Terms and limitations:

Beneficiaries are those Customers, whose:
• turnover of accounts with the Bank during the last 12 months makes at least AMD 2,000,000 and there has been no zero movement in the last quarter
• The number of overdue days during the last year does not exceed 12, the number of continuous overdue days does not exceed 5, and there is no classification,
• Monthly payments for all financing (including from other banks) at the time of application do not exceed 30% of the average turnover of the last 12 months (when calculating the monthly payments, the equal (annuity) repayment schedule for the gross credit position calculated before the expiration of the financial liabilities is taken as a basis, moreover - internal transfers (including transfers from other banks, currency exchange transactions), transfers received from affiliated persons, account replenishments and cash deposited through payment terminals (unless the fiscal income presented by the customer substantiates the inflow of cash into the cash register during the given period) grants, gratis amounts, amounts deposited as a result of a foreign exchange transaction and equivalent non-operating (non-income generating) inflows are not taken into account when calculating the account turnover.

Fines and penalties

1. In case of overdue loan and / or overdue interest, 0.13% of overdue amount for each day of delay.
Repayments of overdue liabilities are repaid in the following order: fine/penalty, interest, principal amount.
2. Early repayment fines and penalties shall not apply to financing as well as overdrafts in the amount of up to AMD 5.000.000 / equivalent in foreign currency, inclusively, provided for agricultural purposes as well as disbursed to extra-small commercial organizations and sole proprietors as defined by the RA Law on State Support to Small and Medium Entrepreneurship.
3. For other loans with an annuity repayment schedule, when early repayment of the loan is made prior to the mid-validity period, a penalty of 5% is imposed on the early repaid amount.

Collateral security

Account turnover and 1 guarantor, however, if the financing does not exceed 50% of the maximum amount limits, the presence of a guarantor is not required.
The guarantor should not have classified loans during the last year and the number of overdue days should not exceed 12

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.

Example of calculating interest rates
In case of loan with the following terms and conditions:

Interest amounts structure

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 :

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 single statement (regardless of periodicity): 0,
• For a duplicate ¹
- Dated back up to 1 month - AMD 1,800
- Dated back from 2 months up to 1 year - AMD 3,000
- Dated back from 1 year up to 3 years - AMD 12,000
- Dated back to 3 years and more (in case it is available in the bank ) - AMD 24,000
• 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
• 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
 - Within Armenia and Artsakh- AMD 500
 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 6,000 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.

List of required documents

• Loan Application Form
• ACRA inquiry, guarantee consents
• Identification document of applicant individual entrepreneur, executive body of legal entity, authorized person, participant, real beneficiary, guarantor (for a legal entity - founding documents), Public Service number or statement on not obtaining PSN (not required if identity card is submitted)
• Charter, state registration certificate with all inserts, and Taxpayer Identification Number
• In case of a joint stock company, a statement from the depositary on the shareholders
• Тax reports for the past one year
• Statement on tax liabilities
• Extract from the resolution protocol of general meeting or sole participant on acquiring funding, provision of guarantee
• Other documents as needed
 

Factors for 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,
• At the request of the bank, the applicant secures its credit liabilities with guarantee.
• The applicant is recognized as creditworthy as a result of the assessment,
• The documents submitted by the applicant are reliable and include all necessary information;
• The applicant has a positive loan history.

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 a maximum of 3 banking days.
• The Customer is informed within one day.
• Loan agreements are concluded within a maximum of 3-5 banking days after the Client submits the complete package of documents to the Bank.
• The actual loan is provided to the customer on the day of signing the contract.
 

Venue for loan formalities and method of disbursement

Loan is provided at Head Office and Branches
In case of purchase, the loan amount is transferred directly to the developer's account. In case of renovation, the loan amount is disbursed to the borrower by way of depositing it to the borrower's bank account.

Your financial directory

Your financial directory is an electronic system combining services offered to individuals that makes it easy to search, compare and find the most effective option for you https://www.fininfo.am/compare-mortgage-loan.

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 https://www.conversebank.am
visit the Bank's Customer Service at the Head Office or any branch
Call: 374 10 511211
Viber: 374 95 511211
Skype: conversebank-callcenter