Loan Refinancing Calculator Online
Find out if refinancing your loan is beneficial – calculate your savings and compare offers from Armenian banks.
10 000 ֏15 000 000 ֏
Loan term2 years
1 month10 years
%
Enter the annual interest rate indicated in your loan agreement
Calculation results
Monthly payment51 386 ֏
Loan amount1 000 000 ֏
Total interest233 264 ֏
Total repayment1 233 264 ֏
The calculator results are preliminary. Full payment conditions will be provided by the bank after signing the agreement
Find a loan
Choose the best terms from top Armenian banks
Loan refinancing from Armenian banks
Converse BankStudent Loan
Effective rate
6.16% - 7.28%
Amount
to 4 000 000֏
Term
up to 7 years
Converse BankState
Effective rate
6.16% - 7.28%
Amount
to 4 000 000֏
Term
up to 10 years
ArtsakhbankStudent Loans (State Program)
Effective rate
6.2% - 7.25%
Amount
to 4 000 000֏
Term
up to 10 years
EvocabankStudent Loans
Effective rate
9% - 9.45%
Amount
to 4 000 000֏
Term
up to 10 years
UnibankStudent Loan
Effective rate
9% - 9.4%
Amount
to 4 000 000֏
Term
up to 10 years
ArdshinbankStudent Loan
Effective rate
9.37% - 9.43%
Amount
to 4 000 000֏
Term
up to 5 years
AraratbankStudent loan
Effective rate
9.38%
Amount
to 4 000 000֏
Term
up to 10 years
IDBankStudent
Effective rate
9.38%
Amount
to 4 000 000֏
Term
up to 10 years
Fast BankStudent Loans (State Program)
Effective rate
9.4%
Amount
to 4 000 000֏
Term
up to 10 years
ArtsakhbankGold Secured Loans
Effective rate
12.71% - 21.9%
Amount
to 20 000 000֏
Term
up to 5 years
Fast BankUnsecured Consumer Credit
Effective rate
13.81% - 23.1%
Amount
to 20 000 000֏
Term
up to 5 years
InecobankGold Secured Loans
Effective rate
14.7% - 18.3%
Amount
to 12 000 000֏
Term
up to 5 years
AMIO BankConsumer loan
Effective rate
14.82% - 23.42%
Amount
to 15 000 000֏
Term
up to 5 years
IDBankProfi
Effective rate
15.1% - 21.96%
Amount
to 10 000 000֏
Term
up to 10 years
VTB Bank (Armenia)Loan secured by gold items
Effective rate
15.3% - 24%
Amount
to 5 000 000֏
Term
up to 5 years
Mellat BankPrivilege Loan
Effective rate
15.4% - 18.7%
Amount
to 5 000 000֏
Term
up to 4 years
Byblos Bank ArmeniaOnline Loan
Effective rate
15.41% - 15.63%
Amount
to 10 000 000֏
Term
up to 4 years
Byblos Bank ArmeniaSalary loan
Effective rate
15.41% - 15.91%
Amount
to 10 000 000֏
Term
up to 4 years
Inecobank1 CLICK online loans
Effective rate
15.8% - 23%
Amount
to 18 000 000֏
Term
up to 5 years
AraratbankGold-backed loan
Effective rate
15.9% - 23.18%
Amount
to 10 000 000֏
Term
up to 5 years
Acba BankFast consumer loan
Effective rate
16% - 19.46%
Amount
to 10 000 000֏
Term
up to 5 years
ArmeconombankLoan with gold item collateral
Effective rate
16.08% - 20.15%
Amount
to 50 000 000֏
Term
up to 5 years
Mellat BankExpress Consumer Loan
Effective rate
16.5% - 21%
Amount
to 3 000 000֏
Term
up to 3 years
VTB Bank (Armenia)Student loan from the Bank's resources
Effective rate
16.61% - 24%
Amount
to 5 000 000֏
Term
up to 5 years
EvocabankGold Secured (Pawn) Loans
Effective rate
16.7% - 21.38%
Amount
to 50 000 000֏
Term
up to 5 years
Refinancing is obtaining a new loan to pay off an existing one under more favorable terms. It is not always beneficial. Here are the signals when you should calculate the potential benefit:
Market rates have decreased
If bank rates have dropped since you took out your loan, refinancing allows you to switch to a lower interest rate. It is generally considered profitable if the difference is at least 1.5-2 percentage points.
The monthly payment has become burdensome
Refinancing with an extended term reduces the payment, although the total overpayment will increase. This is a conscious compromise in favor of current financial relief.
You want to consolidate several loans
One payment instead of three is more convenient and often cheaper. Armenian banks allow consolidating multiple loans into a single contract.
More than half of the loan term remains
In an annuity scheme, most of the interest is paid during the first half of the term. Refinancing a loan near the end of its term is usually not profitable.
You have become a more reliable borrower
An increase in official income or an improved credit history is a solid reason to request a lower rate from the bank.
Refinancing allows you to reduce the monthly payment and the loan overpayment, but the actual benefit depends on the terms of the new loan. The calculator will help you quickly compare your current and new loans to see if changing terms makes sense.
1. Enter parameters of your current loan
Specify the remaining balance, the current rate, and the remaining term. This data can be found in your loan agreement or online banking.
2. Enter parameters of the new loan
Specify the refinancing rate and the desired new term.
3. Click "Calculate Benefit"
The calculator will show the difference in the monthly payment and the total savings on overpayment.
4. Open the payment schedule
Compare the monthly payment structure of the current and new loans.
Refinancing is taking out a new loan to fully repay one or more existing ones. The new loan is typically issued on more favorable terms: a lower rate, a different term, or a reduced monthly payment.
What can be refinanced:
- Consumer loans
- Car loans
- Mortgages
- Credit card debt
- Multiple loans at once
Suppose you have an active consumer loan: remaining balance – 2,000,000 AMD, current rate – 18% per annum, remaining term – 36 months, annuity payment.
You are considering refinancing in another bank at a rate of 14% per annum for the same term.
Calculation Result:
| Parameter | Current Loan | After Refinancing | Savings |
|---|---|---|---|
| Monthly Payment | ~72,300 AMD | ~68,300 AMD | −4,000 AMD |
| Overpayment for the remaining term | ~602,000 AMD | ~458,000 AMD | −144,000 AMD |
| Total Payment Amount | ~2,602,000 AMD | ~2,458,000 AMD | −144,000 AMD |
Over 3 years, refinancing will save about 144,000 AMD, even with a rate reduction of only 4 percentage points.
The calculation is for guidance only. Final refinancing terms are determined by the bank individually and may vary depending on the rate, commissions, and loan parameters.
Refinancing is more than just switching banks. Depending on the borrower's goals, it offers various advantages:
Interest Rate Reduction
The primary goal of refinancing is to reduce the total overpayment by switching to a lower interest rate.
Lowering the Monthly Payment
Extending the loan term reduces the monthly payment, freeing up a portion of the monthly budget – even if the total overpayment increases slightly.
Consolidating Multiple Loans
One payment to one bank instead of several makes it easier to track and is often cheaper in total.
Changing the Loan Term
You can either shorten the term to close the debt faster with less overpayment or increase it to reduce the current financial burden.
Switching to a Bank with Better Service
Refinancing is a legal opportunity to move from a bank with inconvenient service to one that is more suitable.
Requirements for the borrower during refinancing are the same as for a regular loan; however, the bank additionally evaluates the current loan – its balance, the presence of late payments, and the repayment history.
Borrower Requirements:
- Armenian citizenship or residency permit
- Age: from 18-21 up to 60-65 at the time of maturity
- Stable confirmed income
- Positive credit history
Refinanced Loan Requirements:
- The loan was issued at least 3–6 months ago
- Absence of current delinquencies
- Remaining debt within the allowable refinancing amount
- At least 3-6 months remaining until the end of the loan term
Refinancing within your own bank – with the current lender is not possible in all Armenian banks; please verify the conditions in each specific offer.
What is loan refinancing?
Refinancing is obtaining a new loan to repay an existing one. The new loan is issued on more favorable terms: a reduced rate, a modified term, or a smaller monthly payment. The new lending bank settles the debt with the previous creditor, and you begin repaying the loan to the new bank.
What types of loans can be refinanced in Armenia?
Consumer loans, car loans, mortgages, and credit card debt can all be refinanced. In some cases, it is possible to consolidate several loans into a single contract.
When is refinancing beneficial?
A general benchmark is a rate difference of at least 1.5-2 percentage points. However, the benefit also depends on the remaining balance and term: refinancing near the end of an annuity loan term is usually not profitable since most of the interest has already been paid. Calculate your exact savings using the calculator above.
How do I apply for refinancing?
Choose a suitable offer from the bank block on this page, click "Details" and proceed to the refinancing program page.
Can I get extra cash during refinancing?
Yes. Some Armenian banks approve a refinancing amount that exceeds the remaining debt. The difference is provided to the borrower in cash or to their account and can be spent on any purpose.
Do I need to register to use the calculator?
No. The AFM refinancing calculator works without registration – simply enter your current loan data and the parameters of the new one.
How fast does the refinancing process take?
The timeline depends on the bank. Generally, a decision is made within 1-3 business days, and funds are transferred to repay the old loan within 3–5 business days after the contract is signed.