“KAMURJ” UCO CJSC was committed to its social mission and admissive loan policy provided support for the agricultural community in Armavir region following substantial hail damage not only in 2010 but also this year on May 12.
The Company trying to satisfy the customers’ financial needs and to soothe the social tensions as well as to make stabile conditions for current and unfailing loan repayments implemented multilateral reconstructions of loan responsibilities on its equity.
“KAMURJ” has reviewed essential credit conditions and taking into consideration the hail damage and the borrower’s factual amount of incurred losses. The Company held numerous meetings in the villages and listened the villagers’ requirements to update Crediting conditions taking into consideration their wishes and financial possibilities. On May 12, 2013 more than 100 Customers were affected by the hail damage. “KAMURJ” at once sent a working group to meet its customers and after individual discussions they came to the agreement and the company created flexible models for updating loan repayments. The necessary improvements were done for 1036 customers from 28 communities of Armavir and Aragatsotn marzes. In the result the reviewed size of loan portfolio overdrew 750 million Armenian drams- said Ara Aghayan, Chairman of the “KAMURJ” UCO Board.
Additional agreements were signed between Creditor and Borrowers affected by hail damage in June-July. According to which following essential loan granting changes were established.
- 1. The period of loan repayment have been extended 1-2 years taking into consideration the villagers incomes and term of crop and tree cultivation
- 2. The interest rates were reduced for the borrowers considering the size of hail damage and it consequences
- 3. Neither service nor commission fees will be charged during the whole period of loan repayment.
- 4. The charge of interest rate has been postponed for some months taking into consideration the impossibility and social difficulties for borrowers to pay it.
- 5. All the reviewed conditions were given retroactive power and effective as of June 1st
Besides the above mentioned points the Company has expressed its complacency to provide additional crediting to those borrowers who will properly pay their updated loan responsibilities.
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