VTB Bank (Armenia) launches campaign on providing lombard loans on beneficial terms

ArmInfo. VTB Bank (Armenia) has launched a new campaign on lombard loans, within which physical entities are offered beneficial terms of loan with gold collateral.  The press-service of the bank has told ArmInfo that the campaign is being held both in Yerevan and regions of Armenia. The campaign will last till December 30, 2016.

According to the source, the terms of the loan are as follows: nominal annual interest rate on loan in drams starts from 18.5%, for dollar loans (for farmers)- from 13.5%, the loan sum is up to 10% more than the assessed value of secured gold items, maximum amount of loan is 3 mln drams or $7 thousand.

The bank mentions the main advantages of lombard loans: gold items are being evaluated based on the highest price on the Armenian market +10%, loan is being arranged in few minutes, minimal package of documents is needed-passport and social card, and readiness to obtain insurance against casualties.

Clients can pay for the loan not only in 65 branches of VTB Bank (Armenia) but also via TelCell and Easy Pay payment terminals, which are installed on all the territory of Armenia and operate 24 hours a day.

One can get more details about the campaign conditions in the branches of the bank, on www.vtb.am website or by calling 87-87 Information service of the Bank.

According to the Ranking of Armenian Banks, prepared by ArmInfo, VTB Bank (Armenia) enters TOP-5 by amount of credit exposures-186.4 bln drams as of July 1 2016. At the same time more than 42% of the bank's loan portfolio (78.9 bln drams) is the share of retail lending and the bank is in top 3 by this figure.