Friday, July 29 2011 15:19

Unibank's zero interest consumer loans in Zigzag chain stores


Yerevan. Unibank has launched a U-Zigzag-0% program allowing the consumers of the Zigzag retail chain to buy goods at zero interest.

The press service of Unibank reports that the maximum size of one such loan is 1mln AMD, the repayment period is one year with no prepayment.

Those wishing to obtain a U-Zigzag-0% loan should submit to one of the bank's 37 branches the following package of documents: a passport, a social card, a certificate of employment, a paper certifying that he is going to buy something from a Zigzag store.

For the other Zigzag loans the terms are as follows: two-year repayment period, 18% interest, zero prepayment.

"U-Zigzag-0% is the best offer for our customers. This program is will make our consumer lending more convenient. We will continue analyzing the proposals received from our clientele so as to tailor new credit products," says Gurgen Ghukassyan, Head of Unibank's Consumer Loan Underwriting Department.

As of July 1 2011 Unibank's consumer lending had grown by 7 times.

According to ArmInfo's Ranking of the Commercial Banks of Armenia, Unibank has the fourth biggest consumer loan book in the country's banking system - 24bln AMD or 32.1% of its total lending portfolio. 31% of the bank's consumer loans are instalment purchase credits.
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