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. The Bank cannot demand refund of any other costs relating to the termination of the loan agreement 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 of liabilities under the loan agreement, the total cost of lending, including the service fees will be decreased proportionally.

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.

Security

The product acquired with BNPL loan is recorded as a pledge (upon acquisition of a service, a different collateral can be required, a third party guarantee among others).

Requirements for Guarantor

The guarantor:

• should have proven sustainable income or be the owner/co-owner of real estate,
• can have at most 3 current guarantees issued against a third-party liabilities that are not overdue at the drawdown date of the loan,
• should not have non-performing debt at the drawdown date of the loan, and 30-day and longer overdue debt in the recent 12 months.

Explanatory information about guarantee

Unless the borrower performs the liabilities, the guarantor will pay instead of the latter, the guarantor’s credit history will impair and the guarantor may lose the own property.

Converse Bank will:

• provide the guarantor with the copies of the loan and guarantee agreements and the repayment schedule,
• communicate with the guarantor in the manner preferred thereby,
• notify about the revisions of the agreement terms at least 7 days in advance,
• remind about the liability 1 day in advance,
• inform the guarantor about the delay in repayment after 1 day at latest.

The guarantor is entitled to:

• request information from the Bank about the outstanding loan at any point,
• demand the borrower refund the sums paid by the guarantor for the loan and other loss incurred thereby instead of the borrower.

Restrictions

• The loan applicant’s age should be 21 - 60 year old.
• The Customer should not have loans classified stricter than Standard in 2 years before the date of application.
• The total overdue days of the Customer’s loans should not exceed 20 days in 1 year before the date of application.
• The Customer should not have an overdue debt (including guarantees) at the date of application.
• The Customer can have at most 2 current BNPL loans from Converse Bank.
• The total sum of the Customer’s monthly installments for unsecured loans should not surpass 60% of revenues at the date of application (except in the presence of a real estate-based loan that has been serviced for 1 year at least).
• The loan application can be declined where the Customer has at least twice applied for financing from other banks/financial organizations in 1 week before the date of application.
• The Customer’s loan application will be declined if the details of ACRA CREDIT REPORTING CJSC’s credit report are blocked.

Calculation of interest amounts: Example

For loans on below terms:

The payments will make:

The loan interest amount is calculated based on the nominal interest rate that is applied to the decreasing balance, and the actual annual interest rate shows how much the loan will cost you if you make the interest installments and all binding fees for origination and servicing of the loan in due time and amount.
You can find the order of calculation of the actual annual interest rate 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, through the effective period of the Agreement, the Bank will inform you about the revisions in the general service terms and other fees, the methods of communication, or the legal acts having direct effect on the rights, obligations or responsibilities under the agreement and other consequences, including the transfer of data to the credit bureau, via email or in any other manner preferred by you (postal delivery, in person at the Bank, 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: 0
• Issuance of additional electronic statement in periods set under the RA laws and/or the agreement in the manner and for periods preferred by the customer (once): 0
• Issuance of statement in periods other than the aforementioned¹

- for up to 3 years old: AMD 1,000
- for 3 years old and longer: AMD 3,000 (if preserved at 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

• 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 Artsakh: 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 Artsakh: AMD 3,000
- International: Delivery service provider’s tariff + AMD 3,000

• Loan restructuring³ 0.5%, AMD 6,000 min

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 its inclusion 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 application for loan restructuring.

Required documents

1. Application
2. Original ID document, Public Services Number or a reference to the absence of PSN or ID card
3. Other documents as required

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 facility,
• The Applicant is assessed creditworthy,
• The Applicant has positive or no credit history.
• 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 disbursement

The loan decision is made and communicated and provided to the Customer on the day of application.

Place and method of disbursement

The loan is issued at the points of sales cooperating with the Bank by transferring the amount to the account of the merchant.

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/compare-credit-loan.

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 M or equivalent FX 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 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
Email [email protected]
Tel. (+37460) 70-11-11
Fax (+37410) 58-24-21

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
  Viber՝ +374 95 511211
  Skype՝ conversebank-callcenter