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"Warm Hearth" energy efficient loans

"Warm Hearth" microloans provided for energy efficient renovation

 The loan is provided by Converse Bank CJSC (hereinafter Bank) on the following terms:

Borrower / co-borrower

The borrower / co-borrower must be a resident of the Republic of Armenia and a citizen whose principal source of income is in the Republic of Armenia.


Renovation of residential real estate aimed at increasing energy efficiency. At the same time, at least 40% of the loan funds should be used for procurement of works and materials/equipment to increase the energy efficiency of residential real estate, furthermore, up to 20% of the loan amount can be used to purchase energy-saving household appliances.


60 - 84 months

The grace period for repayment of the principal amount of the loan is 6 months




275,000 - 3,000,000 AMD

Annual fixed interest rate *


Actual annual interest rate *

Maximum 13.08%

* The nominal interest rate on the loan may be revised depending on the change in refinancing rate .

General provisions and conditions

Payment list

One-time fee for loan application review

AMD 5,000

One-time fee for loan disbursement

1% of loan amount

 Consideration time

At least 7 days prior to the conclusion of the loan agreement, the Bank will provide you by hand or by mail a proposal to conclude a loan agreement and a draft loan agreement. The proposal to conclude a loan agreement is valid for 7 business days from the day following the date of its submission to the borrower.

Early repayment of the loan

The borrower has the right to repay the loan in whole or in part in advance, including through refinancing.
In case of early repayment of the loan amount or part of it, the Bank will reduce the total lending cost, including the total interest payable under the loan agreement and service charges.
At the borrower's discretion, the Bank will reduce the amount of monthly payments in proportion to the amount repaid in advance, leaving the loan repayment period unchanged, or reduce the loan repayment period, leaving the amount of monthly payments unchanged.

Fines and penalties

In case of breach of the repayment terms stipulated in the contract, the Borrower shall pay a fine to the Bank at the rate of 0.13% for each day of default.
Repayments of overdue liabilities are repaid in the following order: fine/penalty, interest, principal amount.
No fines or penalties are envsiaged for early repayment of the loan.


  1. The amount of the monthly repayment of the principal amount and the accrued interest on all existing credit obligations of the borrower and, if any, the co-borrowers shall not exceed 60%of the monthly net income of the said persons.
  2. At the time of applying for a loan, the borrower / co-borrowers should have no overdue loans, as well as existing loan obligations classified stricter than "standard" class.
  3. The total number of overdue days for all current and repaid loans of borrower /co- borrowers during the last 12 months should not exceed 30 calendar days (for each individually).
  4. Renovation works must be fully completed within one year after the loan's disbursement.
  5. The energy saving class of the purchased household appliances should be A+ and higher
  6. Location of the renovated real estate - the whole territory of the Republic of Armenia, except for the Kentron administrative district of Yerevan.


At least one Guarantee from an individual.

Requirements to the Guarantor


  • must have a stable income with supporting evidence thereof,
  • should not have default in liabilities at the time of loan disbursement,
  • The total amount of borrower's overdue days in respect of all current/repaid loans during the last 12 months should not exceed 30 days
  • cannot simultaneously act as a co-borrower.

Explanatory information on the guarantee

If the borrower fails to fulfill his/her obligations, the guarantor will pay on behalf of the borrower, the guarantor's credit history will deteriorate as well, and the guarantor may be deprived of his/her property.

Converse Bank:

  • Will provide the guarantor with an example of loan and guarantee agreements and a repayment schedule,
  • The communication will be carried out in the manner chosen by the guarantor,
  • notify at least 7 days in advance of the change in the terms of the contract,
  • Will send reminder of existing obligation 1 day in advance
  • In case of delayed repayment of the loan, will notify the guarantor not later than within the following day.

The guarantor has the right to:

  • At any time request the Bank for information on the size of the loan balance,
  • get a refund of loan-related payments made, as well as of other losses incurred on behalf of the borrower.

Frequency and method of repayment of principal and interest

  • Annuity (Equal monthly repayment), with principal and interest accrued in variable portions.
  • "Spring" (decreasing monthly repayment), in which the principal amount is included in equal portions, and accumulated interest is variable.

Example of calculating interest rates

In case of loan with the following terms and conditions:

Loan amount:

2,000,000 AMD

Nominal interest rate


Repayment period

5 years with a grace period of 6 months

Repayment type


Interest composition

interest paid on a monthly basis during the grace period

17,480 - 18,685 (depending on the number of days of the month)

Monthly repayment after the grace period (principal amount + interest)


Total interest


Total of repayments


Loan interest is calculated based on the nominal interest rate applied to the deductible balance, and the actual annual interest rate shows how much the loan will cost you when you make timely interest payments and all the related mandatory fees and payments related to loan disbursement.
The procedure for calculating the annual actual interest rate can be found at the following address:

Communication with the Bank

You have the right to communicate with Converse Bank CJSC in any format at your discretion - by postal mail or by electronic communication methods. It is most convenient to receive information electronically, as it is available 24/7, free from the risk of loss of paper-based information and ensures confidentiality.

Provision of statements, references and other information (including VAT)

  • Provision of statement with periodicity prescribed by RA legislation (once) : 0,
  • Provision of additional statement 1 Except for periodicity prescribed by RA legislation:

- dating back up to 3 years - AMD 1,000
- Dated back to 3 years and more (in case it is available in the bank ) - AMD 3,000

  • Statement1 for submitting to different institutions

- In case of accounts opened within a month 2 AMD 5,000
- In case of accounts opened earlier - AMD 3,000

  • Reference based on the application submitted through the Bank's website - 3,000 AMD
  • References / notes on transactions

- For transactions dated back up to one month - AMD 3,000
- For transactions dated back more than one month - AMD 5,000

  • Transaction support documents and copies of other documents (for each document)

- Dated back up to 1 month - AMD 1,800
- Dated back up to 1 year - AMD 3,000
- Dated back more than one year - AMD 12,000

Tariffs for other services (including VAT)

  • Mail delivery of statements or other documents

 In the Republic of Armenia and Artsakh - 0
 International
- Tariff set by the shipping service provider, if established by law and contract.
- In other cases, the fee set by the shipment service provider + AMD 1,500

  • Delivery of references or other documents via Ordered mail shipping

- Within Armenia and Artsakh- AMD 3,000
- International - fee set by the shipment service provider + AMD 3,000

  • Loan terms revision 3 : 0.5%, minimum 12,000 AMD

1 In case of simultaneous provision of a statement and reference to the same Customer and charge envisaged for the reference, the charge will be collected for reference only.
2 In case of more than one active account, the opening date of account which has been opened earlier is taken into consideration irrespective of whether or not included in the statement.
3 The tariff is calculated based on the amount of loan provided. The tariffs are set at the time of submission of the application by the customer for revision of the loan terms.

Required documents


Loan Application Form


Identity document of the borrower, co-borrowers, their family members, the guarantor Public Service Number or a reference from the State Register of Population on not receiving PSN (not required if identification card is provided), marriage, divorce, birth, death certificates (if available).


Statement issued to the borrower / co-borrower by the condominium from place of residence, on the composition of family (if necessary)


Reference from the workplace indicating the position of the borrower / co-borrower and the amount of monthly income (gross or net, plus, if net income is indicated, a corresponding note should be made in the reference), which should not be older than 20 calendar days as of the date of filing with the Bank. If necessary, a statement from individual account for the past 1 year, approved by tax authorities.


Secondary income (if any) supporting documents.


In case of entrepreneurial activity:

- Taxpayer identification number (TIN),

- Certificate of incorporation (reference from state register), charter (if available),

- Identification documents of the shareholders and the director,

- Permission documents for conducting the given type of activity,

- Financial and tax reports approved by tax authorities,

- Income and Expense Records (if any) for the last 6 months,

- Bank account turnover (if available),

- Reference from the State Revenue Committee on obligations towards the State,

- Business Analysis Report.


Original ownership certificate of the property to be repaired, identification documents of the owners.


Renovated real estate owner's agreement to renovate property (unless the borrower / co-borrower is the owner of the renovated property).


Budget estimate


Photos of the property to be renovated, both before and after the completion of the planned works.


Other documents required by the Bank.


If you fail to fulfill or incompletely fulfill your obligation,  within three business days this information will be provided to the credit bureau  where your credit history is formed. Having am adverse credit history can negatively affect your creditworthiness in the future. You have the right to receive your credit history report for free once a year from the credit bureau.

Your property may be confiscated by law if you fail to make your interest and loan repayments on time.

In accordance with the RA Law on Combating Money Laundering and Terrorist Financing, on the basis of the Know Your Customer Principle, the Bank may require the Customer to provide additional documents or other information, as well as ask questions during verbal communication, for the purpose of conducting due diligence of the Customer.  

The Bank may collect additional information in accordance with the terms of an agreement with the US Government under the Foreign Account Tax Compliance Act (FATCA) to determine your eligibility for being a US taxpayer.

The Bank is entitled to modify and supplement the tariffs for additional services provided by notifying the Customers in accordance with the contract, by posting a relevant message on its own website (, by posting announcements on the Bank's premises, by sending a notification by post, and by any other methods  proposed by the Bank selected at the Customer's preference, which is considered a due notification of the Customer.

 Factors affecting positive or negative decision on providing the loan

The Bank is inclined to provide the loan if:

  • The applicant complies with the terms and limiting conditions of the loan.
  • The applicant is recognized as creditworthy as a result of the assessment.
  • The documents and references submitted by the applicant are reliable and include all necessary information;
  • The applicant's credit history is either positive or missing.

Failure to comply with any of the above conditions, as well as other requirements of the Bank's internal regulations, may result in refusal to provide the loan.

Time periods for notifying the customer of the decision to provide the loan and for the loan disbursement.

The decision takes up to 5 banking days, the Customer is informed within one day, the loan is disbursed within 5 banking days.

Venue for loan formalities and method of disbursement

Loan is provided at Head Office and Branches
The loan amount is disbursed directly to the borrower by way of depositing it to the borrower's bank account.

Your financial directory

Your financial directory at , is an electronic system combining services offered to individuals that makes it easy to search, compare and find the most effective option for you.

Procedure for resolving disputes

Any disputes and disagreements between the Customer and the Bank shall be resolved first by mutual negotiation, and should the agreement not be reached by such methods, the disputes and disagreements shall be resolved in accordance with the procedure prescribed by the RA legislation both per court procedure, and through financial system obmudsman.

Notice on Financial System Mediator

Please be informed that according to the RA Law on Financial System Mediator, in case of property claims arising out of services rendered to you by Converse Bank CJSC, disputes and disagreements for not exceeding million AMD or equivalent foreign currency may be resolved through the Financial System Mediator.
According to an agreement between the Bank and the Office of the Financial System Mediator, the Bank waives the right to challenge the Financial System Mediator's decisions only in relation to property claims not exceeding 250,000 (two hundred and fifty thousand) AMD or equivalent currency, and on transaction amounts not exceeding 500,000 (five hundred thousand) AMD or equivalent foreign currency.

Address: 0010 Yerevan, Khorenatsi str. 15,
"Elite Plaza" business center, 7th floor 
Email: [email protected]
Telephone: (+37460) 70-11-11
Fax: (+37410) 58-24-21:

Contact with the Bank

For more details and more information you can:

  • visit the Bank's website at
  • visit the Bank's Customer Service at the Head Office or any branch
  • Call: 374 10 511211
  • Viber: 374 95 511211
  • Skype: conversebank-callcenter


Updated 03.09.2021 17:40  


The loans are provided at the head office and branches.