• Application on the name of the Chairman of the Board (manager of branch),
• Reference on property right of the pledged property or reference from the notary public on the property being free from right of third parties

• Income reference (salary, etc)

• Other documents as required

Method of loan interest calculation

Interest rates against loans are applied towards the balance of the principal amount. Repayment of interest is made on a monthly basis. Based on the special features of the business when repayment of principal amount of the loan it is possible to set unequal distribution repayment schedule. Irrespectively of the currency of the loan repayment of the loan is in Armenian drams only. Exchange currency rates may have an influence on the loan repayment in case of loans extended in foreign currency.

Fines

Fine for each overdue day of the loan (loan and interests) shall amount to 0.1-0.2 % of the obligation, and in case of termination of the loan agreement interest calculated towards the obligation from the date of termination to the obligation repayment date according to banking interest rate set by the CBA.

Availability of the loan

The following minimal requirements may serve as the grounds for availability of commercial loans:

• Compliance with project requirements,
• Stable income,
• Availability of collateral, if otherwise provided by project requirements

Foreign currency influence

Based on the fact that the bank extends loans in both Armenian drams and foreign currency the borrower should understand that foreign currency fluctuations may have both positive and negative influence on repayment of the loan.

Rejection

On request of the customers the Bank may provide written rejection to those applicants who cannot be credited due to failure to comply with project requirements or if the creditworthiness of the borrower is not sufficient for the Bank. The Bank is enabled to inform the rejection to other RA banks and credit companies (RA Law “On banking secrecy”)