25. Is there a ban on candidates taking loans in relation to election campaigns?

Article 26, Section 2-3, RA Electoral Code, 2021.
Հոդված 26, Մաս 2-ից 3, ՀՀ Ընտրական Օրենսգիրք, 2021.

There is no ban on candidates taking bank loans, but these amounts would be included under their personal contribution limits to their or their party's campaign fund.

Donations to a specific candidate are only applicable in Armenia for municipal elections in cities with less than 4000 electors (which use the majoritarian system). Campaigns in larger cities and at the national level are conducted with closed party lists, and campaign finances are handled by the political party.