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IDBusiness Shoppy Overdraft package

Service package for Idram LLC non-contact payment partners

Get fast and on favorable terms:      
  • Overdraft
    up to 50 mln AMD
  • Visa Business payment card
    free of charge for the first year of the card
  • AMD bank account
    free of charge
  • Bank-Client system connection: account viewing and ability to make transactions
    free of charge    

The page was updated 12.11.2020 16:33

IDBusiness Shoppy Overdraft Package 

Tariffs and services included in the IDBUSINESS SHOPPY OVERDRAFT package

   

Appendix 1
Approved
by resolution No 400 -Լ of the Management Board
of "IDBank" CJSC dated October 15, 2020
applied since November 4, 2020

Name of rendered service  Tariff
1. Extension of overdraft in the amount of up to AMD 50 mln according to the Information Bulletin of Overdraft
2. Bank account
2.1 opening one bank account in AMD free of charge
2.2 оther conditions for bank account according to the Information bulletin of tariffs of bank accounts, transfers and other services rendered by "IDBank" CJSC at the following link:  https://www.idbank.am/upload/iblock/036/036ea7173a2f53675146c83ed3fd6ff7.pdf
3. Connection to the Bank-client system 
3.1 right to view accounts  free of charge
3.2 right to perform transactions  free of charge
3.3 other conditions according to the Information bulletin of tariffs of bank accounts, transfers and other services rendered by "IDBank" CJSC at the following link: https://www.idbank.am/upload/iblock/036/036ea7173a2f53675146c83ed3fd6ff7.pdf
4. Visa Business payment card according to the Information bulletin of Visa business payment card at the following link:https://www.idbank.am/en/business/business-visa/#1227
except for the card service fee which is not charged for the first year of card operation  
The services included in the package are extended to the client within 1-5 business days, except for the Overdraft, which is extended within the terms defined in the Information Bulletin of Overdraft.


Appendix 2
Approved
by resolution No 400 -Լ of the Management Board
of “IDBank” CJSC dated October 15, 2020
Applied since November 4, 2020


The terms mentioned in the bulletin can have been amended.
If you are reading the bulletin on the website of the Bank, please pay attention to the action date of the information bulletin.
If you are reading the bulletin on the territory of the Bank or in a paper form, please visit the Bank’s website at www.idbank.am for detailed information (paying attention at the action date of the information bulletin), apply to any branch of the Bank or call the Bank’s Call Center at (+37410) 59 33 33, (+37460) 27 33 33.

Information bulletin
Of overdraft extended within the scope of IDBUSINESS SHOPPY OVERDRAFT package 
1․ Client RA resident legal entities and private entrepreneurs (“Idram” LLC partners accepting contactless payments)
2․ Purpose overdraft extended through Visa Business payment card for the purpose of replenishment of working capital
3․ Currency AMD
4․ Minimum amount 1,000,000
5․ Maximum amount 50,000,000
6․ Minimum term
6 months
7․ Maximum term 36 months
8․ Nominal annual interest rate*
starting from 16%
9․ Effective annual interest rate
17.1-18.5%
10․ THE INTEREST AMOUNTS OF THE LOAN ARE CALCULATED BASED ON THE NOMINAL INTEREST RATE. THE INTEREST AMOUNT OF THE LOAN IS CALCULATED ON THE ACTUAL LOAN BALANCE AND THE EFFECTIVE ANNUAL INTEREST RATE INDICATES HOW MUCH THE LOAN WOULD COST THE CLIENT IN CASE OF MAKING ALL THE INTEREST AMOUNT AND OTHER FEE PAYMENTS AT DEFINED PERIODS AND AMOUNTS.
11․ Monthly service fee
not defined
12․ Loan application review fee
not defined
13․ Disbursement fee
not defined
14․ Overdraft amount and interest amount repayments

Mandatory monthly accomplishment of the card account in the aggregate amount of the 20% of the used overdraft amount as of the last day of the previous month and accumulated interest amounts before the 15th of the current month, repayment of the total overdraft amount at the end of term.
Repayment of interest amounts – through depositing funds to the bank/card account in the amount of accrued interest amount per deposit.
Moreover, in certain cases according to the decision of the Bank’s competent body interest may not be calculated towards the overdraft amounts used in a non-cash way for the preceding month (except for card to card transfers, intrabank and interbank transfers on the RA territory through the Bank-Client system and transfers between personal accounts), if the client repays the overdraft amount used in the mentioned way before the 15th of the following month.
15․ Minimum business activity term (uninterrupted)
6 months
16․ Provision of Visa Business payment card
According to tariffs applied by the Bank (except for the annual card service fee which is not defined for the first year of card activity). The tariffs of provision of payment cards are presented at the following link: https://www.idbank.am/en/business/business-visa/#1227
17․ Other requirements to the borrower
In case of borrowers with a status of a PE the age of the latter must not exceed 65 years by the overdraft repayment date.
18․ Requirements to the borrower’s credit history
1. Absence of overdue/classified liabilities as of the date of overdraft extension,
2. Absence of more than 30 overdue days in the 12 months prior to the submission of the application,
19․ Security
• Creditworthiness assessment
• real estate property
• Fixed assets /equipment, technical appliances, other property/
• Means of transportation
• Commodities in circulation
• Right to receivables
• Financial flows (future cash flows)
• Guarantees, warranties
• Funds
• Precious metals (items)**
• Shares
• Securities
• Pledge of rights
• Other property of property rights not prohibited by RA legislation
20․ Loan/Collateral (estimated liquid value of the collateral) ratio According to the decision of the Bank’s competent body maximum 50-100% depending on the type of collateral (in case of loans secured by property collateral). According to the decision of the Bank’ competent body the loan can also be extended without security of property collateral or simultaneously with the security of property collateral and other security (guarantee, future cash flows, property right etc.).
21․ Collateral insurance   according to the decision of the Bank’s competent body insurance of the collateral can be required from of the loan balance or the estimated market/liquid value of the property
22․ Bank account opening and servicing
one AMD bank account is opened free of charge, 
rest of the terms according to the tariffs applied by the Bank which can be found at the following link: https://www.idbank.am/upload/iblock/036/036ea7173a2f53675146c83ed3fd6ff7.pdf
23․ Fines, penalties
penalty on overdue overdraft amount – 0.1 per day 
penalty on overdue interest amount – 0.1% per day 
no early repayment penalty is defined 
24․ Location of application acceptance and overdraft processing   all branches of the Bank
25․ Positive factors of extension  1) good credit history,
2) positive creditworthiness estimation,
3) sufficient financial condition,
4) good reputation,
5) other factors.
26․ Rejection factors 1) bad credit history,
2) negative creditworthiness estimation,
3) ՓԼ/ AML/CFT restrictions,
4) insufficient financial condition,
5) providing false or unreliable information,
6) providing such information that calls into question the return of the overdraft,
7) other factors.
27․ Maximum decision-making term
up to 3 business days after submission of the package of complete documents required by the Bank 
28․ Term for notifying the client about the decision ***
1 business day
29․ Decision validity term ****
30 business day
30․ Decision reaffirmation term ****
maximum 2 times under the conditions of overdraft extension applied as of the date of reaffirmation
31․ Overdraft extension term
Maximum 3 business days after submission of the package of complete documents required by the Bank and registration of the right of pledge after the decision on overdraft extension has been passed, unless the client wishes to receive the overdraft later while observing the term mentioned in paragraph 28
* The Bank is entitled to change the overdraft interest by increasing it by up to 2 percentage points, in case if the agreement on accepting contactless payments has not been concluded between the Borrower and Idram LLC or if the cooperation between the two has been terminated.   
**Evaluation of gold items is performed according to tariffs applied by the Bank.
*** The Bank can inform the clients about the decision passed about extension of the overdraft at the premises of the Bank, by a phone call or through e-mail.   
**** The Bank is entitled to refuse to extend the overdraft in case of change of significant conditions for passing a positive decision about overdraft extension (e.g. change of collateral value, overdue liabilities, seizure/detention of bank accounts etc.).
List of property appraisal companies.
List of insurance companies.

General provisions 

1. According to RA legislation, a client with a status of a micro-enterprise is entitled to unilaterally terminate the loan agreement without any reason within 7 (seven) business days after its conclusion (time to think) by returning the received overdraft amount in full and paying the interest calculated in accordance with the actual annual interest rate provided by the agreement. In case of early repayment, the fees participating in the formation of the Bank’s income included in the total cost of lending are being proportionally reduced. The client is also entitled to perform (repay) his/her loan liabilities ahead of time irrespective of the fact whether such right is provided by the overdraft agreement or no.
2. Real estate property mortgage agreement must be notarized. The property ownership right, mortgage right and other property rights are subject to state registration.
3. The interest amounts of the loan are calculated based on the nominal interest rate. The interest amount of the loan is calculated on the actual loan balance.
4. The effective annual interest rate indicates how much the overdraft will cost the client given the repayment of the interest amounts and other fees on time and in due amount.
5. The order of calculation of effective annual interest rate is presented at the following link: Guide to calculation of actual annual interest rate.
6. In case of failure to repay the overdraft amount on time the client’s funds may be confiscated in the order defined by law, and the Bank sends the information about the client to the credit bureau within maximum three business days, where the client’s credit history is being formed. The client has the right to receive his/her credit history free of charge from the credit bureau once a year.
7. Bad credit history can prevent a client from receiving a loan in the future.
8. A borrower can be deprived of his/her property rights if he/she does not perform his/her obligations provided by the overdraft agreement in a proper manner.
9. In case if the client fails to perform his/her obligations the latter can be repaid at the expense of the client’s other property if the collateral is not enough.
10. In case of fulfilment of overdue liabilities the repayments shall be implemented in the following order; expenses related to confiscation of funds, including judicial expenses (if any), interest penalty, overdraft’s principal amount penalty, interests, service fee and commissions /if any/ and loan amount. The lender is entitled to unilaterally change the order of repayments mentioned in this provision at any time.
11. Disputes arising between the Bank and micro-enterprise according to the RA legislation can be settled through judicial procedure or through the Financial System Mediator (in the order defined by the RA law “On Financial System Mediator”), located at 15 M. Khorenatsi St., Yerevan 001, RA, business center “Elite Plaza”, 7th floor, email info@fsm.am, telephone (+37460) 70-11-11, fax (+37410) 58-24-21. Moreover, the decision of the Financial System Mediator cannot be challenged by the Bank unless the property claim amount exceeds AMD 500 000 (five hundred thousand) or its equivalent in a foreign currency. 
12. For the purpose of proper study of the client as defined by RA law on “Combating money laundering and terrorism financing”, the Bank may require additional documents or information based on “Know Your Client” principle. 
13. According to the agreement with the USA based on the Foreign Account Tax Compliance Act (FATCA) the Bank may collect additional information for the purpose of identification of the fact of the client being a US taxpayer. 
14. The Client has the right to communicate with the Bank through a preferred means of communication: e-mail or regular post. The electronic means of communication is the most comfortable. It is available 24/7 and is free of the risk of losing information in paper as well as ensures confidentiality
15. The terms and conditions of providing statements, their copies, references can be found at the following link: Information bulletin of tariffs.
16. The list of the Bank’s branches and ATMs as well as their addresses and business hours can be found at the following link: Branches and ATMs.
17. Remote servicing by the Bank is implemented through the online “Bank-client” system the conditions and tariffs of which can be found at the following link: Information bulletin of tariffs.

Appendix 3
 Approved by Decision No 400-L of the Management Board of
"IDBank" CJSC dated  October 15, 2020
Applies since November 4, 2020


List of documents required for legal entities


Prior to conducting a financial analysis 

1. Copy of state registration certificate of the borrower (with inserts) and tax code (TIN), copy of the charter (with all the amendments and supplements approved by the company)
2. copy of documents proving the right of ownership or rent of the business facility,
3. copies of passports of the legal entity’s participants, director (in case of legal entity participants, copies of state registration certificate, charter and tax code),
4. financial statements for the past one year submitted to state tax service (mandatory),
5. copies of documents proving the ownership of property offered as a collateral, 
6. copies of licenses, certificates and other documents required for the business, 
7. internal and published summary reports on Balance sheet, incomes and expenses and financial flows in a format/form acceptable for the Bank for the purpose of getting the image of the period being analyzed.
Attention: 
The documents which can be obtained from domains available to the Bank are not required for submission by the client. 
The abovementioned documents shall be submitted by the client upon the Bank’s request, except for the document mentioned in provision 4. 


Documents required after the approval of the loan application 

1. Reference from the State Register or other competent body on the changes to the charter, participants and executive body of the legal entity,
2. Reference from the State tax service on debts towards the budget and social security fund (as demanded by the Bank),
3. Document proving the ownership right towards the pledged property (with grounds of ownership),
4. Copies of passport, social card, marriage certificate (if any) of the physical entity pledger, copies of passports of the spouse, 
5. Copies of the charter, state registration certificate, tax code of the legal entity pledger, decision of the company’s competent body on pledging the property (as well as reference from State Register or other competent body on participants and executive body of the legal entity),
6.  Reference from competent body on restrictions towards the pledged property, 
7. Founding decision of the company’s competent body (general meeting) on receiving a loan from “IDBank” CJSC and pledging the property, 
8. Evaluation act of the pledged property/property offered as a pledge provided by a corresponding company acceptable for the Bank.
Attention: 
The documents which can be obtained from domains available to the Bank are not required for submission by the client. 
The abovementioned documents shall be submitted by the client upon the Bank’s request.  

List of required documents for private entrepreneurs 

Prior to conducting a financial analysis

1. Copies of passport or substituting document, social card of the private entrepreneur, 
2. copy of the state registration certificate of the private entrepreneur (with inserts) and copy of tax code (TIN),
3. copies of licenses, certificates and other documents required for the business, 
4. copy of documents proving the right of ownership or rent of the business facility, 
5. financial statements for the past one year submitted to state tax service (mandatory), 
6. copy of the document proving the ownership of property offered as a collateral, 
7. internal and published summary reports on Balance sheet, incomes and expenses and financial flows in a format/form acceptable for the Bank for the purpose of getting the image of the period being analyzed. 
Attention: 
The documents which can be obtained from domains available to the Bank are not required for submission by the client. 
The abovementioned documents shall be submitted by the client upon the Bank’s request, except for the document mentioned in provision 5. 


Documents required after the approval of the loan application 

1. Document proving the ownership right towards the pledged property (with grounds of ownership), 
2. Copies of passport, social card, marriage certificate (if any) of the physical entity pledger, copies of passports of the spouse,  
3. Copies of the charter, state registration certificate, tax code of the legal entity pledger, decision of the company’s competent body on pledging the property (as well as reference from State Register or other competent body on participants and executive body of the legal entity), 
4.  Reference from competent body on restrictions towards the pledged property,  
5. Reference from the State tax service on debts towards the budget and social security fund (as demanded by the Bank), 
6. Evaluation act of the pledged property/property offered as a pledge provided by a corresponding company acceptable for the Bank. 
Attention:
The documents which can be obtained from domains available to the Bank are not required for submission by the client. 
The abovementioned documents shall be submitted by the client upon the Bank’s request. 


List of required documents for physical entities

Prior to conducting a financial analysis

1. Copies of the passport or substitute document, social card of the client submitting the loan application, 
2. copies of documents proving the right of ownership or rent of the business facility, 
3. copy of the document proving the ownership of property offered as a collateral.

Documents required after the approval of the loan application 

1. Document proving the ownership right towards the pledged property (with grounds of ownership),
2. copies of passport, social card, marriage certificate (if any) of the physical entity pledger, copies of passports of the spouse,
3. reference from competent body on restrictions towards the pledged property,
4. evaluation act of the pledged property/property offered as a pledge provided by a corresponding company acceptable for the Bank.

ATTENTION: THE BANK IS CONTROLLED BY THE RA CENTRAL BANK

The page was updated 12.11.2020 16:33
List of documents required for  IDBusiness Shoppy Overdraft package

Appendix 3
 Approved by Decision No 400-L of the Management Board of
"IDBank" CJSC dated  October 15, 2020
Applies since November 4, 2020


List of documents required for legal entities


Prior to conducting a financial analysis 

1. Copy of state registration certificate of the borrower (with inserts) and tax code (TIN), copy of the charter (with all the amendments and supplements approved by the company)
2. copy of documents proving the right of ownership or rent of the business facility,
3. copies of passports of the legal entity’s participants, director (in case of legal entity participants, copies of state registration certificate, charter and tax code),
4. financial statements for the past one year submitted to state tax service (mandatory),
5. copies of documents proving the ownership of property offered as a collateral, 
6. copies of licenses, certificates and other documents required for the business, 
7. internal and published summary reports on Balance sheet, incomes and expenses and financial flows in a format/form acceptable for the Bank for the purpose of getting the image of the period being analyzed.
Attention: 
The documents which can be obtained from domains available to the Bank are not required for submission by the client. 
The abovementioned documents shall be submitted by the client upon the Bank’s request, except for the document mentioned in provision 4. 


Documents required after the approval of the loan application 

1. Reference from the State Register or other competent body on the changes to the charter, participants and executive body of the legal entity,
2. Reference from the State tax service on debts towards the budget and social security fund (as demanded by the Bank),
3. Document proving the ownership right towards the pledged property (with grounds of ownership),
4. Copies of passport, social card, marriage certificate (if any) of the physical entity pledger, copies of passports of the spouse, 
5. Copies of the charter, state registration certificate, tax code of the legal entity pledger, decision of the company’s competent body on pledging the property (as well as reference from State Register or other competent body on participants and executive body of the legal entity),
6.  Reference from competent body on restrictions towards the pledged property, 
7. Founding decision of the company’s competent body (general meeting) on receiving a loan from “IDBank” CJSC and pledging the property, 
8. Evaluation act of the pledged property/property offered as a pledge provided by a corresponding company acceptable for the Bank.
Attention: 
The documents which can be obtained from domains available to the Bank are not required for submission by the client. 
The abovementioned documents shall be submitted by the client upon the Bank’s request.  

List of required documents for private entrepreneurs 

Prior to conducting a financial analysis

1. Copies of passport or substituting document, social card of the private entrepreneur, 
2. copy of the state registration certificate of the private entrepreneur (with inserts) and copy of tax code (TIN),
3. copies of licenses, certificates and other documents required for the business, 
4. copy of documents proving the right of ownership or rent of the business facility, 
5. financial statements for the past one year submitted to state tax service (mandatory), 
6. copy of the document proving the ownership of property offered as a collateral, 
7. internal and published summary reports on Balance sheet, incomes and expenses and financial flows in a format/form acceptable for the Bank for the purpose of getting the image of the period being analyzed. 
Attention: 
The documents which can be obtained from domains available to the Bank are not required for submission by the client. 
The abovementioned documents shall be submitted by the client upon the Bank’s request, except for the document mentioned in provision 5. 


Documents required after the approval of the loan application 

1. Document proving the ownership right towards the pledged property (with grounds of ownership), 
2. Copies of passport, social card, marriage certificate (if any) of the physical entity pledger, copies of passports of the spouse,  
3. Copies of the charter, state registration certificate, tax code of the legal entity pledger, decision of the company’s competent body on pledging the property (as well as reference from State Register or other competent body on participants and executive body of the legal entity), 
4.  Reference from competent body on restrictions towards the pledged property,  
5. Reference from the State tax service on debts towards the budget and social security fund (as demanded by the Bank), 
6. Evaluation act of the pledged property/property offered as a pledge provided by a corresponding company acceptable for the Bank. 
Attention:
The documents which can be obtained from domains available to the Bank are not required for submission by the client. 
The abovementioned documents shall be submitted by the client upon the Bank’s request. 


List of required documents for physical entities

Prior to conducting a financial analysis

1. Copies of the passport or substitute document, social card of the client submitting the loan application, 
2. copies of documents proving the right of ownership or rent of the business facility, 
3. copy of the document proving the ownership of property offered as a collateral.

Documents required after the approval of the loan application 

1. Document proving the ownership right towards the pledged property (with grounds of ownership),
2. copies of passport, social card, marriage certificate (if any) of the physical entity pledger, copies of passports of the spouse,
3. reference from competent body on restrictions towards the pledged property,
4. evaluation act of the pledged property/property offered as a pledge provided by a corresponding company acceptable for the Bank.

The page was updated 12.11.2020 16:33
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