Tuesday, April 2 2013 19:42
VTB Bank (Armenia) to start providing "student loans" under a state project of target financing
ArmInfo. Under a state project of target financing, VTB Bank (Armenia) announces the launch of "student loans" to be refinanced by the Affordable Housing for Young Families UCO. The press service of VTB Bank (Armenia) told ArmInfo that under the given project the students of the age of 16 and above will be able to receive loans at a low interest rate - 12% p.a., of which only 9-10% is paid by the borrower depending on his/her progress in studies, and the redemption period is up to 10 years. The loans can be spent only on payment for the education at Armenian universities. The largest amount of loans is 1.8 mln AMD for the whole period of education (no more than 450 thsd AMD for 1 year).
Starting from April 2013, one can apply to any of the 66 branches of VTB Bank (Armenia) to receive a student loan. From now on the students of more than 60 universities of the country can make use of the given opportunity and get the loan at VTB Bank (Armenia), paying only the interest during the education period and redeeming the loan principal after receiving the diploma of higher education. In addition, the A students can rely on a soft lending rate.
"One of the Bank's ways to support the youth development program is to provide additional opportunities for higher education. Having the necessary resources, experience and desire, we willingly responded to the Armenian Government's appeal and took part in the state project aimed at financing the students' education", says Yuri Gusev, Director General, Chairman of Directorate of VTB Bank (Armenia).
"This project makes the mechanism of student loans more affordable, gives more opportunities to the students to get higher education, makes the provision of universities' educational services more effective, and considerably reduces the obstacles in the way of getting higher education caused by social reasons", says Tigran Mirzoyan, CEO of the Affordable Housing for Young Families UCO.
The Analysis and Financing Ratings of the Banks and Credit Companies of Armenia, prepared by the Agency of Rating Marketing Information (ArmInfo), as of 1 Jan 2013 the assets of VTB Bank (Armenia) totaled 212.8 bln AMD (3rd position in the market, 19.9% versus 1 Jan 2012. Total provision of crediting amounted to 171.1 bln AMD (1st position in the market). The assets of the Affordable Housing for Young Families UCO grew by 7.2% to 12.4 bln AMD, total provision of crediting - almost 2.5-fold to 11.3 bln AMD (91.2% of total assets of the company). In 2012 the profit of the company grew almost thrice.
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