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Converse Blitz


"Converse Blitz"

The Loan is provided by "Converse Bank" CJSC (hereinafter Bank) to RA resident legal entities and sole proprietors (hereinafter referred to as Customer) for the purpose of replenishment of working capital, acquisition of fixed assets and repayment of accounts payable, on the following terms:

Loan amount:

AMD 1,000,000 - 30,000,000 or equivalent foreign currency


6 - 60 months

Annual interest rates per currencies



First 1  year - starting from 15%, thereafter -  (CBFR1 + 9.4)%

Actual 2


US dollars


First 1 year - starting from 12%, thereafter -  (CBFR + 11.67)%





First 1 year - starting from 10%, thereafter -  (CBFR + 10.3)%



One-time fee for loan disbursement

1% of the loan amount, minimum 30,000 AMD

Fee for loan application review



Only immovable property

Loan / collateral ratio

For up to the following percentage of valued realisable value of the collateral

·         60% in Yerevan

·         50% in other RA regions

1 CBFR - Converse Bank Floating Rate  It is set twice a year by the Bank on the basis of the primary indicators, and in the event of unavailability of the latter - based on secondary indicators. In case of change, the nominal interest rate of the existing contracts changes no sooner than one month after the borrower is notified. Key indicators: In case of AMD, the yield curve of 180-day government bonds of the Republic of Armenia, published by the Central Bank of Armenia at; In the case of USD or EUR, respectively, the "6-month ICE LIBOR US Dollar" and "6-month ICE LIBOR Euro" benchmarks, published by the Intercontinental Exchange (ICE) at  https: // www. website: 
Secondary indicators: In case of AMD, the refinancing rate set by the CBA; In the case of the US dollar, the Federal Reserve Bank interest rate on the Federal Funds or the upper limit of the range; In the case of the euro, the European Central Bank's marginal lending facility rate.Moreover, in case of inaccessibility of the main indicators and the use of secondary indicators , the nominal interest rates on CBFR financing established based on the secondary indicators shall be set so that the nominal interest rate remains unchanged under the change in the fixed component of the financing interest rate. The specified CBFR rates are published on the Bank's official website at and are available on the Bank's premises.
The calculated nominal interest rate is rounded up to one hundredth.
The Bank may change the floating rate of this loan no more than twice a year.
The actual interest rates were calculated based on the CBFR amount as of the date of the bulletin update - AMD: 7.73%, USD: 0.33%, Euro: -0.3%.

2 The actual annual interest rate, in addition to the fees specified by the Bank, includes other fees required to obtain the loan: collateral valuation, single statement, notary charges and pledge registration fees.

General terms and conditions 


·         The borrower must have a state record of operations for a period of at least 3 months.

·         The borrower or actual beneficiary must not have 24 days or more of late and / or classified loan obligations during the last 1 year (exceptions are set for guarantees provided).

·         No financial analysis of the customer is carried out.

List of payments made by the Borrower:

Costs for collateral valuation

Starting from 18.000 AMD

Registration of collateral title and statement on encumbrances

37.000 AMD

Notary validation

Registration of the right of pledge

20.000 AMD

27.000 AMD

Insurance of pledged property upon necessity )


0.12 – 0.16 (if required)


 Fines and penalties

Following fines and penalties may be applied by the Bank

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.    In case of violation of any of the conditions for loan disbursement, increase the effective interest rate of the loan by 4 percentage points.

3.    Early repayment fines and penalties shall not apply to financing in the amount of up to AMD 5.000.000 / equivalent in foreign currency, inclusively, for 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.

4.    In the other cases, 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.

 Frequency and method of repayment of principal and interest

It can be done in one of the following ways:

1.    Annuity (equal monthly repayment), in which the principal amount and accrued interest are included

2.    "Spring" (decreasing monthly repayment), in which the principal amount repayment is fixed and the accumulated interest is variable.

3.    "Flexible" , in which the principal amount of the loan is repaid based on the specifics of the activity, and the interest payments are made on monthly basis.

 Example of calculating interest rates

In case of loan with the following terms and conditions:

Loan amount:

AMD 5,000,000

Nominal interest rate


Repayment period

5 years

Repayment type


Interest composition

Monthly repayment (principal + interest)


Total interest


Total of repayments


 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 :

Valuation of collateral

 The pledged real estate is subject to appraisal by one of the evaluation companies cooperating with the Bank. The evaluation company is selected by the Customer. The evaluation report is usually valid within 2 (two) months from the date of the report. An additional re-evaluation may be required if necessary (eg price changes).

 List of valuation companies


Valuation Company


Phone number

" Amintas Group " LLC

c . Yerevan ,Artsakh street. 23/6, " Tun Depot " Complex

(010) 432 276, (094) 432 276, (096) 432 276:

" O liver Group " LLC

c . Yerevan , Tumanyan 8, Room 215-216

(010) 542 740, (077) 542 750, (010) 542 760, (055) 542 750, (010) 542 770, (091) 542 750

" VM - RP " LLC

c . Yerevan , Vardanants Alley , 8/3 Building , Room 209

(010) 588 797, (099) 588 797:

"TT Group" LLC

c . Yerevan , Abovyan 2 a , Room . 111:

(010) 545 175, (098) 015 059, (096) 015 059:

"RVM Consult" LLC

c . Yerevan , Nalbandyan 48/1 Building , 2 nd floor

(010) 546 490, (077) 944 449, (098) 944 449, (093) 944 449

"Uptime" LLC

c . Yerevan Ekmalyan St. , 6 Building , 3rd Floor , Room 5 ( " Business Palei " building )

(060) 535 371, (094) 713 710, (098) 535 314:

"Bildap" LLC

c . Yerevan, Zakyan St. , 5 Building , No. 1 office

(010) 547 160, (091) 177 300

 Collateral insurance

The Bank may require collateral insurance based on the purpose of the financing, the transaction or the description of the pledged property.

Insurance is carried out at the estimated market value for the entire financing period (unless otherwise provided by the Bank decision) by the insurance company cooperating with the Bank.

List of insurance companies

Insurance Company


Phone number

"Ingo Armenia" ICJSC

c . Yerevan , Hanrapetutyan St. , 51, 53, Areas 47, 48, 50

(010) 592 121


c . Yerevan , Komitas Ave. , 62 Building

(060) 275 757, (098) 560 797

Rosgosstrakh-Armenia CJSC

c . Yerevan , Northern Avenue 1

(010) 591 010

"Nairi Insurance" LTD

Avet Avetisyan 116/1 and 116/5
Area: RA Yerevan, 

(060) 500 060, (010) 543 594

 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.

- 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
 - Up to 3 years (in case it is stored by the Bank) - AMD 24,000

·         Statement1 for submitting to different institutions

- For accounts opened within a month2 - AMD 5,000
 - For accounts opened earlier  - AMD 3,000

·         Statements/ Letters

ü For transactions
 - transactions carried out up to a month ago, AMD 3,000
 - transactions carried out more than a month ago, AMD 5,000
ü Letter on consent for consecutive pledge/disposal of property pledged at the Bank -AMD 6,000 drams for each item of pledged property

·         Transaction support documents and copies of other documents (for each document)

 - For a period dating back to 1 month - AMD 1,800
 - dating back to  1 year -AMD  3,000
 - dating back to more than year - AMD 12,000

 Tariffs for other services (including VAT)

·         Mail delivery of statements or other documents

ü Within Armenia and Artsakh- AMD 500

ü 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

·         Provision of Bank consent for registration of individuals at the address of pledged real estate (charged for consent, regardless of number of registered persons) - AMD 3,000

·         Provision of Temporary certificate of pledged real estate ownership - AMD 10,000

·         Granting consent for modification of documents on real estate property pledged with the Bank3: 0.5%, minimum AMD 12,000 , maximum AMD 60,000

·         Granting consent for the lease of pledged real estate property- AMD 12,000

·         Grant of consent to change the registration plates of the pledged car - 12,000 AMD

·         Granting consent for the lease of pledged vehicle - AMD 8,000

·         Partial release of pledged property based on the application of the pledgor or the borrower (except for the pledge of  cash as well as  unallocated metal accounts) - AMD 20,000 (per property)

·         Loan terms revision4 - 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 shall be calculated on the basis of the estimated initial value of the collateral.
4 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, pledgor, 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 an open joint stock company, a statement from the depositary on the shareholders

·         Document certifying ownership title for the property offered for pledge, the basis for the acquisition and the identity document of the owner

·         Тax reports for the past one year

·         Statement on tax liabilities

·         Ownership Certificate or Lease Contract for the place of operation, or other evidence of entitlement to the customer's place of business (e.g., statement from the village administration)

·         Initial and basic collateral valuation (revaluation) report (after loan approval) report or a basis for determining the value of the proposed collateral

·         Extract from the resolution on minutes of general meeting or sole participant on financing, pledging of property, guarantee

·         Collateral insurance certificates (for insurance claim - after loan approval)

·         Statement on limitations (after loan approval)

·         Other documents as needed


Due to the change in the foreign exchange rate, the actual annual interest rate and the amount of loan repayments may change.

The calculations are based on the average exchange rates of the currency market announced by the Central Bank of Armenia as of  28.02.2020 for USD - 478.6, for EUR - 528.57.

If you fail to fulfill or incompletely fulfill your obligation,  within three business days this information will be provided to the credit bureau  where your credit history is formed. Having a bad credit history can negatively affect your creditworthiness in the future. You have the right to receive your credit history report for free once a year from the credit bureau.

Your property may be confiscated by law if you fail to make your interest and loan repayments on time.

In case of insufficient funds to repay your credit liabilities, they may be repaid at the expense of your other property and/or that of the guarantor, as prescribed by the RA legislation.

In accordance with the RA Law on Combating Money Laundering and Terrorist Financing, on the basis of the Know Your Customer Principle, the Bank may require the Customer to provide additional documents or other information, as well as ask questions during verbal communication, for the purpose of conducting due diligence of the Customer.  

The Bank may collect additional information in accordance with the terms of an agreement with the US Government under the Foreign Account Tax Compliance Act (FATCA) to determine your eligibility for being a US taxpayer.

The Bank is entitled to modify and supplement the tariffs for additional services provided by notifying the Customers in accordance with the contract, by posting a relevant message on its own website ( ), by posting announcements on the Bank's premises, by sending a notification by post, and by any other methods  proposed by the Bank selected at the Customer's preference, which is considered a due notification of the Customer.

If the requested credit facilities are provided also or exclusively for the purpose of refinancing your other credit liabilities with other entities (banks, credit organizations, etc.), we hereby warn you that you are required to repay outstanding interest, penalties, servicing, and other payments to those entities after refinancing, and the Bank shall not be liable for any failure from your side to perform these obligations.

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 collateral,

·         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's credit history is either positive or missing.

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 up to 10 banking days, the Customer is informed within one day, the loan is disbursed within 10 banking days.

Venue for loan formalities and method of disbursement

·         Loan is provided at Head Office and Branches

·         The loan amount is disbursed to the borrower by way of depositing it to the borrower's bank account.

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 

·         visit the Bank's Customer Service at the Head Office or any branch

·         Call: 374 10 511211

·         Viber: 374 95 511211

·         Skype: conversebank-callcenter


Updated 24.08.2021 11:00: