Consumer Loan Comparison: What AMD 1 Million Costs at Three Banks

Varkonline

Consumer loan comparison in Armenia with three offers, a calculator and repayment charts against Yerevan and Mount Ararat

Summary. Official terms published by three Armenian banks on 29 October 2026 show advertised minimum nominal rates for unsecured online consumer loans starting around 12.9%-15%, while the full APR ranges exceed 23%. For an illustrative AMD 1 million loan over 36 months, the nominal-rate difference alone can change the monthly payment by roughly AMD 4,100, but the final choice should be based on the personal APR, fees and contract terms.

What we compared

The comparison covers Ardshinbank's online consumer loan, Acba's unsecured consumer loan, and Inecobank's 1 CLICK loan. They are not identical products. Final pricing depends on creditworthiness, salary arrangements, maturity and other conditions. Data were checked on 29 October 2026.

Published terms

  • Ardshinbank: AMD 150,000-15,000,000; 36-120 months; nominal rate 12.9%-21.1%; APR 13.7%-23.26%. The page says salary customers may receive a one-percentage-point reduction and no early-repayment penalty applies.
  • Acba: the promotional terms shown on the official page quote 15.9% nominal, or 13.9% for salary customers, with APR of 14.83%-17.18%. The offer is stated to run through 31 October 2026. Amounts range from AMD 50,000 to 10,000,000, maturities from 9 to 60 months, and there is no one-off disbursement fee. The same page also displays separate regular digital and branch ranges, so applicants should request their personal key-terms sheet.
  • Inecobank: AMD 100,000-18,000,000; 24, 36, 48 or 60 months; nominal 15%-21%; APR 15.8%-23%. The withdrawal fee is 0%, no early-repayment penalty is applied, and the page warns that the nominal rate may be changed by the bank.

AMD 1 million for 36 months: the monthly burden

To create a common yardstick, we calculated theoretical annuity payments for AMD 1,000,000 over 36 months using only the published nominal rates. The illustration excludes any personal extra costs and does not replace a bank's repayment schedule.

  • At 12.9%: about AMD 33,646 per month; total interest about AMD 211,249.
  • At 13.9%: about AMD 34,129 per month; total interest about AMD 228,647.
  • At 15%: about AMD 34,665 per month; total interest about AMD 247,952.
  • At 21%-21.1%: about AMD 37,675-37,726 per month; total interest about AMD 356,302-358,152.

The gap between the low and high published scenarios is roughly AMD 4,100 per month and about AMD 147,000 over three years. This is interest mathematics only; APR is designed to better reflect the total cost including mandatory charges.

Why APR matters

Armenia's Law on Consumer Credit defines APR as the consumer's total cost of credit expressed as an annual percentage. It is calculated at contract signing on the assumption that obligations are performed on time. A promotional “from” nominal rate is therefore not enough: compare your personal APR, total repayment and payment schedule. The Central Bank of Armenia's consumer-protection page also links to the APR calculation regulations.

Risks and selection traps

  • A “from” rate is not guaranteed. It may require salary service or a stronger credit profile.
  • A longer term lowers the monthly payment but raises total interest. A 60- or 120-month schedule can look easier while costing more overall.
  • Variable pricing matters. Ask how often the rate may be revised and what cap applies.
  • Late payments are expensive. Penalties and damage to credit history can outweigh the initial pricing difference.
  • Promotions expire. Acba's stated special terms run through 31 October, but approval and the lowest rate are not automatic.

What this means for readers

If you need AMD 1 million, obtain at least two personal offers on the same day for the same amount and maturity. Compare (1) APR, (2) monthly payment, (3) total repayment, (4) disbursement or withdrawal charges, and (5) early-repayment and rate-change terms. If the payment is not affordable during a temporary income drop, a lower advertised rate does not solve the risk.

Conclusion

On published minimum figures, Ardshinbank's salary scenario is the lowest, Acba's short promotion follows, while Inecobank offers a broad amount range and a fully online process. This is not a ranking of the “best bank.” The winner can only be determined from your personal APR and total repayment. Request the individual key-terms sheet before signing and give the numbers a night to settle.

Publication date: 29 October 2026. Data checked: 29 October 2026. Educational information only, not personal financial advice. Terms may change and approval depends on the bank's assessment.