Currency

Amount

Term

Interest rate

Minimum: 100 000 AMD
Maximum: 1.5 million AMD

Maximum period 18 months

Documents necessary for receiving loans                

♦ Application
♦ Original and copy of the passport
♦ no 3 form notice for residence
♦ Social security card
♦ Reference from place of work in accordance with relevant appendix /issue date of the reference on salary must not exceed 15 calendar days/ The customer can also be required to present the copy of his/her available annual individual statement presented by the employer to the RA Social Insurance Fund.
 - In case of conducting other not entrepreneurship activity /for example investments, giving property for rent, investments in deposits and etc./ reference on income received from those activities.
- In case of customers conducting entrepreneurship activity, reference on income received from the activity. /annex 15-1/,
♦ Other required documents

Insurance                                                                   

♦ Is covered with details of salary and income.

Penalty for late payment                                           

♦ Creditor pays a penalty to the Bank
- 0.1% of unpaid loan for each overdue day and
- 0.3% of unpaid interest for each overdue day
♦ There are no fines and penalties defined in case of early redemption of the loan.

Monthly loan repayment                                                

♦ Annuity - equal monthly repayment which includes basic loan amount plus accumulated interest with variable amount. 

Loan account service charge                                       

3 000 RA drams will be debited from the  client's account.

Limitations                                                                   

♦ For each creditor:
- maximum size of principle amount and accumulated interests related to one loan must not exceed 40% of monthly net income of other members conducting common economy.
- At the moment of loan issuance maximum monthly repayment of principle amounts and accumulated interests related to all loans must not exceed 50% of net monthly income of other members conducting common economy,
- At the time of applying for a loan and for its duration the creditor's age should not exceed 70.
♦ Loan amount should not exceed:
- up to quadruple of the salary,
- double of average balances of bank accounts in Converse Bank of the last three months.
♦ The loan is provided only to cardholders of salary projects. Upon availability of a credit limit on the salary payment card the total of the credit limit and assignable "Converse" loan may not exceed AMD 1.5 million.