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“START” package Start your business with us

“START” package

Start growing your business with us

       

  • Bank account
    receive and make transfers
    in all directions
  • Bank-Client System
    Manage your accounts
    without visiting the Bank
  • Visa Business Payment Card
    24/7 access to your funds
  • Tariff
    for the first 3 months FREE OF CHARGE
 
The page was updated 04.11.2019 13:21

“START” package

Services and tariffs included in “START” package

Approved by Decision No 438-Լ of the
Management Board of “IDBank” CJSC
as of October 3, 2019
Enters into force starting October 9, 2019

 

Name of rendered service

Tariff

1

Bank account

1.1

Opening

Free of charge

1.2

Other terms of bank account

According to the rates of the Bank

2

Connection to theBank-client system

2.1

Authority to view accounts

Free of charge

2.2

Authority to make transactions

Free of charge

3

Visa Business payment card

According to the information bulletin on Visa business payment card, except for the card service fee, which amounts to monthly 15,000 AMD starting from the 4th month (no annual card service fee is charged) *

*In the scope of cooperation with Idram LLC, in case of being in the list of partners accepting contactless payments, the monthly service fee of the card will amount to 12,000 AMD instead of 15,000 AMD.

Upon client’s request the Bank can issue an overdraft

According to Appendix 2



Appendix 2
Approved by Decision No 438-Լ of the
Management Board of “IDBank” CJSC
as of October 3, 2019
Enters into force starting October 9, 2019

The terms for overdraft provided to clients using the “Start” package

The terms mentioned in the bulletin may have been amended.
If you are looking at the bulletin on the website of the Bank, please pay attention to the action date of the bulletin.
If you are looking at the bulletin in a paper form, please visit the Bank’s website www.idbank.am for detailed information (paying attention to the action date of the bulletin), apply to any branch of the Bank or call the Bank’s Call center: 010 593333 or 060 273333.  

Client

RA resident legal entity and private entrepreneur

Purpose

Replenishment of working capital

Currency

AMD

Minimum/maximum amount

500,000

Minimum/maximum term

24 months

Nominal annual interest rate

1%

Actual annual interest rate

Starting from 1%

THE INTEREST AMOUNTS OF THE LOAN ARE CALCULATED UPON THE NOMINAL ANNUAL INTEREST RATE. THE INTEREST AMOUNT OF THE LOAN IS CALCULATED ON THE ACTUAL LOAN BALANCE, AND THE NOMINAL INTEREST RATE INDICATES HOW MUCH THE LOAN WOULD COST THE CLIENT IN CASE THE INTEREST AMOUNTS AND OTHER PAYMENTS WERE PAID ON TIME AND IN THE DEFINED AMOUNTS.

Monthly service fee

Not specified

Loan application review fee

Not specified

Disbursement fee

Not specified

Overdraft provision method

Non-cash through the client’s bank account (current account, card account)

Frequency of payment of the overdraft amounts and the interest amounts*

The client must repay the whole overdraft amount for at least one day through the calendar month (having no used part of the overdraft for at least one day)

Payment of interest through depositing funds to the bank account in the amount of accrued interest for each deposit. Repayment of accrued interest as of the last calendar day of the calendar month in the period of 1-5th of the following month in case of absence of deposits or insufficient deposits to the bank account throughout the calendar month.

Minimum term of business activity (uninterrupted)

12 months

Requirements to the borrower

In case of borrowers having a PE status the age of the latter must not exceed 65 years by the maturity date of the overdraft.

Requirements to the credit history of the borrower

1. Presence of at least 6 months of credit history throughout the 36 months preceding the application date,

2. Absence of overdue/classified liabilities as of the date of receiving the overdraft,

3. Absence of more than 30 cumulative overdue days throughout the 12 months preceding the provision of the overdraft.

Security

Credibility rating

Fines and penalties

Overdue overdraft amount fee - 0.1% per day

Overdue interest amount fee - 0.1% per day

Penalty for early termination of the overdraft contract – not defined

Venue of application receipt and processing

Outside the premises of the Bank, Bank’s branches, Head office

Positive factors for provision

1) positive credit history
2) stable cash flows
3) good reputation
4) other factors

Rejection factors

1) negative credit history
2) insufficient financial state
3) providing false or unreliable information
4) providing information that doubts the return of the overdraft
5) other factors

Maximum term for decision-making

Up to 3 business days after submission of full package of documents required by the Bank

Client notification term

1 business day

Validity term of decision***

30 business days

Decision re-approval term

Within 30 business days after the end of validity term of decision according to terms and conditions applied as of the date of re-approval

Term of providing overdraft

Maximum 1 business day after the decision is made

*In case of failure to meet the frequency of principal amount and interest of the overdraft by the client the used part of the overdraft as of the last day of the calendar month will be considered overdue on the 6th day if the client fails to fulfill his/her obligations before the 5th calendar day.

**The Bank may notify the client about the decision made in terms of provision of the overdraft on the premises of the Bank, through a phone call or by e-mail.

*** The Bank is entitled to refuse to provide the overdraft in case

the essential conditions for a positive decision on provision of the overdraft has been changed (e.g. overdue liabilities, bank account detention/seizure etc.).

 

GENERAL PROVISIONS

1. A client identified as a super small enterprise according to the RA legislation has the right to unilaterally terminate the loan agreement without any reasoning within 7 (seven) business days (time to think) after signing the loan agreement by returning the received overdraft amount in full and paying interests calculated in accordance with the annual nominal interest rate as defined by the agreement. In case of early repayment, the Bank’s income-generating payments which constitute to the total lending cost in terms of the client are decreased proportionally. The client also has the right to fulfil (repay) its contractual liabilities ahead of schedule irrespective of the circumstance whether the agreement provides such a right or no.
2. The nominal interest rate indicates how much the loan would cost the client given the interest amounts and other payments are paid on time and in the defined amounts.
3. The order of calculation of annual nominal interest rate is presented here:: Instruction on calculation of annual nominal interest rate.
4. In case of failure to make the overdraft amount payments the funds of the client can be confiscated in an order prescribed by law, and the Banksends the information aboutthe client to the credit bureau within maximum three business days where the client’s credit history is built. Once a year the client has the right to receive information on his/her credit history free of charge.
5. Bad credit history can prevent a customer from getting a loan in the future.
6. A client can lose its property right if he/she fails to perform or inappropriately performs its contractual obligations in terms of the overdraft agreement.
7. In case the client fails to perform its obligations, the latter’s obligations may be paid at the expense of the client’s other property..
8. Repayments of overdue liabilities are made in the following order: confiscation expenses, including judicial expenses (if applicable), interest penalty, overdraft principal amount penalty, interests, service fee and commissions /if applicable/ and loan amount. The Lender has the right to unilaterally change the order of repayments mentioned in this paragraph at any time.
9. Disputes arising between the Bank and a super small enterprise according to the RA legislation can be settled through court or by means of the Financial system mediator (as prescribed by RA law on “Financial System Mediator”): address – 15 M. Khorenatsi St. Yerevan 0010, “Elite Plaza” business center, 7th
floor, e-mail – info@fsm.am, phone number – (+37460) 70-11-11, fax – (+37410) 58-24-21. Moreover, in case the amount of property claim does not exceed 500 000 (five hundred thousand) AMD or equivalent sum in foreign currency, the decision of the Financial System Mediator cannot be appealed by the Bank.
10. For the purpose of proper study of the client in accordance with the RA law “On combating money laundering and terrorism financing” the Bank may require additional documents or information on the “know your client” principle.
11. 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.
12. 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.
13. The conditions on providing statements, their copies, references throughout the term of the loan agreement can be found through the following link: Information bulletin on tariffs.
14. The list of branches and ATMs of the Bank, information on their locations and working hours can be found through the following link: Branches and ATMs.
15. Remote service by the Bank is provided through the Bank-client online system the information on the terms and tariffs of which can be found through the following link: Information bulletin on tariffs.

List of documents required for legal entities *

Prior to implementation of a financial analyses

1. Extract from unified state register (provided by the State Register of the Legal Entities attached to the RA Ministry of Justice), approved copy of charter (with all changes and additions approved by the company), extract from Central Depository of Armenia OJSC in case of joint stock companies.
2. The statements submitted to the state tax service for the past year (upon the Bank’s request).
3. Other documents (as required).

Documents required after approval of the loan application

1. General meeting of the company’s competent authority, the founding decision on undertaking a loan obligation towards “IDBank” CJSC or a reference on the constitution of the company’s assets.
2. Other documents as required

List of documents required for private entrepreneurs *

Prior to implementation of a financial analyses

1. Original copy of the private entrepreneur’s passport or a document replacing the passport, and the social card,
2. Extract from unified state register (provided by the State Register of the Legal Entities attached to the RA Ministry of Justice),
3. The statements submitted to the state tax service for the past year (upon the Bank’s request).
4. Other documents as required.

* documents which are possible to receive through domains accessible to the Bank are not required from clients.

ATTENTION: THE BANK IS CONTROLLED BY THE RA CENTRAL BANK.

The page was updated 04.11.2019 17:57

To receive an overdraft provided to clients who use the “Start” package the following documents must be submitted to the Bank

List of documents required for legal entities *

Prior to implementation of a financial analyses

1. Extract from unified state register (provided by the State Register of the Legal Entities attached to the RA Ministry of Justice), approved copy of charter (with all changes and additions approved by the company), extract from Central Depository of Armenia OJSC in case of joint stock companies.
2. The statements submitted to the state tax service for the past year (upon the Bank’s request).
3. Other documents (as required).

Documents required after approval of the loan application

1. General meeting of the company’s competent authority, the founding decision on undertaking a loan obligation towards “IDBank” CJSC or a reference on the constitution of the company’s assets.
2. Other documents as required

List of documents required for private entrepreneurs*

Prior to implementation of a financial analyses

1. Original copy of the private entrepreneur’s passport or a document replacing the passport, and the social card,
2. Extract from unified state register (provided by the State Register of the Legal Entities attached to the RA Ministry of Justice),
3. The statements submitted to the state tax service for the past year (upon the Bank’s request).
4. Other documents as required.

The page was updated 23.10.2019 12:41
Attention: The Bank does not bear any responsibility for the inaccuracy of information on the linked web sites, nor does it accept any responsibility for the advertisements therein or possible consequences arising out of use of information provided on the linked web-sites. In case of any discrepancies in the website materials in Armenian, Russian and English languages, the Armenian version is prevailing.