Group loan

Customer

3 to 5 individuals engaged in agricultural / homecraft /entrepreneurial activities.

Each member of the group is represent a separate economy

Goal

current assets purchasing

fixed assets purchasing

Currency

AMD

Term maximum 24 month  

Interestrate

(Determined by the scale of  loan term  credit granting stage,  creditworthiness)

  18%-20%                                                                                                                                                 

Attention this loan nominal interest rate can be modified by the company. *

Applicationfee 50 000 AMD for every group member 
Disbursement (determined by the scale of the loan term) as a customer choise 0.3% of the loan amount each month for a one-time or monthly fees

Interest payments

monthly of loan's principal amount residual

Principal repaymnents monthly annuity payments  
Grace period  up to 3 months   

Minimal amount

100 000 AMD or equivalent to USD

Maximal amount

600 000 AMD or equivalent to USD

Loan repayment security

mutual guarantees of group members

Penalty for overdue loan amount 0.3% of overdue loan amount for each overdue calendar day
Penalty for overdue interest 0.3% of overdue interest for each overdue calendar day
Early redemption penalty not defined
Method of lending cashless
Decision making time 7 weekday
Decision inform time 2 weekday
Loan extension term 7 weekday (in case of real estate mortgage increase in 4 weekday)
Factors for rejection of loan application

the customer has not submitted the necessary documents to obtain credit and other grounds

The application submitted credit facility does not meet ECLOF UCO's mission,

the customer is engaged in the types of activities not financed by the ECLOF UCO,

customer has and / or had the financial liabilities, which were repaid in unacceptable delays,

not kept the rules adopted for the selection of the customer and / or joining the group,

ECLOF UCO customer's creditworthiness is low or there are other risks accepted by ratings

Loan registration place

The list of necessary documentation

General sheet

 

Attention  The interest payments are calculatedbased on nominal interest rate, and the annual interest rate shows how much the loan will cost for you in case of paying the interest payments and other fees during the stated period. The order of calculating annual factual interest rate you can find here.
 
Warning  The borrower and the surety with all their private property ( house, car, salary or other property) are equally responsible for their undertaken obligations in front of Eclof  UCO: The property of the borrower and/or the surety can be repossed by law if the borrower doesn’t make the interest payments and loan repayments on time.
 
Warning  If the borrower doesn’t duly make the principal repayments and interest payments on time, the appropriate information about The Borrower and the surety will be registered in  CB of RA and «ARCA»loan institution.
 
Attention  Before signing the loan agreement Անհատական թերթիկ is provided according to the regulation N8/05 of Central Bank of Armenia “Comunication discipline of consumer and creditor, the bank and the depositer, conditions, forms and minimum requirements”
 
ECLOF UCO all payments are made in cash.
*
** Overdue loan amount and penalties / fines accrued on overdue interest amount is limited to the sum of 30% of the loan balance and interest on the overdue amount.
*** The loan committee may be set to be made more stringent requirement
Updated on 25.06.16