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“START” package Start your business with us

"START" and "START MAX" packages

Start growing your business with us


Get the basic package of banking services without hidden fees. Overdraft opportunity in the amount of 500,000 - 1,000,000 AMD, with an actual annual interest rate of 1.53-1.55% per year, for a period of 24-36 months, online application opportunity - most importantly, there are no other commissions.
       

  • 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 13.11.2020 09:44

Packages "START" and "START MAX" 

Tariffs and services included in "Start" and "START MAX" packages

Appendix 1
Approved
by resolution No 386 -Լ of the Management Board
of "IDBank" CJSC dated October 12, 2020
applied since October 27, 2020 

    "START" package  "START MAX" package
  Name of rendered service  Tariff
1 Bank account
1.1 opening one bank account in AMD free of charge
one bank account in AMD free of charge
one bank account in a foreign currency free of charge
1.2 other conditions of 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/en/business/business-rates/
2 Connection to the Bank-client system 
2.1 right to view accounts  free of charge
2.2 right to perform transactions  free of charge
2․3 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/en/business/business-rates/
3 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 (no annual card service fee is charged)*, particularly:
  1. free of charge for the first 3 months, after which AMD 10 000 a month (starting from the 4th month), if the client is included in the list of partners, cooperating with Idram LLC and accepting contactless payments.
  2. free of charge for the first 3 months, after which AMD 15 000 a month (starting from the 4th month), if the client is not included in the list of partners cooperating with Idram LLC or has been included in the past but the cooperation with which has been terminated.
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 (no annual card service fee is charged)*, particularly:
  1. free of charge for the first 3 months, after which AMD 20 000 a month (starting from the 4th month), if the client is included in the list of partners, cooperating with Idram LLC and accepting contactless payments.
  2. free of charge for the first 3 months, after which AMD 30 000 a month (starting from the 4th month), if the client is not included in the list of partners cooperating with Idram LLC or has been included in the past but the cooperation with which has been terminated.
 
An overdraft can also be extended upon client's request  According to the Information bulletin of overdraft extended to clients using the "Start" and "Start Max" packages
The services included in the package are extended to the client within 1-5 business days 

Appendix 3
Approved
by resolution No 386 -Լ of the Management Board
of “IDBank” CJSC dated October 12, 2020
Applied since October 27, 2020

Information bulletin
Of overdraft extended to clients using the “Start” and “Start Max” packages  

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.  

Client RA resident legal entities and private entrepreneurs
Purpose Replenishment of working capital
Currency AMD
Minimum/maximum amount AMD 500,000, if the client uses the Start package,
AMD 500.001-1,000,000, if the client uses the Start Max package
Minimum/maximum term 24 months, if the client uses the Start package
36 months, if the client uses the Start Max package
Nominal annual interest rate
1%
Actual annual interest rate
For AMD 500,000 overdrafts – 1.55%
for AMD 500.001-1,000,000 overdrafts –1.53%
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.
Monthly service fee
Not defined   
Loan application review fee
Not defined
Disbursement fee
Not defined
Method of overdraft extension
Non-cash – through the clients’ bank account (current account, card account)     
Frequency of repayment of overdraft amount and interest amounts     Mandatory monthly accomplishment of the bank/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.
Minimum business activity term (uninterrupted)
6 months
Requirements to the borrower/guarantor
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.
Requirements to the borrower’s/guarantor’s credit history
1. Presence of at least 3 months of credit history throughout the 36 months preceding the application submission date,
2. Absence of overdue/classified liabilities as of the date of overdraft extension,
3. Absence of more than 30 overdue days in the 12 months prior to the submission of the application 
Security
Creditworthiness evaluation
In case of overdrafts extended to legal entities – also guarantee of at least one of the Legal entity participants,
In case of overdrafts extended to PEs – guarantee of a physical/legal entity as required
Fines, penalties
Penalty on overdue overdraft amount – 0.1 per day
Penalty on overdue interest amount – 0.1% per day
Penalty for early termination of overdraft agreement – not defined
Location of application acceptance and processing
Outside the Bank premises, branches of the Bank, Head office of the Bank 
Positive factors of extension  1) good credit history,
2) stable cash flows,
3) good reputation,
4) other factors
Rejection factors    1) bad credit history,
2) insufficient financial condition,
3) providing false or unreliable information,
4) AML/CFT restrictions
5) providing such information that calls into question the return of the overdraft,
6) other factors
Maximum decision-making term
Up to 2 business days after submission of the package of complete documents required by the Bank 
Term for notifying the client about the decision *
1 business day
Decision validity term **
30 business days
Decision reaffirmation term
Throughout 30 business days after the expiration of the decision validity term under the lending conditions applied as of the reaffirmation date
Overdraft extension term
Maximum 1 business day after decision has been passed
*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. overdue liabilities, seizure/detention of bank accounts etc.)

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 loan agreement or no.  
2. The actual 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 time and amount.
3. The order of calculation of actual annual interest rate is presented at the following link: Guide to calculation of actual annual interest rate.
4. 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.
5. Bad credit history can prevent a client from receiving a loan in the future.
6. 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.
7. 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.
8. 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.
9. 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.
10. 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. 
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 terms and conditions of providing statements, their copies, references can be found at the following link: Information bulletin of tariffs.
14. 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.
15. 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.

List of required documents for legal entities*

Prior to implementation of financial analysis:

1. Extract from the unified state register (provided by the state register of legal entities under the RA Ministry of Justice (approved copy of the charter (with all the amendments and attachments approved by the company), in case of joint stock companies – extract from the “Central Depository of Armenia” OJSC,
2. Statements for the past one month submitted to the state tax service (at the request of the Bank)
3. Other documents as required

Documents required after the approval of the loan application:

1. The founding decision of the competent body (general meeting) of the company on undertaking loan liabilities towards “IDBank” CJSC or a reference of the composition of the company’s assets,
2. Other documents as required

List of required documents for private entrepreneurs *

Prior to implementation of financial analysis:


1. Original of the passport or its substituting document of the private entrepreneur, social card (if available, or a reference on its absence),
2. Extract from the unified state register (provided by the state register of legal entities under the RA Ministry of Justice),
3. Statements for the past one month submitted to the state tax service (at the request of the Bank)
4. Other documents as required


* documents which can be received from domains available to the Bank shall not be required for submission by the client.


List of required documents for physical entity/guarantors:

1. Original of the passport or its substituting document, social card (if available, or a reference on its absence)

ATTENTION: THE BANK IS CONTROLLED BY THE RA CENTRAL BANK

The page was updated 13.11.2020 09:35

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

List of required documents for legal entities*

Prior to implementation of financial analysis:

1. Extract from the unified state register (provided by the state register of legal entities under the RA Ministry of Justice (approved copy of the charter (with all the amendments and attachments approved by the company), in case of joint stock companies – extract from the “Central Depository of Armenia” OJSC,
2. Statements for the past one month submitted to the state tax service (at the request of the Bank)
3. Other documents as required

Documents required after the approval of the loan application:

1. The founding decision of the competent body (general meeting) of the company on undertaking loan liabilities towards “IDBank” CJSC or a reference of the composition of the company’s assets,
2. Other documents as required

List of required documents for private entrepreneurs *

Prior to implementation of financial analysis:

1. Original of the passport or its substituting document of the private entrepreneur, social card (if available, or a reference on its absence),
2. Extract from the unified state register (provided by the state register of legal entities under the RA Ministry of Justice),
3. Statements for the past one month submitted to the state tax service (at the request of the Bank)
4. Other documents as required


* documents which can be received from domains available to the Bank shall not be required for submission by the client.


List of required documents for physical entity/guarantors:

1. Original of the passport or its substituting document, social card (if available, or a reference on its absence)

ATTENTION: THE BANK IS CONTROLLED BY THE RA CENTRAL BANK

The page was updated 13.11.2020 09:37
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.