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Regional

INECOBANK offers SMEs easy loans with holidays on interest

  • Wednesday, June 25, 07:11

Within the frames of the Easy Loans campaign, INECOBANK offers the SME borrowers to switch from other banks to INECOBANK and to get holidays on interest.   

The press service of the Bank has told ArmInfo that the campaign will be launched on 1 July 2014 and will last till 31 Dec 2014. This offer gives SMEs an opportunity to ease their loan burden by reducing the amount of their monthly payments and making use of the lending terms. The borrowers filing their applications before 31 July 2014 will get holidays on interest. In other words, in July and August they will be exempted from interest payments and all the summer payments will be put off till September 30. The Bank will cover the loan-related expenses (securitization) in case the repayment periods are put off. 

"A survey of the customer demand has shown that the changes in the situation in the SME market, particularly, the decline in the sales has raised the loan debt burden and the need to reduce the amount of monthly payments has arisen. Our option allows refinancing old loans upon new terms. Considering seasonal economic recession in July-Aug, we have decided to give our customers a month's respite and to allow them to pay their dues till Sept 30 when their revenues resurge. This serves both their and our interests," says Deputy CEO of INECOBANk Aram Baloyan.

According to ArmInfo's Rating of Banks of Armenia, as of Apr 2014 INECOBANK's loan book totaled 89.2bln AMD (8.5% bigger than on Apr 1 2013), of which 51.2bln or 57.4% AMD was lent to SMEs (11.2% more than a year before). 

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