Leasing

The following fixed assets sold in primary market may be provided as leasing products:

-          Agricultural machinery

-          Production lines and equipment

-          Construction machinery

-          Transport means

-          Other fixed assets

Dependent on the applicant’s creditworthiness leasing prepayment may be 0-50% of leasing product cost.

You can find detailed information on leasing terms, maturity, prices, commission and other possible fees under “Tariffs” section.

The repayments shall be effected on monthly basis.

After the agreement termination, the lessee is entitled to purchase the fixed asset provided as leasing product with a right of property making payment at the rate of 10% of lease agreement amount.

In case of premature termination of leasing agreement and intention of leasing product purchase the customer shall make payments of accrued interests defined for that moment and 1% of leasing agreement amount.

All fixed assets provided as leasing products shall be insured at insurance company licensed in RA. Furthermore, the lessee insures the leasing product on his own account for the benefit of the leaser.

Other fees

The cooperative members while procuring leasing services effect payments at the rate of 4% of leasing amount for the purpose of statutory capital replenishment of the cooperative. Afterwards, the payments shall be registered as their participation in statutory capital of the cooperative.

In the process of becoming members of cooperative, the applicants make payment at the amount of 3,000 AMD which is registered as their participation in statutory capital of the cooperative.

Penalty rates

In case leasing payments are not effected in time the customer shall make payment of penalty calculated in relation to the belated leasing payment at 0,2% interest rate for each belated day.

ATTENTION

THE LEASING PRODUCT MAY BE REVOKETED IN LEGAL FORM IN CASE YOU DO NOT IMPLEMENT INTEREST AND LOAN AMOUNT PAYMENTS IN TIME.

IN CASE YOU DO NOT IMPLEMENT LEASING PAYMENTS IN TIME THE INFORMATION ABOUT YOU WILL GO TO CREDIT REGISTRY.

The loan committee may require guarantees, pledges from the third party.

The following items may provided as leasing products:

-          Transport means (passenger and cargo transport)

-          Agricultural machinery (combines, tractors, seeders and other agricultural tools and supplies);

-          Building machinery: cranes, truck cranes, bulldozers;

-          Industrial conveyers and other supplies;

-          Finished products, products in turnover;

-          Neat and small cattle, sow

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Below is the list of documents required for leasing:

For legal entities:

-          Application for leasing services;

-          Copy of state registration certificate;

-          Copy of main agreement;

-          Copy of the Charter;

-          Financial statements;

-          Copies of ownership certificate or ownership proofs;

-          Copy of director’s assignment order;

-          Copy of director’s passport;

For individuals

-          Passport;

-          Application for leasing services;

-          Information on incomes (salary, etc.)

Approval of leasing application

The resolution on leasing application shall be adopted within 20 days. In case of favourable resolution of the Loan committee the fixed asset shall be provided as leasing product to the Lessee not later than within 20 days after prepayment is effected.

Factors of leasing application allowance by the credit organization

-          Business activity only in RA marzes;

-          Meeting with program requirements;

-          Correspondence  of creditworthiness with requirements set by the organization;

-          At least 6 months of experience at the relevant sphere;

-          Presence of collateral

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Factors of leasing application rejection by the credit organization

The applicants who do not meet the above mentioned requirements or the organization is not complied with the level of applicant’s creditworthiness, shall not make use of leasing services. Upon the customer’s request the organization may submit the rejection in written form.