agreement.
A reminder regarding the outstanding obligation will be sent 1 day in advance.
In case of a delay in loan repayment, you will be notified no later than one day after the delay.
THE GUARANTOR HAS THE RIGHT TO:
Request information from the lender at any time regarding the outstanding balance of the loan.
Recover from the Borrower the amounts you have paid toward the loan, as well as any other damages incurred on behalf of the Borrower.
Financial Assistant
ATTENTION: "YOUR FINANCIAL INFORMANT" IS AN ELECTRONIC SYSTEM THAT MAKES IT EASY TO SEARCH FOR, COMPARE, AND CHOOSE THE MOST EFFECTIVE OPTION FOR INDIVIDUALS.
Learn more about the tariffs for agricultural loans here.
Previous Terms of Credit Tariffs
