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
• In case of being married – the marriage certificate
• Other documents upon request(including based on the “Know Your Customer” principle).

Positive factors

• Sufficient level of creditworthiness
• Good credit history
• Availability of stable income

Negative factors

• Negative credit history
• Insufficient creditworthiness
• Lack of stable income
• Providing false or unreliable information
• Other negative factors

• 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.

Decision-making on a loan application: maximum 3 working days.
• Written or verbal notification of a positive decision to the applicant: maximum 1 working day.
• Written (paper or electronic) and verbal notification of a negative decision to the applicant: maximum 2 working days. Actual loan disbursement: maximum 20 working days from the date of application submission.
• Maximum validity period of the loan committee decision: 15
working days.

• 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 1,00,000

Loan maturity

9 months

Loan annual interest rate

9%

Loan service fee

0%

Loan disbursement fee

3.5%

Loan repayment

3 months of equal monthly repayments
6 months of grace period

Loan disbursement day

14 December 2020

Loan first repayment date

14 January 2020

Loan annual percentage rate

15.6%

• 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

Partner

Address

“EYESI” LLC

10 Deghatan St., Apt. 2/3, Armenia

“Hrashq aygi” LLC

Arshakunyats 214, Yerevan

“Odjakh” LLC

Arshakunyats 9, Yerevan

Partner

Address

P.S. Martun Galstyan

34 Gayi St., Talin, Armenia

P.S. Gevorg Bodoyan

32 Spandaryan St., Talin, Armenia

P.S. Arsen Grigoryan

House 2, 14th St., Katnaghbyur Village, Armenia

“MOTOBLOK” LLC

House 16, 1st Lane, Aragats

Partner

Address

Kvalt LLC 2021

Masis 2nd floor, house 21

Khor Virap LLC

village of Pokr Vedi M. Harutyunyan 18

Artagro LLC

Artashat city, August 23 st. 70A

P.S.  Silva Badalyan Petiki

village Aygestan H. Shiraz str. 25

P.S.  Samvel Terteryan Vahan

22/1, Poqr Vedi Araboi Street

P.S.  Noyemzar Hayrapetyan

Dimitrov com., Artashatyan highway 32/1

P.S. Nelly Grigoryan Zhorai

Artashat city, August 23 st. 70/11

P.S.  Hovhannes Vardanyan Garnik

village of Deghdzout Kamo 26

P.S.  Tsovak Sahakyan Artaki

73/13 Araratyan Street, Vedi

P.S. Gevorg Khangeldyan

21/2 Hoktemberyan Street, Shahumyan

P.S.  Andranik Simonyan

24 S. Nikoghosyan Street, Vedi, Armenia

Partner

Address

“Agrobest” LLC

Yerevanyan 2/3 , Geghanist 11 str, Armavir ք.

“Sapsan Trade” LLC

Norapat, 9 str. 3

“Max Shin” LLC

c. Ptghunk, Yerevan-Echmiadzin str. 12

P.S.  Mushegh  Aslanyan

village of Voskehats, 1st paragraph, p. 26

P.S. Eduard Avetisyan

V. Apaga Ejmiatsin str., 1 st deadlock, h. 3

Agroline LLC

Aknashen

Partner

Address

P.S. Vrezh Baghdasaryan

c. Khachaghbyur, 4 str.

P.S.  Hovhannes Mnatsakanyan

Gavar, Boshnaghyan 39, 14

Nar-Mil LLC

Gegharkunik, Sotk, 3rd Street, House 38

Partner

Address

P.S. Garik Ghazaryan Yurik

c. Spitak, Ter-Simonyan 22

P.S. Arman Mikayelyan Henrik

c. Spitak, Alek Manukyan 7b

P.S. Ruben Harutyunyan Shvernik

c. Spitak, Suren Avetisyan str.

P.S. Rubik Boyakhchyan Gagik

c. Spitak Panragordzner 4

P.S. Albert Palyan Smbat

c. Mets Parni (next to the gas station)

P.S Davit Torosyan

c. Vanadzor, Lazyan 43d

P.S. Anna Martirsyan

c. Vanadzor, Tumanyan 16

P.S. Tatevik Malumyan

c. Vanadzor, Moskovyan 23a

P.S.  Garik Meliksetyan

c. Shnogh, 3 str. 29

“Apar-Ars” LLC

c. Odzun, 5 str. 44/1 (Alaverdi-Stepanavan highway)

“Manes Shin” LLC

c. Alaverdi, Tumanyan 6:

“Chinvan” LLC

c. Vanadzor, Shirak st. 21

P.S. Mariam Grigoryan Stepani

Building 1, Gay Street, Sanahin Plateau, Alaverdi

P.S.  Angin Kharazyan Marleni

3rd Lane, 3rd Dead End, 6th Street, Odzun

P.S.  Andranik Hovakimyan Ararati

5, 53rd Street, Dsegh, Armenia

P.S.  Minas Suriki Marukyan

13 Baghramyan Street, Vanadzor, Armenia

Artyom Hamazaspyan LLC

23 Moskovyan Street, Vanadzor,

P.S.  Samvel Barseghyan Vaghinak

Lori, Vanadzor, Moskovyan St., 23A

Partner

Address

“ORVAKO” CJSC

c. Abovyan, Ed. Petrosyan 1/29/10

P.S. Arsen Gasparyan Hamlet

Apartment 20, Building 3, Griboedov Street,

Partner

Adress

P.S. Davit Torosyan Seriodha

c. Gyumri, Teryan 77/11

“Agrimatco-Armenia” LLC

c. Gyumri, Yerevanyan str. 101/1

P.S. Tigran Zakaryan

c. Gyumri, Avtokayan 15

Partner

Address

P.S. Armen Sujoyan

c. Goris, Artsakhyan str. 7/2.3