Converse-Fast

The loan is provided by "Converse Bank" CJSC (hereinafter referred to as the Bank) to the existing Customers of the bank - legal entities and individual entrepreneurs (hereinafter referred to as the Customer), under the following conditions:

Terms and limitations:
Beneficiaries are those Customers, whose:

• turnover of accounts with the Bank during the last 12 months amounts to 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 has been no classification,
• monthly payments for all financing (including from other banks) at the time of application do not exceed 35% 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

The Bank can apply the following penalties and charges:
1. Upon default of due dates under the Agreement, the Borrower pays the Bank a penalty at 0.13% per day of delay.
Upon repayment of overdue liabilities, the payments are made in the following sequence: penalty – interest – principal.
2. Penalties and fines are not applied in case of early repayment of the loan.
3. Increase of the effective interest rate of the loan by up to 2 percentage points in case of failure to secure 25% of the pledged turnover in the Bank every quarter after the loan is disbursed.

Collateral security

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

Explanatory notes on the guarantee
If the borrower fails to fulfill his/her liabilities, 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:

• Provides 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,
• Notifies at least 7 days in advance of the change in the terms of the agreement,
• Sends reminder of existing obligation 1 day in advance,
• In case of delayed repayment of the loan, notifies the guarantor not later than within the following day.

The guarantor has the right to:

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

Example of interest rate calculation

• In case of loans with the following terms and conditions:

Interest composition

Interest on loan 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 provided that you make timely interest payments and all the related mandatory fees and payments related to disbursement of loan amount.
The procedure for calculating the annual actual interest rate can be found at the following link.

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 hard copy (paper based) information and ensures confidentiality.

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

• Provision of single statement (regardless of periodicity) -AMD 0,
• For a duplicate¹.

- Covering a period of up to one month- AMD 1,800
- From two months up to 1 year - AMD 3,000
- Up to one year - AMD 12,000
- 3 years and more (in case it is stored by the Bank) - AMD 24,000

• Statementfor submitting to different institutions¹

- In case of accounts opened within a month² AMD 5,000
- In case of accounts opened earlier - AMD 3,000

• References / Letters

On transactions made
- 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 – AMD 500
 International
- Tariff set by the shipping service provider, if established by law and agreement.
- 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 the Republic of Armenia and Artsakh- AMD 3,000
- International - fee set by the shipment service provider + AMD 5,000
• Revision of loan terms³ - 0.5%, minimum AMD 6,000

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

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.
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:

- their number 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 repayments (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,
• Unpaid 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․

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 given guarantees by reducing their number and amount, as well as, if available, ensuring the full repayment of overdue obligations,
• avoid even one-day delays in fulfilling obligations on current loans and not to become a guarantor for unreliable persons,
• avoid applying for new loans frequently.

Factors for loan approval and rejection
The Bank is inclined to approve the loan, if the applicant:

• meets the conditions and restrictions of the particular loan,
• secures his loan obligation with a pledge and guarantee, at the request of the Bank,
• as a result of the assessment the applicant is recognized as creditworthy,
• the documents and references submitted by the applicant are credible and include all necessary information,
• the applicant's credit history is either positive or missing.
  The incompliance on the part of the applicant with any of the aforementioned conditions and with the requirements of the Bank’s internal regulations can cause the rejection of the loan.

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

• The decision making takes up to 3 banking days,
• The customer is informed within one day,
• The loan agreement is concluded with the customer within 3-5 banking days after submission of the complete package of documents by the customer,
• The loan is provided to the customer on the day of conclusion of the agreement.

Venue for loan formalities and method of disbursement
Loan is provided at Head Office and Branches.
The loan amount is provided to the borrower by depositing the sum into his/her account.

Settlement of 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 Mediator.

Notice on Financial System Mediator
Please be advised that based on the RA Law on Financial System Mediator, the disputes relating to a property claim for up to AMD 10 million or equivalent foreign exchange amount arising with regard to the services rendered to you by Converse Bank CJSC can be settled through the Financial System Mediator.
Based on the agreement concluded between the Bank and the Financial System Mediator, the Bank abandons the right to dispute the resolutions of the Financial System Mediator only for property claims not surpassing AMD 250,000 (two hundred fifty thousand) or the equivalent foreign exchange (FX), and the amount of the transaction not surpassing AMD 500,000 (five hundred thousand) or equivalent FX.

Location: 15 M. Khorenatsi, 0010 Yerevan
Floor 7, Elite Plaza business Center
Tel. (+ 37460) 70 11 11
Fax (+ 37410) 58 24 21
Email [email protected]

Contact the Bank
For additional information, please

• Visit the Bank’s website https://www.conversebank.am
• Visit the Customer Service Office at the Head Office or any branch of the Bank
• Call +374 10 511211
• WhatsApp: +374 95 511211
• Skype: conversebank-callcenter