ArmInfo. VTB Bank (Armenia) is constantly expanding the range of its products, offering more and more affordable loans to the customers. The press office of the Bank has told ArmInfo that the new product is gold-secured lombard loans for 3-6 months at 0% interest rate.
The source says that the loans are provided to individuals - Armenian residents. To get the loan, customers are to submit an ID document and pay a one-time fee worth 8% if the loan is provided for 3 months and 16% in case of a 6-month loan. The gold-secured loan is issued within 20 minutes during the customers' single visit to one of the Bank's branches.
Unlike other types of lombard loans, in case of the specified loan the customers do not pay any interest or fee upon expiry of the redemption period, but they only redeem the main debt and take back the collateral.
The advantages of the given type of loans are the rapid and reliable settlement of the financial problem and the lack of the need for monthly payment of interest or at the end of the redemption period. The loan amount depends only on the appraisal value of the collateral, but the maximum amount is fixed at 3 mln AMD.
One can get further information by contacting the joint call center of VTB Bank (Armenia) (87-87) or visiting any of the 65 branches of the Bank.
According to the Financial Rating of Armenian Banks by the Agency of Rating Marketing Information (ArmInfo), VTB Bank (Armenia) retains leadership in terms of consumer loans - 63.8 bln AMD as of 1 October 2015 (24.3% year-over-year decline, 9.6% decline in Jan-Sept 2015). The share of consumer loans in the total loan book of the Bank is about 33%.
VTB Bank (Armenia) joined VTB Group in April 2004 and is fully owned by VTB Group, the second biggest bank in Russia. VTB Bank (Armenia) is one of the leaders of Armenia's banking sector. It has the largest branch network in Armenia.