General Information

"Gladzor Universal Credit Organization" Closed Joint-Stock Company (hereinafter: the Company) was reregistered from "Gladzorbank" CJSC into "Gladzor Universal Credit Organization" CJSC by the decision of the Board of the Central Bank of Armenia (CBA) No. 224A dated July 1, 2003. The Company is the legal successor of "Gladzorbank" CJSC (License No. 5, Registration Certificate No. 5).

Head Office Address: 1b Charents Street, Office 42, 0025, Yerevan, Republic of Armenia.

Working Days: Monday–Friday Working Hours: 09:30–18:00 Information Phone: (010) 55-15-15 Mobile Phone: (091) 57-76-50

In accordance with the Law of the Republic of Armenia "On Credit Organizations," its Charter, and regulations, "Gladzor Universal Credit Organization" CJSC is authorized to carry out all operations characteristic of universal credit organizations. In the course of its activities, the Company cooperates with banks, credit organizations, and other payment and settlement institutions, and concludes agreements to ensure the proper and high-quality service of its clients.

The Company provides loans and financial consulting to individuals, sole proprietors, and legal entities. The Company offers clients short-term and long-term loans in AMD and foreign currency, including:

  • Mortgage loans: for the purpose of acquisition, renovation, and construction of real estate
  • Business loans
  • Consumer loans

The founders of the Company are resident individuals of the Republic of Armenia. The authorized capital of the Company is 1,616,700 thousand AMD. The supreme governing body of the Company is the General Meeting of its participants. The overall activities of the Company are managed by the Board of the Company, and the current operations are managed by the CEO.

The Board of the Company consists of 4 members:

  • Chairman of the Board – Arman Abrahamyan
  • Member of the Board – Anna Darbinyan, CEO of "Gladzor UCO" CJSC
  • Member of the Board – Edita Gabrielyan
  • Member of the Board – Artak Martirosyan

As of December 31, 2025, the Company’s total assets amounted to 3,411,279 thousand AMD, total liabilities were 343,653 thousand AMD, and total equity was 3,067,626 thousand AMD. As of December 31, 2025, the number of employees is 12.

Loan Terms and Conditions

The Company does not apply any specific limitation on the loan amount, which is determined based on the following:

  • Purpose of the loan
  • Client's creditworthiness
  • Collateral offered by the client
  • Assessment of credit risk
  • Requirements of the regulatory framework established by the Central Bank of Armenia

Loan Maturity:

  • Short-term loans: from 1 month to 1 year
  • Long-term loans: from 1 to 15 years

Interest Calculation Method: Interest is paid on the loan balance from the date of disbursement, based on the actual number of calendar days elapsed, assuming a 365-day year. Within the framework of individual programs, a 360-day year may be adopted. Interest payments are made according to the terms specified in the loan agreement. The frequency of interest payments is defined by the loan agreement or the repayment schedule. If the due date for the loan or interest payment falls on a weekend or holiday, the payment is made on the next working day without accruing penalties for the weekend.

Repayment of Loan Obligations: Loans are repaid according to the schedule specified in the loan agreement using the annuity method, where the monthly payment consists of a fixed amount comprising both principal and interest. Initially, the interest portion is higher, while the principal repayment is lower. Over time, the principal portion increases while the interest portion decreases, keeping the total monthly payment constant. Loans are repaid in the currency in which they were issued. In the case of foreign currency loans, exchange rate fluctuations may affect repayments. The borrower bears the risk associated with foreign currency exchange rate changes.

Order of Debt Repayment: Repayments are processed by the accounting department in the following order:

  1. Legal costs (if any)
  2. Collateral realization costs (if any)
  3. Accrued penalties
  4. Accrued interest
  5. Principal amount

Termination of Loan Agreement: The Company may terminate the loan agreement and demand immediate repayment if:

  • The borrower fails to make any payment provided for in the loan agreement.
  • The borrower breaches any representation made and fails to remedy the breach within 30 days.
  • It is discovered that any representation, warranty, document, or information provided by the borrower is materially incomplete or false.
  • In the Company's reasonable judgment, a material adverse change in the borrower’s financial condition has occurred (including judicial claims, asset depletion, deterioration of business, or reorganization).
  • The borrower is liquidated or bankruptcy proceedings are initiated.
  • The borrower hinders monitoring activities.

Overdue Loans and Interest: Loans or portions thereof, as well as accrued interest, are considered overdue if not paid by the scheduled dates. From the date a loan becomes overdue, the nominal interest accrual continues, and a penalty of 0.06% per day is applied to the overdue principal balance. A penalty of 0.07% per day is applied to overdue interest.

Grounds for Negative Conclusion on a Loan Application:

  • Non-compliance of the client's financial position with internal criteria and legal acts.
  • Insufficient profitability or high risk of the presented business plan.
  • Poor justification for the use of funds.
  • Unreliable documentation.
  • Insufficient liquidity of the collateral.
  • Negative credit history from the CBA Credit Registry.
  • Environmental damage caused by the client's activities.
  • Other reasons.

Collateral: Loans are considered secured if they meet at least one of the following:

  • Secured by pledge or a guarantee agreement accepted by the Company.
  • Secured by a business plan, contracts, or other supporting documents justifying loan recoverability.
  • Secured by sufficient information regarding the borrower's financial status or cash flows.

Acceptable Collateral:

  • Real estate (land, buildings, houses, apartments)
  • Fixed assets
  • Current assets (inventory/working capital)
  • Vehicles
  • Government bonds, foreign currency, shares
  • Future assets and pledge of rights

Unacceptable Collateral:

  • Property withdrawn from circulation
  • Separate parts of indivisible property
  • Leasehold rights
  • Property already pledged to other financial institutions, or property owned by urban, rural, or district communities.

Realization of Collateral:

  • Pledged property is sold through public auctions in accordance with the RA Law "On Public Auctions."
  • Alternative sale methods may be defined by a notarized pledge agreement or a notarized agreement between the pledgor and the pledgee.
  • In case of realization/sale, the pledgor is notified in writing by the pledgee in advance.
  • With the Company's consent, the pledgor has the right to sell the property. The proceeds from the sale are primarily directed toward the repayment of the loan obligation.