Bank Service Packages for Individuals

Early repayment

In the case of credit agreements in the amount of up to AMD 15 million.

• The customer has the right to unilaterally terminate the loan agreement without any reason within 7 working days after its conclusion, unless the loan agreement provides for a longer period (time to reconsider). In this case, to use the loan amount, the customer is obliged to pay interest to the Bank, which is calculated in accordance with the annual actual interest rate stipulated in the loan agreement. No other compensation may be claimed from the customer in connection with the termination of the loan agreement.
• The customer has the right to fulfill (repay) the obligations stipulated in the loan agreement ahead of schedule, regardless of whether such a right is stipulated in the loan agreement or not.
• In case of early fulfillment (repayment) of the obligations under the loan agreement, the total cost of lending will be proportionally reduced, including the total interest payable according to the loan agreement and loan disbursement fees. Payment card issuance, service and cash withdrawal fees are not subject to reduction/refund.

Fines and penalties

• In case of breach of the repayment terms stipulated in the agreement, the Borrower shall pay a fine to the Bank at the rate of 0.13% for each day of default.
• No penalties or fines are applied in case of early repayment of loans provided in the amount of up to AMD 15 million.
• For loans exceeding AMD 15 million, a penalty of 3% of the original loan amount is applied in case of full early repayment within the first 3 years of the loan agreement. No penalty is applied for early repayment during the remaining period of the loan term.

Repayment and interest calculation procedure

1. Credit limit with a grace period
The transactions made by the customer during each month are reflected in the monthly statement. The 1st, 10th or 25th of each month (or, the next working day, if the latter are non-working days) are the days when the statement is generated.
Interest is calculated on a daily basis for the used portion.
A payment period of 15 days is granted for mandatory payments starting from the date of the statement's issuance. During this period, the customer is required to repay at least 10% of the used portion as of the beginning of the statement's issuance date, along with the accrued interest up to the payment date. Penalties, fines, overdraft amounts, and service fees accumulated up to the payment date must also be settled (if any).
A grace period is provided until the end of the payment term. If the used amounts are fully repaid during this grace period, no interest is charged on these amounts.
The repayment of obligations is carried out in the following order:
- Overdraft amounts (if any),
- Accrued penalties and fines (if any),
- Overdue interest from previous period(s) (if any),
- Overdue principal amount from previous period(s) (if any),
- Accrued interest (if any),
- Used portion of the credit limit.

2. Credit limit with a payment grace period.

Transactions made during each month are reflected in the monthly statement, with the statement generation date being the 1st of each month.
Interest is calculated daily on the utilized portion.
A payment period of 20 days is provided starting from the statement date. During this period, the customer is required to repay at least 10% of the used portion as of the beginning of the statement date and any accrued interest up to the payment date. Penalties, fines, overdraft amounts, and service fees accumulated up to the payment date must also be repaid (if any).
Until the end of the payment period, a grace period is applied for amounts formed from Transactions* (hereinafter "Payments") made at trade and service points, including online. During this grace period, no interest is charged on the repaid portion of these amounts.
The repayment of obligations is carried out in the following order:
- Overdraft amounts (if any),
- Accrued penalties and fines (if any),
- Overdue interest from previous period(s) (if any),
- Overdue principal amount from previous period(s) (if any),
- Used portion of the credit limit,
- Interest accrued on amounts used for Exceptions during the reporting period and amounts used for Payments during the previous reporting period (if any),
- Amounts used for Exceptions during the reporting period,
- Amounts used for Payments during the reporting period.
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* Top-ups of accounts, cards, electronic wallets, loan repayments, bets placed at casinos and gambling institutions, top-ups of accounts of virtual casinos and betting companies, as well as transactions carried out through the Bank's internal systems (hereinafter referred to as "Exceptions") are not included.

3. Credit limit without a grace period

Transactions made during each month are reflected in the monthly statement, with the statement date being the 1st of each month. Interest is calculated daily on the utilized portion.
The customer is required to repay the accrued interest up to the payment date, as well as any penalties, fines, overdraft amounts, and service fees in full, either on the interest payment date specified in the contract for each month or during the preceding 15-day period.
Repayment of obligations is carried out in the following order:
- Overdraft amounts (if any),
- Accrued penalties and fines (if any),
- Overdue interest from previous period(s) (if any),
- Accrued interest (if any),
- Used portion of the credit limit.

4. Credit limit with no grace period and a decreasing limit
Transactions made during each month are reflected in the monthly statement, with the statement date being the 1st of each month. The credit limit is provided with equal monthly repayment of the principal amount over a term of 60–120 months, based on the collateral securing the credit limit.
Interest is calculated daily on the utilized portion.
The customeer is required to ensure full repayment of the principal amount and accrued interest on the payment date specified in the agreement for each month. If applicable, penalties, fines, overdraft amounts, and service fees must also be deposited into the account during the 15-day period preceding the payment date or on the payment date itself.
Repayment of obligations is carried out in the following order:
- Overdraft amounts (if any),
- Accrued penalties and fines (if any),
- Overdue interest from previous period(s) (if any),
- Overdue principal amount from previous period(s) (if any),
- Accrued interest,
- Used portion of the credit limit.

Annual percentage yield/APY

The interest on the funds in your account is calculated on the basis of simple interest rate, and the annual percentage yield indicates how much income you would earn if the interest earned on the deposit were regularly reinvested as part of the deposit.
The calculation of the annual percentage yield on the deposit is made on the basis of the following formula set under the Central Bank of the Republic of Armenia Regulation 8/02 "Calculation of the annual percentage yield of bank deposits":

APY=(1+r/ո)ո-1,
where:
• APY – annual percentage yield
• r – annual simple interest rate
• ո - the frequency of interest capitalization within one year
 

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 link

Restrictions

1. One person can be served only under one Package.
2. In the event of adding a service to the package or modifying the package, any obligations accrued up to that point must be settled at the time, and fees already charged are non-refundable.
3. Provided that the Package is changed:
3.1. the tariffs set under the new Package are applied to the same services,
3.2. if the service included in the Package is non-available, the standard tariffs and terms and conditions set for them are applied, or they can be closed at the customer's request/application, after the obligations are repaid in full.
4. Package service may be terminated:
4.1. According to the customer’s request/application, upon full payment of fees and obligations for the Package and services thereunder, after which the standard tariffs and terms and conditions set by the Bank will be applied for each service.
4.2. On the initiative of the Bank:
4.2.1. If the customer violates the terms and conditions of using the services,
4.2.2. In case of non-payment of the monthly service fee of the Package for 6 consecutive months.
4.2.3. In all the above-mentioned cases, the services provided under the package are subject to termination, and if termination is not possible, the Bank's standard tariffs and terms for the respective service will apply from the moment of termination.

Communication with the Bank

You have the right to communicate with "Converse Bank" CJSC through your preferred method, either via postal mail or electronically. Receiving information electronically is the most convenient option, as it is available 24/7, free from the risk of loss of paper documents, and ensures confidentiality.
In addition, during the term of the agreement, the Bank will provide you, via electronic communication or by other means of your choice (such as postal communication, in-person at the Bank’s premises, etc.), with information about changes in the general terms of service, other fees, the communication procedure, and any legal acts or circumstances affecting your rights, obligations, or liabilities under the agreement, including data transfers to credit bureaus.

Provision of statements, references and other information (including VAT)
• Provision of a statement by the method preferred by the customer, at the frequency defined by the RA legislation and / or by the contract - 0,
• Provision of account statements issued electronically at intervals prescribed by RA legislation and/or the agreement, upon the customer’s request, in their preferred way and for their preferred period (once per period; and with the implementation of the option to send statements via the Converse Mobile application, without limitations): 0
• Provision of the statement in addition to the periodicity defined in the previous points 1:
- Dated 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 month2 AMD 5,000
- In case of accounts opened earlier - AMD 3,000
• Account / account balance and / or turnover statement based on the application submitted through the Bank's website - AMD 3,000
• 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
 Interstate – 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
- Interstate - AMD 3,000
- International - fee set by the shipment service provider + AMD 5,000
_________________________________________
1In 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.

Provision of Banking Service Packages
You can apply for the service package at the Customer Service Office (CSO) of Bank's Head Office and branches, excluding the following: "Aviation" and "Shirak" branches.
For the credit limit, you can also apply via the Converse Mobile app, where the decision is made based on the Score assessment.

Scoring (credit rating)
The decision on lending is made through an automated software system based on the Bank’s score (Converse Score) and FICO Score (details at https://acra.am/?page_id=609&lang=hy and https://abcfinance.am/news/news_varkayinscore.html). It is formed through processing of data from the databases available to the Bank and the combination of these data and lending criteria, reflecting the customer's creditworthiness.
The credit score is obtained based on a number of criteria, in particular, requirements to credit history, including repayment history and burden, type of collaterals for existing loans, amount of the applicant’s income.
The main factors on which the Bank's score calculation is based and their effects:
 

 Simultaneously, a number of limiting factors are applied:

Restrictions:
• At the time of application, there should be no information regarding bankruptcy under the applicant’s name.
• In the year preceding the application, there should be no decisions from enforcement bodies CESA (court enforcement serice) or other competent authorities placing restrictions or liens on the applicant’s name due to debts exceeding AMD 50,000.
• There should be no block on obtaining credit history information.
• The number of credit inquiries and issued obligations for the purpose of granting a loan should meet the requirements set by the Bank.

List of required documents

Factors for the approval and rejection of credit limit
The Bank is inclined to provide the credit limit if the applicant:
• complies with the terms and limiting conditions of the loan,
• is not burdened with credit obligations,
• at the time of application, does not have overdue and/or classified liabilities,
• at the time of application, there is no information regarding bankruptcy,
• has a positive credit history,
• receives an adequate creditworthiness score (credit score).
• at the time of application, does not have any restrictions imposed based on decisions from the Enforcement Service (CESA) or other competent authorities.
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.

Timeframes for notifying the customer about the decision and providing the credit limit

At the Customer Service Office of the Bank and branches:
The decision on granting the credit limit takes a maximum of 5 business days, the customer is notified within one business day, and the limit is provided within 3 business days.

Via the Converse Mobile app:
- The decision on granting the loan takes up to 10 minutes,
- The customer is informed immediately after the decision is made,
- The loan is provided after the agreement is signed, and the process takes up to 30 minutes.
 

Credit history

Credit history is a collection of data on the financial obligations of an individual or legal entity, which shows the history of the latter’s financial obligations or their fulfillment. It is essential because after applying for a loan, the bank or credit organization, before making a decision to grant a loan, examines the applicant's credit history and creditworthiness and assesses how responsible the applicant is as a borrower.

The credit history includes data on 5 year-period prior to the date of inquiry, and is made from information on:
• Financing received by the person, including:
- its quantity and amount,
- the amount, type, terms of each financing, the nominal interest rate applied by the creditor,
- the information on collaterals securing loan/financing.
• Fulfillment of loan installments (for example, whether the interest and principal amount repayments were duly paid or not),
• Guarantees provided to other persons, their number and amount, the type of loan secured by each guarantee, terms and information regarding collaterals,
• Overdue days/amounts in terms of financing and guarantees, as well as the penalties and fines charged for them,
• Outstanding or late utility bills.

Credit history does not contain personal data, such as a person’s ethnicity, religious and political views, social status, etc.

If there are incorrect or incomplete data in the credit history, for the purpose of clarification and correction, the borrower can inform about it "ACRA Credit Reporting" CJSC, hereinafter also Credit Bureau, or directly contact the financial organizations providing information. People can address credit bureau by submitting an appropriate written application or electronically, online from the personal office "My ACRA".
The process of accepting/receiving, discussing and responding to customer complaints regarding credit reports provided by the credit bureau, the sequence of actions is defined by the "Procedure for Dispute Resolution" of "ACRA Credit Reporting" CJSC.

For more details follow the links: www.abcfinance.am and www.acra.am links.

Measures to take to improve the credit history and scoring

In order to improve credit history and scoring, it is necessary to eliminate the main causes of their deterioration, in particular, to pay off current overdue obligations as soon as possible, as well as:

• ease the credit burden by partially or fully repaying existing loans,
• make repayments in accordance with the established schedule, excluding delays and showing punctuality,
• reduce the number and amount of provided guarantees, as well as, if available, ensuring the full repayment of overdue obligations,
• avoid even one-day delays in fulfilling obligations on current loans and becoming a guarantor for unreliable persons,
• avoid applying for new loans frequently.

Your Financial Adviser
“Your Financial Adviser” is an electronic system for search and comparison and selection of the most efficient option of services offered to individuals: hhttps://www.fininfo.am/vcharayin-qart.

Settlement of disputes
Any disputes and disagreements between the Customer and the Bank shall be resolved first through 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 mediator.
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 ten 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 AMD 250,000 (two hundred and fifty thousand) or equivalent currency, and on transaction amounts not exceeding AMD 500,000 (five hundred thousand) 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 information you can:

• Visit the Bank's website at https://www.conversebank.am
• Visit the Bank's Customer Service Office at the Head Office or any branch
• Call +374 10 511 211
WhatsApp: +374 95 511 211
 

                                                                                                                                                Updated on 03.02.2025