Wednesday, December 28 2016 16:53
Karine Melikyan

VTB Bank (Armenia) resumes disposing car loans at improved terms

VTB Bank (Armenia) resumes disposing car loans at improved terms

ArmInfo. AMD based loans for vehicles purchase are offered by VTB Bank (Armenia) to private persons. According to the press office of the Bank, the terms of loans are essentially improved: the interest rate is 16%, upfront payment - starting with 20% and the payout period is up to 7 years.  The maximum value of loan is AMD 28 mln. Bank will also issue insurance for the whole period of loan in respect both to the vehicle and the borrower.

According to the source, this kind of loan is available for private persons - RA residents starting with the age of 23, and under 65 due to the moment of borrowing.  A minimum files package is required to review the application. The timeline for taking the preliminary decision when purchasing the vehicle from the primary market is 5 hours, the same in respect to second hand market - up to 2 business days.

According to the Banks Financial Rating, developed by ArmInfo, VTB Bank is one of three leading banks in respect to retail loans, having a volume of AMD 78,4 bln. The share of retail loans forms 43% of the bank's loan portfolio. VTB (Armenia) Bank share in total loan volume reaches the 11% point.

To note, because of the 2009 financial crash car purchase lending decreased essentially due to high risks. In recent two years this segment' s attractiveness recovered, but the lending volumes are still far behind from those before the crisis of 2009. 

To mention, VTB Ban (Armenia) joined the International Financial Group of VTB in April 2004. Currently the second biggest bank in Russia - VTB- is the sole shareholder of VTB (Armenia). The Bank is traditionally included in the leader's list due to its general indicators.

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