Thursday, March 7 2013 19:41

Anelik Bank joins state program on subsidizing of student loans


ArmInfo. Anelik Bank is one of the first banks to sign an agreement on participation in the state program on subsidizing of educational loans, the press service of the Bank reports.

Committed to its strategy aimed at creation of an affordable field in provision of educational loans, Anelik Bank is one of the first banks to join the state program. The program stipulates provision of AMD educational loans for up to 10 years, with the students' parents or tutors being their guarantors. During the education period (4 years maximum) the borrower makes interest payments only, and the main amount and the rest of the interest are paid in equal parts after the education. The biggest amount of the loan per borrower is 1.8 mln AMD and is provided within 4 education years in four tranches, 450 thsd AMD each, depending on the tuition fee. The loan is provided at the interest rate of 12% p.a., 2% of which is subsidized by the state.

"Under this program, the excellent students are provided with an opportunity to receive an educational loan at 9% p.a., which will be an additional impetus to gain progress in the studies. I think the given program is extremely important and I fully agree with the slogan of the project - Education is the Basis of Prosperity", said Samvel Chzmachyan, Chairman of Anelik Bank's Board.

According to the Ranking of Armenian Banks by the Agency of Rating Marketing Information (ArmInfo), Anelik Bank is among the top ten leading banks by its portfolio of consumer loans - 12.3 bln AMD, or about 33% of the Bank's loan book. As of 1 Jan 2013, the total lending of the Bank exceeded 35 bln AMD and made up almost 55% of the assets.
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