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Consumer loan provided through an automated decision-making system SNAP

Consumer loan provided through an automated decision-making system  SNAP

The loan is issued by Converse Bank CJSC (the Bank) to RA resident citizens and/or resident individual customers at the Bank’s branches (including CSOs – Customer Service Offices) for consumer purposes.

Lending terms

Loan amount1 and currency

50.000 – 10.000.000 AMD


36 months

Nominal annual interest rate1

16.00 - 21.50% depending on score rating

Actual annual interest rate2

16.70 – 24.00%

Origination and service fees


Origination/provision method

Non-cash - to the AMD savings or card3 account4 effective at the Bank.

Loan encashment fee

Savings account – 0

Card account - based on service terms and tariffs of the respective account

Frequency and method of installments

The installments are annuity-based  (equal monthly installments), including variable principal and accrued interests.

The repayment date cannot be set earlier than the 15th day following the disbursement and cannot exceed the 45th day following the disbursement, depending on which the loan duration may vary by the ratio of the disbursement and repayment days.

1The interest rate is set based on the Customer’s Score, which is a numerical value.

2 The interest rate does not include the costs set under the Tariffs and Rates for servicing of the respective card or savings account.

3 Excepions are Pension and Gift cards.

4 If available, priority is given to the savings account, in case of absence, the account is opened automatically.

Scoring (credit rating)

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.


  • 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

For loans on below terms:

Loan amount

AMD 1,000,000

Nominal interest rate

18 %


36 months

Method of installments


The installment sums will comprise:

Monthly installment (principal + interest)


Total interest


Total installments


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

In case of applying for a loan at the Bank's branches (as well as at CSOs).

Identity document, Public Service Number or statement on the absence of PSN.


Upon default or improper performance of your obligation, your data will be disclosed to the Credit Bureau within 3 business days, where your credit history is created.  The bad credit history may prevent your lending in future.  You can obtain your credit history report from the Credit Bureau once free of charge.

Your property can be confiscated in the legally defined order unless you make the interest and principal installments in due time.

For the purpose of the Customer’s due diligence in compliance with the RA Law on Combating Money Laundering and Financing of Terrorism, the Bank can demand additional documents or other information from the consumer and as well ask additional questions to the customer on “Know your customer” principle.

Based on the Foreign Account Tax Compliance Act (FATCA) Agreement concluded with the USA, the Bank can collect additional information to clear out your status of a US taxpayer.

The Bank can revise and amend Tariffs and Rates by giving a notice to the customers in the manner set under the agreement: by posting a message on the Bank’s website (, by making the information available in the Bank’s premises, by post-delivery and by other methods offered by the Bank and selected by the Customer, which shall be deemed the proper notification of the Customer.

When applying for a loan, the Bank will provide you with the individual sheet of essential terms of the consumer loan, specifying the general terms of the Loan to be issued to you, the tariffs and the adverse consequences upon the default of your rights, obligations and liabilities.

The actual interest rate stated in the individual sheet depending on the change of the repayment schedule, can differ from that of credit agreement.

The terms of the individual sheet are valid for 10 business days from your notification about the positive loan decision.

Factors for approval and rejection of the Loan

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:,

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
  • 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