Friday, July 15 2011 17:23

Unibank introduces new product: U-Smile - consumer loan for dental services


ArmInfo. Unibank has introduced a new product: consumer loan U-Smile for dental services. Unibank press-service told ArmInfo the maturity of the loan is up to 2 years, the annual interest is 21%, and the upper ceiling of the loan is 1 mln drams. No prepayment or pledge security is required. A customer can repay the loan ahead of schedule without paying fines. The loan is available to all individuals with good credit history at all the 36 branches of Unibank. Minimum documentation is required for registration.

The number of consumer loans of Unibank as of June 30 2011 versus the same period of 2010 grew over 7fold.

"We have studied the offers of our customers and created products meeting their real demands. The key advantage of our products is accessibility to wide sections of the population and favorable terms. Unibank provides loans for purchase of equipment and furniture, for traveling, repair of housing etc. We will keep promoting consumer lending till the end of the year and ensure the envisaged 100% growth of the given portfolio," says Gurgen Ghukasyan, Head of Unibank Department for Underwriting of Consumer Loans.

Ranking of Armenian Commercial Banks as of Mar 31 2011 says Unibank was among top five banks in terms of consumer lending - 23 bln drams (30.5% of the loan portfolio), including 57% were mortgage- secured loans (mostly mortgage loans - 2nd position in terms of absolute value) and almost 27% car loans (1st position). Unibank's personal loans reached 23.4 bln drams as of Apri;l 1 2011 (top five banks) exceeding 30% of the loan portfolio.
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