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Installment Loan

General Conditions of Instalment Loans

Eligible borrowers are RA residents aged 18 and older, applying to the Bank with the purpose of purchasing goods by instalments from points of sale cooperating with the Bank.

Loan currency AMD
Loan amount Minimum amount AMD 30,000
Maximum amount AMD 2,000,000
Maturity Minimum 3 months
Maximum 36 months 
Interest rate 0-24%

Other conditions

Maximum loan/collateral ratio

100%

Loan disbursement and service fees

The fees are determined by the Bank.

Procedure of repayment of the loan and interest amount

The loan and interest amount is repaid with annuity method (equal monthly installments), which includes the principal amount and accrued interests, if any, with alternating portions.

Requirements to creditworthiness

If, at the time of submission of the loan application, the applicant is a registered employee, then:

  • at the time of submission of the loan application, the applicant shall not have credit liabilities classified under a class stricter than “standard” (including guarantees), and
  • during the last one year before submission of the loan application, the total sum of overdue days shall not be more than 20 for all loans;

If, at the time of submission of the loan application, the applicant is a registered employee, then all the following conditions shall be met simultaneously:

  • during the last two years before submission of the loan application, the applicant shall have at least two current and/or repaid loans, disbursed minimum two months before the date of applying for the loan (in the context of this condition, overdrafts/credit cards without any security and loans/credit cards secured with gold as collateral aren’t considered as loans);
  • during the last one year before submission of the loan application, the applicant shall not have credit liabilities classified under a class stricter than “standard”;
  • during the last one year before submission of the loan application, the total sum of overdue days shall not be more than 20 for all loans;
  • at the time of submission of the loan application, the applicant shall not have overdue credit liabilities (including guarantees).

Other restrictions

  • The applicant can have maximum two current loans at the bank.
  • The maximum amount of the disbursed loan shall not exceed ten-fold of the applicant’s registered net income.

Penalty

In case of violation of the repayment terms envisaged by the agreement, the Borrower shall pay penalty to the Bank, for each day of delay:

  • 0.15% of the overdue loan amount;
  • 0.4% of the overdue interest amount;
  • on the 5th working day of delay in repayment of the loan and/or interest amount a one-off penalty is charged in the amount of AMD 1,000.

No penalty is charged for early repayment of the loan.

Security

The applicant’s creditworthiness and/or information on income.
The item purchased with funds disbursed in form of financing by installments is registered as collateral (in case of purchasing a service, another security might be required, including guarantee by third parties).

List of necessary documents submitted to the Bank by the point of sale

  1. “Application-questionnaire for consumer lending” signed by the applicant
  2. The applicant’s personal identification document and PSN, if any;
  3. Identification card /detailed/;
  4. Original of the properly verified agreement and the Bank’s “Individual leaflet of significant conditions of consumer loans”;
  5. Invoice or delivery-acceptance act (signed by the customer and the selling organization and sealed)
  6. After copying of all documents submitted to the bank by the point of sale, the copies shall bear the stamped or hand-written phrase “True copy of the original” verified by the signature of the responsible employee of the point of sale.

Other conditions

  • Points of sale shall be on the list of cooperating points of sale approved and published by the Bank.
  • The lending conditions regarding the requirement on security and guarantees are determined by the Bank.
  • At the time of applying for the loan the sum of the applicant’s age and the loan maturity term cannot exceed 70 years.

"HayPost" 

"HAYPOST" sells goods through its Catalogue: household appliances, digital equipment, furniture, bicycles, watches, construction materials, heating systems, doors, and windows

Loan amount AMD 30,000 - 2,000,000 
Annual interest rate 9%
Maximum maturity 36 months
Account service fee 0.9% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)  

"3D Planet" shop

Loan amount AMD 30,000 - 2,000,000 
Annual interest rate 9%
Maximum maturity 36 months
Account service fee 0.9% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)  
 

"Selena" shop

Loan amount AMD 40,000 - 1,500,000
Annual interest rate 18%
Maximum maturity 36 months
Account service fee 0.4% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"Artclima" shop 

Loan amount AMD 40,000 - 2,000,000
Annual interest rate 18%
Maximum maturity 36 months
Account service fee 0.6% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"Bianchi" shop

Loan amount AMD 40,000 - 1,500,000
Annual interest rate 9%
Maximum maturity 36 months
Account service fee 0.9% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"Giant" shop 

Loan amount AMD 40 000 - 1,000,000
Annual interest rate
0%
Maximum maturity
12 months

"Warmer corn" shop

Loan amount  AMD 40,000 - 1,000,000
Annual interest rate 16%
Maximum maturity 36 months
Account service fee 0.4% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"Vesta" shop ("Pretty Way" LLC)

Loan amount  AMD 30,000 - 2,000,000
Annual interest rate 9%
Maximum maturity 36 months
Account service fee 0.9% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"Angels Home" shop

Loan amount  AMD 40 000 -1,500,000 
Annual interest rate 18%
Maximum maturity 36 months
Account service fee 0.4% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"VLV" shop

Loan amount AMD 30 000 - 2,000,000 
Annual interest rate 19%
Maximum maturity 36 months
Account service fee 0.4% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"ARAY" shop

Loan amount AMD 40 000 - 1,000,000
Annual interest rate
12%
Maximum maturity
24 months
Account service fee
0.4% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"Vega World" shop

Loan amount AMD 30 000 - 2,000,000
Annual interest rate
9%
Maximum maturity
36 months
Account service fee
0.9% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"Nor Tun" shop

Loan amount AMD 30 000 - 2,000,000
Annual interest rate
12%
Maximum maturity
36 months
Account service fee
0.9% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"Mary" shop

Loan amount AMD 30 000 - 2,000,000
Annual interest rate
12%
Maximum maturity
36 months
Account service fee
0.9% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"Koala" shop

   
Loan amount AMD 40 000 - 1,000,000  from 1,000,001 to 2,000,000 AMD
Advance payment
0% 20%
Annual interest rate 16%
Maximum maturity 36 months

"PC Electronics" shop

Loan amount AMD 30 000 - 2,000,000
Annual interest rate
9%
Maximum maturity
36 months
Account service fee
0.9% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"Electronics Planet" shop

Loan amount AMD 40,000 - 1,500,000
Annual interest rate 16%
Maximum maturity 36 months
Account service fee 0.4% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"Venus" shop

Loan amount AMD 40,000 - 1,000,000
Annual interest rate 16%
Maximum maturity 24 months
Account service fee 0.4% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"Mega Sport", "Mega Toys" shops

Loan amount AMD 40 000 -1 000 000
Annual interest rate 24%
Maximum maturity 24 months
Account service fee

Instalment loan with 0% interest rate at "MyBike" shop

Loan amount AMD 40 000 - 600,000
Annual interest rate
0%
Maximum maturity
12 months

Other conditions - according to the conditions of lending by instalments adopted at Converse Bank.

"Eiffel" shop

Loan amount AMD 40 000 -1,000,000
Annual interest rate
24%
Maximum maturity
24 months    

"JYSK" shop

Loan amount AMD 30 000 -2,000,000
Annual interest rate
24%
Maximum maturity
36 months  

"1+1" souvenir shop

Loan amount AMD 40 000 - 1,000,000
Annual interest rate
24%
Maximum maturity
24 months
Account service fee
0.3% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"ES Kahuyq" shop

Loan amount AMD 40 000 - 1,000,000  from 1,000,001 to 2,000,000 AMD
Advance payment 0% 20%
Annual interest rate 16%
Maximum maturity 36 months
Account service fee 0.4% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)  

"NAR-MAR", "VANMETAGHAR", "LZONE", "BEKO"(GBU), "VESTA"(Hayr ev Vordi Beknazaryanner LLC) shops

Loan amount AMD 40 000 - 500,000
Annual interest rate
24%
Maximum maturity
24 months
Account service fee
0.1% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"Beko" ("Ed Spo" LTD)

Loan amount AMD 30 000 - 2,000,000
Annual interest rate 9 %
Maximum maturity 36 months
Account service fee 0.9% of the provided loan amount (is paid by the client, at the time of making monthly instalments according to the schedule)

"Manuk Petrosyan" PE

Loan amount AMD 40 000 - 1,000,000 
Annual interest rate 24 %
Maximum maturity 24 months
Account service fee 0.3%

"SHENGAVIT" medical center

Option 1

Loan amount AMD 40 000 - 1,000,000
Annual interest rate
0%
Maximum maturity
12 months
Account service fee
A borrower should be a person in whose name a reference issued by a medical institution will be submitted, or relatives (wife, husband, brother, sister, mother, father, son, daughter) with the relevant documents evidencing the relation and a reference issued by a medical institution  

Option 2

Loan amount AMD 40 000 - 1,000,000
Annual interest rate
24%
Maximum maturity
12 months
Account service fee
A borrower should be a person in whose name a reference issued by a medical institution will be submitted, or relatives (wife, husband, brother, sister, mother, father, son, daughter) with the relevant documents evidencing the relation and a reference issued by a medical institution

"FERTILITY CENTER"

Loan amount AMD 40 000 - 1,000,000
Annual interest rate
20%
Maximum maturity
12 months
Account service fee
A borrower should be a person in whose name a reference issued by a medical institution will be submitted, or relatives (wife, husband, brother, sister, mother, father, son, daughter) with the relevant documents evidencing the relation and a reference issued by a medical institution

Special instalment loan program for the personnel having a military rank

Specially designed credit program intended for supporting the personnel of the Ministry of Defence of the RA having a military rank, the personnel of the National Security Service of the RA, and the personnel having a rank in the RA Police adjoined to the Government of the RA with purchase of household appliances.

Borrower
  1. The personnel of the Ministry of Defence of the RA (including all military units), the junior and senior officers of the National Security Service of the RA (in the military rank of lieutenant to colonel, inclusive)
  2. The middle, senior and chief personnel of the RA Police adjoined to the Government of the RA (in the rank of police lieutenant to the rank of police colonel, inclusive)
  3. Rank and file, non-commissioned personnel of the Ministry of Defence of the RA (except for those on mandatory military service), non-commissioned personnel of the National Security Service of the RA adjoined to the Government of the RA, junior ranking officers of the RA Police adjoined to the Government of the RA
Loan currency  AMD
Loan purpose Purchase of household appliances
Loan maturity 7 years (the loan can be disbursed with a shorter maturity only by the customer’s consent)
Loan amount
  1. For the junior and senior officers of the Ministry of Defence of the RA, the National Security Service of the RA and the middle, senior and junior officers of the RA Police adjoined to the Government of the RA – maximum AMD 1.000.000 per borrower
  2. For rank and file, non-commissioned personnel of the Ministry of Defence of the RA (except for those on mandatory military service), non-commissioned personnel of the National Security Service of the RA adjoined to the Government of the RA, and junior ranking officers of the RA Police adjoined to the Government of the RA - AMD 500.000 per borrower1
Interest rate

Fixed interest rate, not more than by 4 percentage points higher than the interest rate of the loan disbursed by the Company.

The interest rate can be revised once in every three years. If the new interest rate of the loan is set by the partner financial institution (hereinafter referred to as the PFI) lower than the previous interest rate, than the new interest rate for the consumer loan shall be reduced at least for the difference between the old and new interest rates of the PFI’s loan. If the new interest rate of the PFI’s loan is set higher than the previous interest rate, then the new interest rate for the consumer loan can be increased maximum for the difference between the old and new interest rates of the PFI’s loan.

The interest rate can be revised once in every three years. If the new interest rate of the loan is set by the PFI lower than the previous interest rate, than the new interest rate for the consumer loan shall be reduced at least for the difference between the old and new interest rates of the PFI’s loan. If the new interest rate of the PFI’s loan is set higher than the previous interest rate, then the new interest rate for the consumer loan can be increased maximum for the difference between the old and new interest rates of the PFI’s loan.

1The borrowers can get new loans within the framework of the project after repayment of at least one loan previously obtained within the framework of this project, the contractual amount of which shall be bigger than or equal to the contractual amount of the new loan to be obtained.

Other conditions

Loan repayment procedure

Monthly annuity instalments

Loan disbursement/ service fee

No fees are charged for disbursement and service of loans.

Procedure of interest calculation

The interest is calculated towards decreasing balance of the loan.

Loan security

According to the respective internal regulations of RFIs.

Creditworthiness evaluation

Creditworthiness evaluation is conducted in accordance with the respective internal regulations of RFIs.

Availability of reference on employment

A reference from the place of employment, with mandatory mention of the military rank and the size of the salary.

Other requirements

  1. The borrower shall not have non-performing liabilities at the time of disbursement of the loan;
  2. Such persons, who have a loan previously disbursed within the framework of this project, which was assessed by the Company as non-classified, cannot be borrowers;
  3. A loan isn’t considered as qualified consumer loan, if it doesn’t meet the requirements of the legislation on combat against money laundering and financing of terrorism.

The loan is provided in the head office and branches.

Points of sale cooperating with the Bank

Attention:

For all those loans, which comply with the requirements of the RA Law "On Consumer Lending", after making a positive decision on the loan application and before signing the loan agreement, the Bank shall provide you with an Individual sheet, based on the loan conditions and the documents submitted by you.