Tuesday, July 12 2011 21:03
Unibank reduces loan interests for small enterprises
ArmInfo. Unibank has reduced the interests on loans UNI-EXPRESS and UNI-MICRO by 1%-2% for small enterprises. Unibank press-service told ArmInfo the annual interest on UNI-EXPRESS loan in terms of AMD is 19%-22%, in terms of USD - 17%-20% and in terms of EUR - 16%-19%. Interests on UNI-MICRO loan are 18%-21%, 17%-20%, and 16%-19%, respectively. The ceilings of UNI- EXPRESS and UNI-MICRO are increased to 3.5 mln drams and to 6 mln drams (versus 3.5 bln drams), respectively.
The source reports that the bank reduced also the commissions to 1%. The maturity of the above loans is up to 4 years. The given products are provided to enterprises and privates engaged in the sphere of production, trade, or services for at least 3 years.
UNI-EXPRESS loan product requires no compulsory pledge security. Two guarantees of a private or a legal entity are quire enough to get the loan. The liquid cost of a pledge security for UNI-MICRO may be 50% of the loan amount. Repayment schedules are quite flexible and customer-oriented. Repayment ahead of schedule is not restricted or fined. The given products are available at any branch of the bank. The applications are studies within two working days after provision of the necessary documents.
"New favorable terms of lending will provide more opportunity for small enterprises to develop their business. Making loans accessible to small enterprises is among priorities today and we have improved and facilitated the terms and procedures of lending. Last year we almost doubled the number of business-loans, and expect a significant growth this year. The bank plans to double financing of small enterprises," says Ara Avagyan, Vice Chairman of Unibank Board, Director for Corporate Business. He said that development of small enterprises is important for economy of any country and is a promising business direction for Armenia.
"It is very important for the bank to have loan programs developed on the basis of surveys and market expectations, especially for a specific group of customers. Such approach will ensure active development of small enterprises and help meeting the expectations of our customers. Achieving leading position in the given segment is among our strategic plans," A. Avagyan says.
For the first half of 2011 the portfolio of Unibank's business-loans totaled 47.9 bln drams (up10% versus the same period of 2010). The number of business-loans grew 1.5fold. The portfolio of loans to small enterprises exceeded 18.6 bln drams.
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