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Loan "Gyumri Agro"

Loan "Gyumri Agro"


The loan is provided by "Converse Bank" CJSC (hereinafter referred to as the Bank) for the development of agriculture in Shirak marz (region) to individuals, legal entities, individual entrepreneurs (hereinafter referred to as the Borrower), under the following conditions:

Agricultural loans provided within the framework of program funds


Maximum for one borrower - USD 150,000 or equivalent in AMD


If the share of working capital within loan amount:


  • is 20% or more - 6 - 24 months
  • is up to 20% - 25-84 months

A grace period of up to 18 months may be established for the repayment of the principal amount of the loan.

6 - 24 months

25 - 84 months

Annual interest rates1 by currencies and terms



Actual 2





11.65 - 24.00%


11.95 - 18.74%

US dollars


8.92 - 24.00%


8.66 - 15.12%

One-time fee for loan disbursement

0.5% of loan amount

1% of loan amount

Fee for loan application review


1 The annual nominal interest rate will be fixed for the entire loan period
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.

Agricultural loans provided by the bank's resources


Maximum for one borrower - USD 150,000 or equivalent in AMD


If the share of working capital within loan amount:

  • is 20% or more - 6 - 24 months
  • is up to 20% - 25-84 months

A grace period of up to 18 months may be established for the repayment of the principal amount of the loan.

6 - 24 months

25 - 84 months

Annual interest rates by currencies and dates




Actual 4




Starting from 11% for the first 1 year, after which ( CBFR 3 + 5.40)%, but not less than 11%

12.21 - 24.00%

Starting from 11.5% for the first 1 year, after which (CBFR+ 5.9)%, but not less than 11.5%

12.51 - 19.35%

US dollars

Starting from 8.5% for the first 1 year, after which (CBFR+ 8.17)%, but not less than 8.5%

9.46 - 24.00%

Starting from 9% for the first 1 year, after which (CBFR+ 8.67)%, but not less than 9%

9.75 - 16.31%

One-time fee for loan disbursement

0.5% of loan amount

1% of loan amount

Fee for loan application review


 3 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.

Calculated based on the CBFR amount as of the date of the bulletin update - AMD: 7.73%, USD:0.33%,EUR -0.3

  General terms and conditions

  • The loan is envisaged:

- Individual and legal entity operating in the field of agriculture in Shirak region; for individual entrepreneurs, in order to establish a new farming entity in the region or to expand the existing business
- For entities operating in other regions of Armenia, which would like to move their agribusiness to Shirak region, by establishing their branches
- Businessmen from Shirak region working abroad who intend to repatriate and start/relaunch their agricultural business in Shirak region.

  • The borrower is obliged to make investments from its own funds in the form of financial resources, property and performance of works, in the amount of at least 20% of the total project cost.
  • Funding is not provided for the following purposes:

- Debt settlement to third parties,
- Manufacture, processing and trade of cigarettes and tobacco products,
- Activity not related to agriculture or related fields,
- Pesticides purchase and sale,
- Production, processing and sale of distilled / strong / alcoholic drinks.

Other provisions

  • Free financial advice will be provided during the lending phase and implementation of projects.
  • In case of rejected application or lack of funds to make an investment within the framework of the program, the approved loans will be provided under the following conditions:

List of payments made by the borrower (if necessary)

Costs for collateral valuation

In case of real estate - Starting from18,000  AMD

In case of movable property - Starting from10,000 AMD

Single reference

In case of real estate - 10,000 AMD

In case of movable property - 0 

Registration of the right to pledge

In case of real estate - 27,000 AMD

In case of movable property - 2,000 AMD

Notary validation

20,000 AMD

Pledged property insurance

  • Real Estate: 0.12 - 0.16 (on request)
  • Cars (Casco) - 2.5% (used as a taxi - 6%)
  • Special purpose movable property according to insurance company quotation

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 for agricultural purposes as well as defined by the RA Law on State Support to Small and Medium Entrepreneurship, in the amount of up to AMD 5.000.000 / equivalent in foreign currency, inclusively, for financing provided to micro commercial organizations and sole proprietors.
  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), with principal and interest accrued in variable portions.
  2. "Spring" (decreasing monthly repayment), in which the principal amount is included in equal portions, and 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.

Loan provision

Movable and immovable property, pledging of tangible and intangible property not prohibited by the legislation of the Republic of Armenia, and if necessary, a guarantee.

Loan / collateral ratio

Up to 70% of the estimated realisable value of the collateral depending on the type of pledged property.

Requirements to the Guarantor


  • Must have a stable proven income or ownership/co-ownership for immovable and/or movable property,
  • At the time of loan disbursement may have a maximum of 3 current guarantees against liabilities of other persons whose liabilities are not overdue;
  • should not have problem loans at the time of loan disbursement, nor overdue liabilities of 30 days or more during the last 12 months;

Explanatory information on the guarantee

If the borrower fails to fulfill his/her obligations, 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:

  • Will provide 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,
  • notify at least 7 days in advance of the change in the terms of the contract,
  • Will send reminder of existing obligation 1 day in advance
  • In case of delayed repayment of the loan, will notify the guarantor not later than within the following day.

The guarantor has the right to:

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

Example of calculating interest rates

In case of loan with the following terms and conditions:

Loan amount:

 5,000,000 AMD

Nominal interest rate


Repayment period

7 years

Repayment type


 Interest composition

Monthly repayment (principal amount+ 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 the following link:

Valuation of collateral

The pledged real estate and movable property 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).

In case of purchase of vehicles, construction and agricultural equipment and other equipment from the primary market, the amount specified in the purchase contract or invoice may be taken as a basis for the estimated market value.

List of valuation companies

 Pledged property insurance

The Bank may require collateral insurance based on the purpose of the financing, the transaction or the description of the pledged property.
Casco insurance is applied in case of pledge of motor vehicles.
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

c . Yerevan , Vazgen Sargsyan St. , 10 Building , Piazza Grande " Business Center , 110 area

(010) 536 494, (060) 500 060

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 a single a statement

- for individuals - 0 (according to the periodicity prescribed by legislation of the Republic of Armenia),
- for legal entities and sole proprietors - 0 (regardless of periodicity)

  • Provision of additional statement (duplicate) 1

 in the case of individuals (other than the periodicity prescribed by the RA legislation)
- dating back up to 3 years - AMD 1,000
- Dated back to 3 years and more (in case it is available in the bank ) - AMD 3,000
 For legal entities and sole proprietors:
- Dated back up to 1 month - AMD 1,800 
- Dated back from 2 months up to 1 year - AMD 3,000
- Dated back from 1 year up to 3 years - AMD 12,000 
- Dated back to 3 years and more (in case it is available in the bank ) - AMD 24,000

  • Account / account balance and / or turnover statement based on the application submitted through the Bank's website (only for individuals) - AMD 3,000
  • Statement1 for submitting to different institutions

- In case of accounts opened within a month 2 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
 Notice of agreement on consecutive pledge/alienation of property pledged in the Bank - AMD 6,000 for each pledged property

  • 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
- In case of individuals - 0
- In case of legal entities and sole proprietors - AMD 500
 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 (regardless of number of registered persons) - AMD 3,000
  • 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 - AMD12,000
  • 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 documents required for loan disbursement

  • Loan Application Form
  • ACRA inquiry, guarantee consents
  • Identification document of applicant individual, sole 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 a joint stock company, a statement from the depositary on the shareholders
  • Document evidencing the right of ownership of the assets offered as collateral and basis of acquisition
  • Tax reports of the last 1 year (if available)
  • 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 protocol of general meeting or sole participant on acquiring funding, pledging of property, provision of guarantee
  • Collateral insurance certificates (for insurance claim - after loan approval)
  • Statement on limitations (after loan approval)
  • Reference from village administration / district administration
  • 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.

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.

Upon applying for a lending of up to 5 million AMD (or equivalent foreign currency), Converse Bank will issue to individuals a personalized Consumer Loan Fact Sheet presenting the individual terms and conditions of the Loan to be provided to you.


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 and/or guarantee.
  • 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.

Your financial directory

Your financial directory at , is an electronic system combining services offered to individuals that makes it easy to search, compare and find the most effective option for you.

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 17:10