The decision on lending is made through an automated software system based on the Bank's Score. 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.
Simultaneously, a number of limiting factors are being applied.

Limitations

• The age of the applicant should be between 21-70 when applying for the loan.
• The applicant cannot have any credit liabilities (including guarantees) having been classified stricter than Standard in 1 year prior to the date of application.
• The applicant should have no overdue liabilities at the date of processing of the loan application.
• There should be no information on bankruptcy in the applicant's name at the date of processing loan application.
• During the year prior to the application, the applicant should not have had any attachment, detentions imposed on the basis of decision made by CESA or other competent authority for the debts the total of which exceeds AMD 50,000.
• There should be no information on blocking of the credit history.
• The Bank can decline the application, where 10 and more ACRA inquiries have been made on the applicant’s account in 1 week prior to the date of processing loan application.
• The number of loans received by the applicant during the last 30 days should not exceed 3.

Early repayment

The Customer can without reasoning and unilaterally terminate the loan agreement within 7 business days from the effective date of the agreement, unless a longer period is specified in the loan agreement (period of deliberation). In such case the Customer has to pay interests for the use of the loan amount, which are calculated at the actual annual interest rate set under the loan agreement. No other refund of any costs relating to the termination of the loan agreement can be claimed from the Customer.
The Customer can repay the liabilities earlier than set under the loan agreement irrespective of the provision regulating the particular right in the loan agreement.
Upon early repayment (pay off) of liabilities under the loan agreement, the total cost of lending will be decreased proportionally, including the total interest payable under the loan agreement.

Charges and penalties

Upon default of due dates under the Agreement, the Borrower pays the Bank a penalty at 0.13% for each day of delay. The overdue liabilities are repaid in the following sequence: charge/penalty – interest – principal.
No charges and penalties are applied to the early repayment of loan.

Calculation of interest amounts
Example

For loans on below terms:

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 here:

Communication with the Bank

You can communicate with Converse Bank CJSC either by mail or by email, whichever you prefer. Electronic correspondence is the most convenient, it is 24/7 accessible, is free of any risk of loss of paper-based information and ensures confidentiality.
Furthermore, the Bank will provide you with information about the changes of the general service terms and other fees, the means of communication, the legal acts having direct impact on the rights, obligations and responsibility arising from the agreement and other circumstances, including the transfer of data to the credit bureau throughout the effective period of the agreement in any other manner preferred by you (e.g. mail, at the Bank in person, etc.).

Issuance of statements, references and other information (VAT included)

• Issuance of statement in periods set under the RA laws and/or the agreement, in the manner preferred by the customer: AMD 0
• At the customer’s choice, issuance of additional electronic statement in periods set under the RA laws and/or the agreement in the manner and for the period preferred by the customer (once for each period): 0
• In addition to the aforementioned periods1:
  - For less than 3 years: AMD 1,000
  - For longer than 3 years: AMD 3,000 (if held with the Bank)
• Statements to be disclosed to various organizations1
  - For accounts opened in 1 month2: AMD 5,000
  - For accounts opened earlier: AMD 3,000
• References to account/account balance and/or turnover based on online application in the Bank’s website: AMD 3,000
• Statements/references to transactions
  - For up to 1 month old: AMD 3,000
  - For longer than 1 month old: AMD 5,000
• Copies of documents, transaction grounds (per document)
  - For up to 1 month old: AMD 1,800
  - For up to 1 year old: AMD 3,000
  - For longer than 1 year old: AMD 12,000

Other service tariffs (VAT included)

• Post delivery of statements and other documents

 In country and cross country: 0
 International
- In cases under the law and the agreement: Delivery service provider’s tariff
- In other cases: Delivery service provider’s tariff + AMD 1,500

• Through outsourced delivery service provider

- In country and cross country: AMD 3,000
- International: Delivery service provider’s tariff + AMD 5,000

• Revision of loan terms3:0.5%, min AMD 6,000

1 For the simultaneous issuance of a reference and a statement to the same customer, the charge is applied only to the reference if such charge is set.
2 In the presence of several accounts, the date of opening of the earliest account is considered, irrespective of being included in the reference.
3 The tariff is calculated based on the disbursed amount. The tariffs are charged at the point of filing of the Customer’s request for revision of loan terms.

Required documents

The Bank is inclined to approve the loan, if the applicant:

• Meets the conditions and restrictions of the particular loan,
• Is not burdened with credit obligations,
• Has no overdue and/or classified debt at the date of application,
• There is no information on bankruptcy at the date of application,
• Has a positive credit history,
• Gets sufficient credit rating (score),
• At the time of application, does not have attachments imposed on him on the basis of decision made by CESA or other competent authority.
  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.

Notification of loan decision and dates of loan issuance

The loan decision is taken at most in 10 minutes.
The Applicant is notified directly after the decision is made.
The loan is issued after the conclusion of the agreement and the process takes up to 30 minutes.

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: https://www.fininfo.am/sparoxakan-vark, https://www.fininfo.am/online-varker.

Settlement of Disputes

Any dispute between the Customer and the Bank, unless settled through negotiations, is resolved in compliance with the RA laws both judicially and through the 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