What Loans Can Foreigners Get in Armenia?

Are you already living in Armenia or planning to move, work, or invest here? At some point, you may need credit to finance your needs. But is it possible to get a loan in Armenia if you are not a citizen?

Banks have specific requirements for foreigners, such as a minimum residency period, mandatory registration, and proof of stable income. Which banks are willing to work with non-residents, and what types of loans can they actually obtain? Let’s explore all the details.

Who Is Considered a Foreigner in Armenia? Understanding Residency Status

Before diving into lending conditions, it’s important to clarify who is classified as a foreigner in Armenia. The country recognizes several categories:

1. Citizen – A person holding Armenian citizenship.
2. Resident – Someone who has lived in Armenia for at least 183 days per year, even without citizenship.
3. Non-resident – A person staying in Armenia for less than 183 days per year and does not hold Armenian citizenship.

Why Does Residency Matter for Loans?

Banks are more willing to lend to residents, as they tend to stay longer in the country and have more stable financial positions. Non-residents face additional conditions, such as requiring a guarantor, registration, or proof of income.

Most Armenian banks follow tax residency rules, meaning you are a resident if you spend more than 183 days in the country or have major interests (family, property, business) in Armenia. The following banks operate based on this approach:

1. Ameriabank
2. Inecobank
3. Acba Bank
4. AMIO Bank
5. ID Bank
6. Araratbank
7. Byblos Bank Armenia
8. Converse Bank
9. Armeconombank
10. Unibank
11. VTB Bank (Armenia)
12. Fast Bank

However, some banks only recognize Armenian passport holders as residents, meaning foreign citizens are automatically considered non-residents regardless of their stay in Armenia. These include:

1. Evocabank
2. Artsakhbank
3. Ardshinbank
4. ArmSwissBank
5. Mellat Bank

Since banks prefer lending to residents, non-residents face stricter conditions when applying for loans.

What Types of Loans Are Available for Foreigners in Armenia?

Most Armenian loan programs are designed for citizens and residents. However, some banks also lend to non-residents. Below is a comparison of consumer loan conditions for foreigners:

Consumer Loans for Non-Residents in Armenia

Which banks offer the best conditions for non-residents?

1. ID Bank and Evocabank offer the most favorable terms, though Evocabank requires a minimum stay of 81 days.
2. Ameriabank grants loans only with a guarantor.
3. VTB Bank Armenia and Converse Bank impose additional restrictions.

Since banks view non-residents as higher risk, lending conditions are typically stricter.

You can learn how to get a loan without a guarantor in Armenia on our platform.

Documents Required for Foreigners to Get a Loan in Armenia

If you are a non-resident applying for a loan in Armenia, you may need the following documents:

1. Passport (some banks require a notarized Armenian translation). Required by Evocabank, ID Bank, Ameriabank, VTB Bank Armenia, and Converse Bank.
2. Social Security Card – Mandatory for Evocabank, ID Bank, Ameriabank, and VTB Bank Armenia.
3. Armenian Registration – Required for Evocabank and Ameriabank.
4. Employment Contract – Required for Evocabank, ID Bank, and Ameriabank.
5. Bank Statement or Income Certificate – Needed for ID Bank, Ameriabank, and Converse Bank.
6. Rental Agreement (if proof of residence is required) – Mandatory for Evocabank.

Can Foreign Students Get an Education Loan?

Many international students studying in Armenia seek student loan options. However, most banks do not offer educational loans to non-residents.

Alternatives for Foreign Students:

1. Seeking scholarships and grants for international students
2. Applying to international education funds
3. Using unsecured consumer loans
4. Obtaining a credit card

Credit Cards for Foreigners in Armenia

A credit card is a flexible financial tool allowing you to use bank funds within a set limit. The following banks offer credit cards to non-residents:

1. Acba Bank
2. Ameriabank
3. Byblos Bank Armenia
4. Converse Bank
5. ID Bank

You can compare all available credit card options in Armenia on our website under the "Credit Cards" section.

Mortgages for Foreign Citizens: Available Offers

Foreigners can apply for a mortgage in Armenia to buy property, build a home, or renovate. However, conditions vary depending on the bank, loan currency, and other factors.

Banks Offering Mortgages to Non-Residents:

1. Evocabank
2. ID Bank
3. Ameriabank
4. ArmSwissBank
5. VTB (Armenia)
6. Ardshinbank
7. AraratBank
8. Byblos Bank Armenia
9. Acba Bank
10. Unibank
11. Artsakhbank
12. Fast Bank
13. Armeconombank

If you don’t meet mortgage requirements, you can use collateral (gold, a car, or other assets) to take out a loan and purchase property.

How to Improve Your Chances of Getting a Loan as a Foreigner?

Getting a loan as a non-resident can be challenging, but you can increase your chances by:

1. Building a credit history in Armenia – Take small secured loans or credit cards, and pay on time to establish a positive credit record.
2. Applying through a bank where you already have an account – Banks are more likely to approve existing clients.
3. Providing proof of foreign income – This can serve as additional evidence of financial stability.
4. Considering secured loans – Banks approve loans more easily if you have liquid assets in Armenia.
5. Finding a local guarantor – A resident co-signer can significantly boost approval chances.
6. Demonstrating stable income – The higher your verified income, the better your chances.

Final Thoughts & Recommendations

1. Non-residents face more challenges when applying for loans, but IDBank, Evocabank, and Ameriabank offer loans if the required documents are provided.
2. Education loans are nearly unavailable for foreign students.
3. It's crucial to check conditions at specific banks in advance and prepare all necessary documents.
4. If you lack Armenian registration or stable income, consider secured loans or credit cards as alternatives.
5. For non-residents looking for loans in Armenia, ID Bank, Evocabank, and Ameriabank provide the most favorable conditions. Preparing your documents in advance can significantly increase your chances of approval.

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