How to get a Loan in Armenia

There are multiple types of loans one can get, but only if you are a resident or national of Armenia. These include:

  • Personal: ranging from 11-25%, depending on the bank and promotions currently at hand. The amount you can take out ranges from bank to bank, generally up to 2,000,000 AMD. With collateral, this might increase to 20,000,000 AMD.
  • Real Estate: This can be used to acquire, renovate or construct residential and non-residential real estate and ranges in maturity and interest rates, as well as loan to collateral ratios.
  • Car: Generally, the car financed is used at the collateral here, while most banks have working relationships with car dealers to help make the payments an easier process. These are given only in AMD and range in interest rates, floating around the 15-20% range.
  • Student: These loans do not exceed the tuition fee and transferred directly to the educational institution and has around 12% in interest, reduced should the student bring excellent results. Some student loans range up to 20% however. Loans are also available for parents of younger children studying at private schools.
  • Consumer: Loans are given at over 20% rates for the buying of home supplies.
  • Agricultural: Agricultural loans have a lower interest rate of 10% or under, depending on the currency obtained with. Some. However, can also range up to 24%.
  • Healthy Life: Some banks have partnerships with gyms that allow for credit cards used specifically for a healthier lifestyle. It can range up to 1,000,000 AMD and has a rather high interest rate of over 20%.

One can also obtain a credit line or gold-secured loans. Remember that the numbers listed are always changing and you should check with your bank to see if their terms suit your needs. Shop around for each loan separately.

This section is cited from RepatArmenia Foundation.

Are there any loan privileges granted to Syrian Armenians?

Since March 2013 the Small and Medium Entrepreneurship Development National Center (SME DNC) with the sponsorship of the UN High Commissioner for Refugees (UNHCR) in Armenia has initiated “Start-up business support programme for Syrian Armenians” free of charge, the aim of which is to help Syrian Armenians to realise their business ideas.

The duration of the training is one month, which involves components of training, business consulting and provision of information. By participating in the programmes entrepreneurs will acquire knowledge on business planning, marketing, management, production and finance planning, will learn about the legislative aspects, as well as under the guidance of experienced professionals will develop their own business plans.

In which cases will loans be lent and under what conditions?

The realistic business plans that were part of the programme and received the highest estimation shall be leant loans under the following conditions:

  • maximum 5 million AMD,
  • annual interest rate – 4%,
  • up to 5 years of repayment period,
  • (100%) guarantee without collateral provided by the SME DNC of Armenia.

For additional information contact SME DNC of Armenia, address: Building 5a, Mher Mkrtchyan street, c. Yerevan, tel.: (010) 58-32-61, also Building 49/3, 7th floor, Komitas ave., c. Yerevan, tel.: (010) 23-71-02 (106).