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Happy Farmer

Private individuals and private entrepreneurs primarily engaged in at least one of Eligible Activities:

  • Crop growing (including perennial, non-perennial crops and horticulture)
  • Seed and plant propagation
  • Pre-harvest crop activities (fertilization, spraying etc.)
  • Post-harvest crop activities (cleaning, trimming, grading, disinfecting, waxing, sun-drying etc.)
  • Animal raising (cattle, sheep, pigs, chicken, and others)
  • Support activities for animal raising (veterinary, vaccination, artificial insemination, shearing etc.)
  • Fishing and aquaculture
  • Processing and preserving of meat (from local inputs)
  • Processing and preserving of fish, crustaceans and mollusks (from local inputs)
  • Processing and preserving of fruit and vegetables (from local inputs)
  • Manufacture of vegetable and animal oils and fats (from local inputs)
  • Manufacture of dairy products, including cheese and ice-cream (from local inputs)
  • Manufacture of grain mill products, starches and starch products (from local inputs)
  • Manufacture of prepared animal feeds (primarily from local inputs)
  • Manufacture of pesticides, herbicides and insecticides
  • Manufacture of soil fertilizers
  • Trading and leasing of agricultural machinery (e.g. tractor, combine etc.) and agricultural capital investments (e.g. irrigation system)
  • Trading of spare parts of agricultural machinery and agricultural capital investments
  • Repairing of agricultural machinery and agricultural capital investments
  • Construction of agricultural related buildings and storage, including technical equipment of the buildings
Purchase of the Agro Inputs in the Partner Supplier shops, which may include:

  • Plant protection products
  • Fertilizers and biological analogues
  • Seed
  • Livestock and fodder
  • Small agricultural equipment and machinery
  • Drip irrigation system elements, greenhouses and other agro constructions
  • Other agriculture-related commodities

Engineering and other agro-related service

  • Minimum AMD 50,000 per client
  • Maximum AMD 1,500,000 per client*
  • Up to 2 parallel loans per client can be provided within the maximum limit of AMD 1,500,000.
  • In case of client’s application for a larger loan amount, loan can be provided on the same conditions (interest rate, fees, loan maturity) but using the standard lending procedure with required site visit and collateral

Calculation of loan interest rate

Loan interests are calculated on the actual loan balance, considering 365 days in the year on the actual outstanding loan principal in the loan currency.

The annual percentage rate is based on the loan terms (amount, terms, loan repayment amount and quantity).

The annual percentage rate is calculated as per the following formula:

Where

A is the loan principal (the amount initially provided by the lender to the borrower)n is the loan repayment amount

n is the sequence number of loan payment

N is the sequence number of the last payment

Kn is the amount of nth payment under the loan

Dn is the number of days from the day of loan disbursement up to the day of the nth payment

“i” is the annual percentage rate, which may be calculated, if the other data of the equation are available from the loan agreement or another source.

 

Example of calculation of loan interest amounts

Principal loan amount: AMD 300,000.00

Annual interest rate: 6%

Loan term: 12 months (364 days)

Lump-sum fee for loan provision equal to 2% of the loan amount

Repayments, equal monthly

No grace period

Loan providing day: July 20, 2017

The first day of loan repayment: August 21, 2017

The annual percentage rate is 10.2494%

Repayment frequency: Repayments of the principal amount, monthly or grace period, depends on borrower’s choice

The maximum duration of the grace period, less than 2 months from loan term

Monthly repayment of the interest rate, except for months calculated with 0%

Loan provision options:

Loan is provided noncash (the amount is transferred to CARD AgroCredit UCO CJSC partner organization account, as a fee for product or services purchased by the customer)

Terms and factors of provision and approval of the loan:

Loan provision decisions are made and informed to the customer during 1 day

Client’s credit history is the main factor considered in making a decision on satisfaction/rejection of loan application

Penalty on overdue payments

In case of delays of loan interests and/or principle payment, a fine is imposed at the rate of 0.1% on overdue amount (overdue loan amount and overdue interest amount), for each day of delay

  • YOU HAVE THE RIGHT TO COMMUNICATE WITH THE FINANCIAL COMPANY WHICHEVER WAY YOU PREFER: THROUGH POSTAL COMMUNICATION OR EMAIL. THE ELECTRONIC SUBMISSION OF THE INFORMATION IS THE MOST CONVENIENT OPTION. IT IS AVAILABLE 27/7, IT EXCLUDES THE RISKS OF LOSING PAPER_BASED INFORMATION AND ENSURES CONFIDENTIALITY.
  • THE COMPANY CAN REQUIRE ADDITIONAL DOCUMENTS OR OTHER INFORMATION FROM THE CUSTOMER BASED ON THE “KNOW YOUR CUSTOMER” PRINCIPLE, DEFINED BY THE RA LAW “ON COMBATING MONEY LAUNDERING AND TERRORISM FINANCING”.
  • www.fininfo.am , “ATTENTION: “YOUR FINANCIAL INFORMATION DIRECTORY” IS AND ELECTRONIC SYSTEM, WHICH MAKES IT EASIER TO SEARCH FOR AND COMPARE SERVICES FOR PHYSICAL ENTITIES AND FACILITATES THE CHOICE OF THE MOST EFFICIENT OPTION FOR YOU”.
  • LOAN INTEREST RATES ARE BEING CALCULATED BASED ON THE NOMINAL INTEREST RATE. THE ANNUAL REAL INTEREST RATE SHOWS HOW MUCH WILL THE LOAN COST FOR YOU IF YOU COVER THE INTEREST RATES AND ALL THE OBLIGATORY FEES RELATING TO THE LOAN PROVISION AND SERVICE IN A TIMELY MANNER AND BY THE AMOUNT DEFINED.
  • IN CASE OF FAILURE TO FULFILL YOUR OBLIGATIONS FULLY OR PARTIALLY, THE CREDITOR SENDS THE DATA TO THE CREDIT REGISTRY AFTER 3 WORKING DAYS, WHERE YOUR CREDIT HISTORY IS FORMED. YOU HAVE THE RIGHT TO GET YOUR CREDIT HISTORY FROM THE CREDIT REGISTRY FREE OF CHARGE ONCE A YEAR.ATTENTION: NEGATIVE CREDIT HISTORY MAY AFFECT YOUR FUTURE ATTEMPTS TO GET A LOAN!
  • IN THE EVENT OF FAILURE TO FULFILL OR IMPROPER FULFILLMENT OF OBLIGATIONS, ASSUMED BY THE BORROWER, THE COMPANY TAKES RELEVANT MEASURES TO CONFISCATE AND REALIZE THE COLLATERAL IN THE MANNER STIPULATED BY THE RA LEGISLATION. IF THE AMOUNT COLLECTED FROM THE REALIZATION OF THE PLEDGED PROPERTY IS INSUFFICIENT TO COVER THE COMPANY’S CLAIMS, THE COMPANY SHALL BE ENTITLED TO COMPENSATION FROM OTHER PROPERTY AND/OR FUNDS OF THE BORROWER.

FOR GUARANTORS

  • GUARANTOR BEARS THE LIABILITY OF REPAYING THE LOAN. IT MEANS THAT IN CASE THE LOANER PERFORMS HI/HER OBLIGATIONS INCOMPLETELY, OR DOESN’T PERFORM THEM AT ALL, YOU WILL PAY INSTEAD.  THIS WILL AFFECT YOUR CREDIT HISTORY AND YOU MAY BE DEPRIVED OF YOUR OWN PROPERTY.
  • YOU WILL BE PROVIDED WITH AN EXAMPLE OF LOAN AND GUARANTEE CONTRACTS, AND A REPAYMENT SCHEDULE.
  • THE COMMUNICATION WILL BE CARRIED OUT BY YOUR PREFERRED METHOD.
  • YOU WILL BE NOTIFIED ABOUT THE CONTRACT TERM CHANGES 7 DAYS BEFORE.
  • IN CASE OF DELAY IN LOAN REPAYMENT, AT THE LATEST ONE DAY LATER YOU WILL BE NOTIFIED ABOUT IT.

THE GUARANTOR HAS THE RIGHT

  • TO REQUIRE INFORMATION ON THE OUTSTANDING AMOUNT OF THE LOAN, ANY TIME.
  • TO REQUIRE FROM THE LOANER THE COMPENSATE THE INTEREST PAID TO THE CREDITOR FOR THE LOAN, AS WELL AS OTHER LOSSES INCURRED INSTEAD OF THE LOANER.

 Documents required for provision of leasing:

  1. Passport or identification card
  2. Land ownership certificate or statement on the family members and agricultural assets (land, livestock, etc.) ownership / rent
  3. Confirmation of assets in possession – in case of availability
  4. Additional income confirmation – optionally
  5. Invoice / pro-forma issued by the Partner Supplier