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Consumer Loans

Consumer loan "Converse"

Loan is provided to a citizen of RA,  residents or to obtain various home supplies.

Loan terms are:

 

Currency Amount Term Interest Rate
AMD Minimum: 100 000 AMD
Maximum: 1.5 million AMD
Maximum period 18 months 22%

 
Terms and Conditions



Documents necessary for receiving loans

  • Application
  • Original and copy of the passport
  • Reference to place of residence - Form 3
  • 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

- 0.15% of unpaid loan for each overdue day and
- 0.4% 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.