Loan purpose
Loan type
Credit line        
Loan currency 
USD, EUR / Exchange rate fluctuations may affect the repayment of loan in foreign currency, the risk of which shall be borne my you /
Loan amount
Minimum amount – USD 2.000 or EUR 2.000 Maximum amount – USD 30.000 or EUR 20.000
 Annual interest rate
Year of production of the acquired/pledged car Currency Interest rate Term (months)
2004-2012 years cars included USD 14%      24-36
EUR 13%
2013 year and higher USD 14%     24-48
EUR 13%
Grant way
Redemption frequency
Monthly- equally (annuitant), or
Non-equally (differential).  
Acquired or pledged car (Audi, Bentley, BMW, Ford, Honda, Škoda, Suzuki, Toyota, Volkswagen, Volvo, Infiniti, Kia, Land Rover (Range Rover), Lexus, Mitsubishi, Nissan, Opel, Porsche, Mazda, Mercedes-Benz)
Loan to pledge value ratio
Up to AMD 3.000.000 - 80%
AMD 3.000.001- 4.000.000- 70%
AMD 4.000.001 and more- 60%  
Commission fee
AMD 5000 for the study of the loan application which is non-refundable
Flat fee - 1% credit line amount or 0,5% of loan amount in case of full insurance of the car.
The fee set by the Bank’s Tariffs and Rates for credit line provision/loan account opening, service and /or increase is not charged.  
Pledged vehicle appraisal
Assessment is realized by any assessment organization having a license in compliance with RA legislation at the tariff determined by the latter- AMD 15.000 per car.
Expenses related to the collateral arrangement
  The borrower shall bear all the expenses related to the collateral arrangement (notarization, registration of the real estate in subdivisions of Cadastral territory)
Notary fee - AMD 12.000,
RA police flat fee (barrage and movable real estate pledge)- AMD 5000
In case of loans with a contract amount equal to 3,000,000 AMD, solid pledge agreements are not subject to notarization, and in case of loans provided more than the above amount, solid pledge agreements are subject to notarization.
Loan arrangement is realized
ARMECONOMBANK OJSC Head office and branches. Except for Silachi, Nairi MC, Russia-1 and Ararat branches.  
Decision  period
Up to 10 business days (provided within 2 working days after obtaining the right of pledge)
Against the amounts (loan, interests, other payments) not paid within the term(s) set forth by the agreement, a penalty in the amount of 0.13% (daily) of the outstanding amount is charged for each overdue day.    
Statement provision
Free of charge  
Minimum in the amount of loan. The insurance id realized by any company licensed by the Central Bank of Armenia, at the rate set by the latter in the amount of 2.5 % of the contractual loan amount.  

 ATTENTION. Early loan repayment is allowed for which no fines and penalties are charged.

 ATTENTION. As an additional loan security means, the Bank may also require the guaranty (s) of other person/people.

 ATTENTION. Interest is calculated on the loan balance.

 ATTENTION.The consumer / borrower / is entitled to unilaterally terminate the credit agreement without any argumentation within 7 business days after its conclusion, unless a longer term is envisaged by the credit agreement (time to think). In this case, the consumer is obliged to pay interest to the creditor for the use of the credit amount, which is calculated in accordance with the actual annual interest rate provided by the credit agreement. No other compensation may be claimed from the consumer in connection with the termination of the credit agreement.

 ATTENTION.Foreign currency fluctuation may impact the loan redemption.

ATTENTION.The consumer has the right to repay the obligations under the credit agreement ahead of time, regardless of whether such right is provided by the credit agreement or not.

ATTENTION.Changes in foreign currency exchange rates may affect loan repayments.

To get acquainted with the terms, conditions and tariffs of the provision of statements, their copies, references and other information during the validity period of the agreement, please visit here.

ATTENTION. To get acquainted with the terms, conditions and tariffs of the provision of statements, their copies, references and other information during the validity period of the agreement, please visit the link:

 On the purpose of due diligence of the customer envisaged by RA law on “On combating money laundering and terrorism financing”, the Bank may request additional documents or other information from the consumer based on <<Know your customer>> principle, as well as ask the consumer additional questions during oral communication.

In compliance with the agreement signed with USA, to find out whether you are a US tax payer, the bank may collect additional information about the agreements, contracts, cooperation, membership signed by financial institutions, which may have a direct impact on the consumers (e.g. Foreign Account Tax Compliance Act (FATCA)).

 When applying for a loan, the Bank provides you with an individual leaflet on essential terms of consumer loan, which defines individual terms of the loan to be provided to you.

As an additional means of loan security, the Bank may also require the guarantees of other person/persons.

In case of non-fulfillment or improper fulfillment of your obligations the lender sends your data to the credit bureau where your credit history is being formed up to 3 business days. You are entitled with the right to get your credit history from the credit bureau free of charge once a year( )

Bad credit history may prevent you from receiving other loans in the future

Loan interests are calculated based on the nominal interest rate and the actual interest rate shows how much the loan will cost in case of fulfillment of loan obligations in defined terms and sizes. The actual annual interest rate calculation procedure can be found on the following link:[br]
The payments to be paid by the consumer are not included in the calculation of the actual interest rate irrespective of the fact that payments against the works and services have been made with or without a credit.

The nominal interest rate may be changed by the bank. The information on the changes of the nominal interest rate may be found on 

1.You are eligible to communicate with financial institution by the means of communication you prefer – through postal services or electronically. The receipt of information electronically is the most convenient. It is available round-the-clock (24/7), is free of the risk of loss of paper information and ensures the confidentiality.

2. The possible negative consequences, penalties/fines for the customer in case of non-fulfillment of obligations
• 0, 13%a of the unpaid amount for each overdue day
• 0, 13%a of the unpaid interest amount for each overdue day

3. If you have outstanding liabilities against the creditor, while fulfilling your obligation the loan repayment arrangements are made in the following sequence:
• Court costs (if any)
• Collateral sale costs (if any)
• Accrued penalty
• Accrued interest
• Insurance costs /if any/
• Principal amount of the loan

4. Property (house, car, etc.) pledged by you may be confiscated by law in case you fail to perform your loan obligations on time.

5. In case of non- fulfillment of loan liabilities, the loan liabilities are covered by the collateral, and should the collateral be not enough to repay the borrower’s liabilities it is possible to repay the liabilities on the account of another property of the borrower and/or guarantor(s)/co-borrower/s/.

6. Loan interests are calculated towards the loan balance.
For example if the customer is provided with a loan in the amount of AMD 1.200.000 with an annual interests rate of 24% ,with 12 months period (while calculating monthly accrued interests as a number of days 30 days period has been taken as a basis).
Months Loan balance Repayment from loan Repayment from interest
1 1.200.000 100.000 23.671
2 1.100.000 100.000 21.699
3 1.000.000 100.000 19.726
4 900.000 100.000 17.753
5 800.000 100.000 15.781
6 700.000 100.000 13.808
7 600.000 100.000 11.836
8 500.000 100.000 9.863
9 400.000 100.000 7.890
10 300.000 100.000 5.918
11 200.000 100.000 3.945
12 100.000 100.000 1.973


8. The Bank applies no limits to loan amount; it will be conditioned by and related to:
• Purpose of loan
• Customer's creditworthiness
• Collateral offered by the customer
• Loan risk assessment
• Requirements of prudential standards provided by the Central Bank of Armenia

9. “ARMECONOMBANK” OJSC can provide services to the customer under terms which may differ from those set forth in the Bank's overall policy taking into account any of the following conditions of the below-mentioned list:
• Customer account balance
• Customer account turnover
• Strategic importance of the customer for the Bank
• Number of employees in customer organization
• Total number of cards issued for customer organization
• Income gained from customer
• Volume of transfers
• Size of deposits with the Bank
• Significant borrower
• Social considerations (medical organizations, educational institutions, etc.)
• Being the head of such organization
• Other objective conditions

10. The borrower pays interest to the bank for using the loan amount, the interest of which is calculated on the loan balance for the calendar days of actual use of the loan based on a 365-day year. For loans under specific projects the interest calculation may be based on a 360-day year.
• Loans are repaid within the dates indicated in the loan agreement.
• The periodicity of interest payments is determined in accordance with the loan agreement or repayment schedule.
• If the repayment date for principal or interest rates falls on day off, the payment is made on the following working day without calculation of penalty for the days off.

11. Repayment of Loans
• Loans are repaid within the dates indicated in Loan Agreement
• Loans are repaid in the currency in which they were given • In case of loans in foreign currency, exchange rate fluctuations may affect loan payments
• In case of exchange rate fluctuations, the exchange rate risk related to loans will be borne by the borrower

12. The Bank may terminate the Loan Agreement and request repayment of the loan amount, if
• The borrower has failed to make any payment required under Loan Agreement
• The borrower has breached any confirmation made by the him/her and fails to correct such breach within 30 days following the occurrence thereof
• Any presentation, warranty, document, or information provided by the borrower is materially incomplete
• By reasonable opinion of the Bank, an essential negative change has occurred in financial state of the borrower, including court orders, outflow of assets, deterioration or termination of business, company re-organization.
• The borrower undergoes dissolution, or is subject to ongoing or pending bankruptcy proceedings
• The borrower interferes with monitoring
• In case of other objective reasons

13. The Bank may accept as collateral:
• Real estate: land, houses, buildings, apartments
• Fixed assets
• Circulating assets
• Motor vehicles
• Precious metals
• Treasury bills, foreign currency, stocks
• Property to be purchased and ownership right
• Cash

14. The appraisal value of movable and immovable real estate is based on the market value indicated in appraisal statement.

15. The loan or a part thereof, as well as the accrued interest is deemed overdue if not repaid within periods specified in the Agreement.
• In case of non-repayment of the amounts (the loan, interests other payments) within the term(s) set by the Agreement, Borrower shall pay a penalty in the amount of 0.13% (zero point thirteen percent) of the overdue amount for each day of default. The total amount of the unpaid interests calculated in accordance with this paragraph shall not exceed the current debt balance.
• In case of non-repayment of the loan or a part thereof within the term(s) set by the Agreement, the Borrower is obliged to pay interests to the Bank in the amount of double of the settlement rates set by the Central Bank of Armenia. The  total amount of the unpaid interests calculated in accordance with this paragraph shall not exceed the current debt balance.
• Starting from the 91st day of overdue days, 21,5% annual interest rate is applied to the balance of non-overdue loan (term loan). After the full repayment of outstanding amounts, penalties and interests accrued, the interest rate set by the Loan Agreement is recovered.

16. The Bank shall not accept the following items as collateral:
• Non-circulating assets
• Separate parts of indivisible property
• Leasing right
• Property owned by urban, rural, and local communities
• Property with ownership right

17.To satisfy the claim of CREDITOR-PLEDGEE, the pledged property may be confiscated in extrajudicial manner pursuant to paragraphs 2-4 of these Rules in case of non-fulfillment or improper fulfillment of the obligations by PLEDGER under Collateral Agreement and by BORROWER under Loan Agreement.
  2. The property confiscated in extrajudicial manner may be sold if under the Pledge Agreement PLEDGER has authorized CREDITOR-PLEDGEE to sell the pledged property upon emergence of the grounds for confiscation as stipulated in paragraph 1 of these Rules without seeking court intervention and so fully recover the claim covered by the collateral and has also agreed to transfer without seeking court intervention the ownership of the pledged property against the respective part of main liability to CREDITOR-PLEDGEE or any person designated by the latter in the manner provided by RA legislation.
3.Upon emergence of the grounds for confiscation as stipulated in paragraph 1 of these Rules, CREDITOR-PLEDGEE shall duly notify PLEDGER in writing of confiscation of the pledged property (confiscation notice). In two months following the date of delivery of confiscation notice to PLEDGER, CREDITOR-PLEDGEE shall have the right, pursuant to Article 195 of RA Civil Code, to sell the pledged property directly or through public auction pursuant to RA Law on Public Bidding.
4. PLEDGER undertakes to transfer the pledged property to CREDITOR-PLEDGEE within two months following the date of delivery of confiscation notice to PLEDGER.
 5. The duration of process of sale of pledged property may not become a ground for cessation of growth of BORROWER's liabilities to CREDITOR-PLEDGEE. Moreover, the proceeds from sale of collateral shall be utilized to fully cover CREDITOR-PLEDGEE's claims to BORROWER existing as of the date of sale of collateral and, should the claim not be covered on the account of the collateral, the outstanding amounts may be confiscated from other property of BORROWER.
    6. Confiscation of the property pledged to cover CREDITOR-PLEDGEE's claims by court order may be executed in the manner provided by RA legislation.

18. You can get acquainted with the tariffs on any service by visiting the following link: :

19. You can get acquainted with the terms and conditions of remote banking services by visiting the following link:
Requirements to Borrower
Resident individual over 18 years
Registered and living in the Republic of Armenia
Has a constant income source acceptable by the Bank
Positive decision grounds
Positive loan history (if any),
Reliability of the submitted documents,
Source of stable and sufficient income.
Collateral acceptable by the bank.
Negative decision grounds
Negative assessment on the customer’s financial condition.
Non-credibility of the presented documents.
Costumer’s negative credit history.
Other reasons which according to the Bank assessment will hamper the loan repayment
General Information
Documents to be presented by individuals
Punct Application about loan receipt
Punct  Passport copies
Punct  Marriage certificate and spouse's passport (if any) or declaration about being single
Punct  Statement from the workplace about income, given maximum 20 working days prior
Punct Document containing public services number  
Punct Car property certificate provided by the state authority and state registration certificate  
Punct Statement about limitations on the car, given by the state authority (after lending decision)
Punct If necessary, other documents upon the Bank's claim

Loan Calculator

Updated: 01/07/2024 14:56