What our clients
say
I would like to thank Agro & Social Fund for the quick and easy way it financed my business from its earliest stages. Thanks to their support, I have been able to increase my family’s income and employ two more family members.
Donika
If someone is passionate about their work and finds the right financing, such as that offered by Agro & Social Fund, they can certainly build a large and satisfied customer base. After repaying this loan, I believe I will use this type of financing again by taking out a new loan to buy new machinery.
Armenida
Klodiani now has his own gallery in the city of Lezhë and is very happy for the opportunity he was given to start fulfilling his dream.
Klodiani
Frequently Asked
Questions
What is a loan?
A loan is a sum of money borrowed that must be repaid, with interest, within a specified period.
The amount borrowed is called the principal, while interest is the cost of using the money. The loan term determines how long you have to repay it.
Loans are often used for important expenses that cannot be paid all at once, such as buying a home, investing in a business, education, or agricultural activities.
It is very important to make sure you can afford each monthly payment; otherwise, you may face financial difficulties.
What should you know before taking out a loan?
If you are thinking about taking out a loan, these tips can help you prepare:
- Clarify your borrowing needs. Work out exactly how much you need to borrow. Remember, you will be the one repaying it!
- Set your budget. Work out how much you can afford to pay each month. Remember to leave room in your budget for unexpected expenses.
- Prepare the required documents. To apply for a loan, you will need documents to verify your identity, income, and assets.
- Speak with our loan officers. Visit an ASF office to speak with a loan officer about the application process, timeline, and repayments, and to assess whether you can repay the loan regularly.
Why is a guarantor needed, and what are their responsibilities?
The guarantor is responsible for repaying the loan if the borrower cannot, and helps the borrower meet the requirements for obtaining a loan.
How much will I pay?
When you apply for a loan, make sure you understand how much you will have to pay. Before signing, ask your loan officer or another responsible representative to explain all interest, fees, and penalties.
What is a loan agreement?
A loan agreement is a contract between two parties. The lender agrees to provide a loan to the borrower, who receives the money and agrees to repay the principal and interest.
A loan agreement includes the following:
- Full names and addresses of the parties;
- The total loan amount and the conditions for disbursement;
- The loan maturity date;
- The interest rate;
- The effective interest rate and total cost of the loan;
- The payment amount, number and frequency or dates of payments, plus any other costs related to granting and using the loan, as shown in the repayment schedule;
- Any collateral provided;
- The right to withdraw from the loan agreement under the applicable regulations;
- The right to repay the loan early and receive a reduction in its total cost.
The borrower must receive a copy of the agreement signed by both parties at the time of signing.
What should I do if I cannot repay my loan?
If you are having difficulty making payments under the original schedule, contact the institution to discuss a new agreement that better reflects your current ability to pay.
Stay in contact with your lender. Without communication, the lender may be unable to agree on a solution and may pursue legal action to recover the outstanding loan, within the time limits set by the Bank of Albania.
What should I do after repaying my loan?
After repaying your loan, obtain confirmation from the lender that your debt is closed. Also complete any required steps to release the collateral pledged for the loan.