By a decision of the Government of the Republic of Armenia, the state program aimed at stimulating the economic activity of individuals with non-performing loans, as well as the procedure for its implementation, has been approved. The goal of the program is to support individuals who have had loans classified as non-performing for at least 3 years by directing income tax calculated from salaries and equivalent payments towards loan repayment.

The program is aimed at alleviating the financial burden of employed citizens and stimulating their economic activity.

You can become a beneficiary of the program in case:

• you are an individual who is in an employment relationship with an employer in accordance with the procedure established by law, or who receives income for performing work (providing services) under civil law contracts (excluding entrepreneurial income).
• you have a credit obligation classified as non-performing, which as of the application date has an uninterrupted period of at least 3 years (the credit asset has been classified as non-performing for at least 3 years),
• the total principal amount(s) of your non-performing loan(s) as of the date of application does not exceed 1 million AMD (equivalent foreign currency calculated at the exchange rate set by the Central Bank as of the date of application).

Within the framework of the program, the following support is provided:

• 100% of the income tax amount calculated from the beneficiary's salary and equivalent payments is directed to the repayment of the unsecured credit obligation(s) for a maximum period of 24 months,
• 80% of the penalties, fines and other overdue payments related to loan servicing accrued on credit obligations are forgiven by the Bank,
• further calculation of penalties, fines and other overdue payments related to loan servicing is suspended,
• the annual nominal interest rate of the loan is set at 0%.

There is no need to visit a Bank to become a beneficiary of the program. To apply, you need to:

1. log in to www.e-social.am,
2. click on the “Difficult Life Situation” window, then select the “Unreliable Loans Event” field,
3. to identify your data, the system will prompt you to select either “Mobile Identification Card” (mID) or “Identification Card” and submit the required information,
4. persons who do not have a mobile identification card (mID) and an identification card can visit the Unified Social Service Regional Centers.

The application is confirmed through the “I Am” identification platform or by the applicant’s signature. After that, the system automatically performs the relevant checks, and then a notification regarding the approval or rejection of the application is automatically sent to the applicant’s email address. In the event the application is approved, within a maximum period of 24 months, the income tax calculated from the beneficiary’s salary and equivalent payments is directed toward the repayment of the non-performing loan(s). Applications are accepted until January 31, 2028. You can find more detailed information about the program here: