State Saving Bank ( SSB ), allots target credit for supplying with gas households , the basic parameters of which are pointed out here:

Target of the Credit

For the purposes of financing the building up of yard fence net, setting up of internal gas installations, purchase, delivery and installation of gas appliances and equipment.

Amount of the Credit

Up to 10 000 BGN

Involvement with own Finances

Minimum 10% of the value of the investment in accordance with designed by Overgas Inc. Project

Ways of Paying off the Credit

By means of equal monthly installment, with a possibility to use 6-months gratis period for paying off the capital.

Term of consumption

Upon contracting but the term should not exceed the gratis period.

Gratis period

Up to 6 months

Way of Consumption

Non-cash payment, based on presented proforma invoices and other documents justifying the expenses

Conditions for interest on credit in BGN

10% annual interest

Securities

Promissory Note , guaranteed by third bodies.

Charges

Active tariff in conformity with the Bank requirement

Documents for submission

Active regulations in conformity with the requirements for granting credits for current use

Period of approval

Sixty minutes after the submission of all required by the bank documents

Actions during credit claims

The bank envisages repurchase of the appliances from the certified by Overgas Inc. companies as the amounts of the outstanding obligation of the respective credit recipient are transferred for paying off

 

 

Conditions for receiving a credit

The condition for receiving a credit for financing the construction of yard fence nets, execution of interior gas installations, purchase, delivery and installation of gas appliances and facilities is the solvency of the credit recipient, which depends on the monthly income. The monthly income should be sufficient in order to ensure the amount of the monthly paying off deposit and the expenses for the support of each family member at the amount of

- 60 BGN per member of the family for credits up to 7000 BGN;

-100 BGN per family member for credits from 7000-up to10 000 BGN

Therefore, all the incomes in the bank application form should be calculated irrespectively of their origin, sources excluding incomes from seasonal jobs, during a trial period and giving a notice for labour contract termination. In case of insufficient solvency of the credit recipient the bank can accept another third party as a co-debtor under the credit contract. When the credit recipient is a pensioner he/she should have an opened payment account at the bank, on which the pension is paid and the credit is secured.

Required Documents

The credit applications required are as follows:

•  Bank application form;

•  Documents proving credit recipients' incomes depending on their source:

•  for incomes gained through employment relations- bank application form with the net monthly income for the previous period;

•  Incomes gained through economic activity and freelance labour relations/ sole traders; notaries; private medical practitioners, persons practicing liberal professions and other activities and services of freelance labour relations; persons practicing management and monitoring against remuneration; craftsman activities and other personal labour activities/ tax declaration for the last annual period, income and expense balance and/or report for the past annual and current period and a document certifying the tax paid in advance for a current period;

•  Incomes gained through activities on which a final annual /patent/tax is imposed- documents certifying the advanced or complete tax payment for the current period, tax declaration for the past annual period and a report for the incomes and expenses for the last annual and current period;

•  Incomes gained through letting out a real estate property- rental contract, tax declaration for the past annual period and a document certifying the tax paid in advance for a current period

3. Copy of the contract concluded with the trader, containing information for the total amount of the investment and/or a proforma invoice issued by the trader for the cost of the equipment.
Terms of paying off the credit

Depending on the amount of the credit the maximum terms for paying off the credit are the following:

- up to 500 BGN- 24 months payment term;
- from 501 to 1000 BGN- 36 months payment term;
- from1 001 to 3 000 BGN – 48 months payment term;
- from 3 001 to 7 000 BGN- 60 months payment term;
- from 7 001 to 10 000 – 84 months payment term;

Interest conditions of the credits
- 10% annual interest with a possibility of six months' gratis period for paying off the principal
Amount of the payment installments:

 

Credit amount

Maximum payment term

Number of installments

Monthly installment

Average annual raise of the cost from interests in %

2000

48

47

52,03

5,56%

4000

60

59

86,82

5,61%

7000

60

59

52,03

5,61%

10 000

84

83

52,03

5,72%