Individuals

• ID cards of the borrower and the guarantors or their passports and social security cards
• If the borrower is a sole entrepreneur, a Certificate of State Registration is also required
• Other documents upon request

Legal entities

• Certificate of State Registration, director insert
• ID cards of the director, shareholders and guarantors or their passports and social security cards
• Copies of the state registration certificate, charter and tax code of the participants of the legal entity.
• Other documents upon request

Positive factors

• Sufficient level of creditworthiness
• Good credit history
• Stable income generated from agriculture

Negative factors

• Insufficient level of creditworthiness
• Bad credit history
• Absence of stable income
• Non-compliance with the set customer requirements
• Provision of false or untrustworthy info
• Other credit risks

Loan application decision

Up to 3 business days

Provision of a written or verbal notification on the decision

Up to 1 business day

Loan disbursement

Up to 4 business days after the submission of the application

• The borrower can apply for the loan in all FINCA branches.
• Before signing the contract you will receive an individual sheet which will show your individual loan terms.

• The borrower can repay the loan earlier than stipulated by the payment schedule without incurring penalties. Upon early repayment, together with the reduction of the principal, the borrower’s total credit expenses (interest, other fees) are reduced proportionally, except for the cases when the payer submits a different written order. Penalties and other fees incurred as a result of failure to properly fulfill obligations stipulated by the RA legislation and the loan contract, as well as the fees defined by the Article 15 of the RA Law on Consumer Credit are not reduced. Upon full early repayment of the loan, the borrower pays the service fees and other charges, interest and principal amounts calculated as of the payment date.
• Payments for future months can be made in advance by submitting a written order. Repayments for each upcoming month are made in the following order: 1) service fees and other charges, 2) interest, 3) principal.

• In case the borrower breaches the contractual obligations, FINCA may change the interest rate of the loan following the order provided by the contract and the terms constituting an integral part of the contract.
• In case of failure to fulfill the contractual obligations according to the payment schedule, the borrower is obligated to pay a PENALTY for each overdue day in the amount of: 1) 0.13% of the overdue principal, 2) 0.13% of the overdue interest.
• If the borrower fails to repay the principal on time, application of the contractual interest rate towards the overdue amount is terminated and a 24% annual interest rate is applied from the day of breaching the schedule till the loan repayment date. If the amount paid is not sufficient to cover all overdue obligations, the creditor’s expenses incurred in efforts to receive the due payments from the borrower are paid first, followed by the service fees, penalties, interest and principal. This order may change per the creditor’s decision based on the borrower’s written request.
• In case of failing to fulfill your loan obligations, this information is sent to the credit bureau where your credit history is formed. Bad credit history can prevent you from receiving a new loan in the future.
• In case of not fulfilling your loan obligations on time, your property may be confiscated in accordance with the law.
• If the collateral is insufficient to cover loan obligations when repaying them at the expense of the collateral, payments are made at the expense of your other property.

The annual percentage rate calculation is based on the following formula:

where
A – the initial loan amount
n – the sequence number of the installment for loan repayment
N – the sequence number of the last installment for loan repayment
K_n – the amount of the n^th installment for loan repayment
D_n – the number of days between the loan disbursement date and the date of the n^th installment for loan repayment
i – the annual percentage rate

Loan amount

AMD 1,000,000

Loan maturity

36 months

Loan annual interest rate

12.5%

Loan service fee

0%

Loan disbursement fee

0%

Loan repayment

3 months of grace period

Loan disbursement day

05 May 2021

Loan first repayment date

07 June 2021

Loan annual percentage rate

13.24%

• In the cases and according to the order provided by the contract and the terms constituting an integral part of the contract, FINCA has a right to unilaterally change the interest rate of the loan by up to +5 percentage points but not more than twice the bank reference rate set by the Central Bank of Armenia. The borrower should be notified about the change 7 business days prior to its entry into force.
• Loan statements provided on the spot; other information is provided within 10 business days upon request. Provision of statements and other information is free of charge.
• You can communicate with FINCA by using the channel of your preference: either postal services or electronic communication. It is more convenient to obtain information electronically as it is free of the risk of losing information on paper.
• To compare the loan types offered to individuals and to choose the most suitable option, you can visit the electronic platform Your Financial Directory at www.fininfo.am.
• When pledging property as collateral for a loan, a need to use third party services arises. The prices of those services and the respective service providers are presented below:

Ratification of the pledge agreement

Notary Offices of the RA

AMD 3,000 – 20,000

Registration of pledge rights with respect to real estate

Cadastre Committee of the RA

AMD 3,000 – 30,000

Provision of a unified certificate on the real estate unit

Cadastre Committee of the RA

AMD 500 – 10 000

Registration of pledge rights with respect to agricultural machinery

The Ministry of Justice of the RA

AMD 2,000

Registration of pledge rights with respect to vehicles

Records and Examinations Divisions of the Road Police Service of the RA Police

AMD 2,000

Provision of a certificate on limitations with respect to vehicle alienation

Records and Examinations Divisions of the Road Police Service of the RA Police

AMD 3,000

Bank transfer (transfer of service fees)

RA banks

AMD 300 per transfer

Independent appraisal of real estate pledged as collateral

Cost Consult LLC
Oliver Group LLC
A.G. Borsa LLC
VM RP LLC
Gardi LLC
Finlaw LLC

Depending on the type and size of the property, minimum AMD 5,000

A1. Growing of crops (including perennial and non-perennial crops and gardening)

A2. Seed and plant propagation

A3. Pre-harvest fertilization, grafting, etc. of crops

A4. Post-harvest activities (organization, sterilization, softening of soil, etc.)

A5. Growing of livestock (cattle, sheep, pig, poultry, etc.)

A6. Auxiliary activities connected to growing of livestock (veterinary services, vaccinations, artificial insemination, shearing, etc.)

A7. Fishing and other water culture

A8. Meat canning and processing (from locally produced raw materials)

A9. Canning of fish, shrimp and other shellfish (locally produced)

A10. Canning and processing of fruits and vegetables (locally produced)

A11. Production of vegetable and animal oil and fat (from locally produced raw materials)

A12. Production of dairy, including cheese and ice cream (from locally produced raw materials)

A13. Production of grains and starch-containing foods (from locally produced raw materials)

A14. Production of animal feeds (mostly locally produced)

A15. Production of pesticides, herbicides and insecticides

A16. Production of fertilizers

A17. Sales and renting of agricultural machinery (for example, tractor, combine harvester, etc.) and agricultural capital investments (for example, irrigation system)

A18. Sales of spare parts of agricultural machinery and agricultural capital investments

A19. Repair of agricultural machinery and agricultural capital investments

A20. Construction of buildings and warehouses for agricultural purposes, including machinery inside them

A21. Beekeeping, production of honey and similar products, production of beehives

A22. Animal slaughterhouses

A23. Processing and/or drying and packaging of berries and herbs collected from nature (for example, production of traditional herbal tea)

A24. Production of cosmetic and beauty products, using mostly locally grown plants and materials or plants and materials collected from nature

A25. Transportation of agricultural goods in special vehicles, including for example grain trucks, milk trucks, vehicles for the transport of livestock, poultry and live fish, transportation of beehives (excluding transportation of ready-made food products)