ArmInfo. Clients of VTB Bank (Armenia), opening a deposit account or having active deposits, can pledge a consumer loan or a credit line on the security of these funds.
As the press service of the Bank told ArmInfo, a consumer loan with a repayment schedule either annuity or with a monthly interest payment on repayment of the principal at the end of the term, as well as a credit line with a monthly interest payment schedule when the principal is repaid at the end of the term, are presented to the client's choice.
According to the source, the consumer loan/credit line secured by the deposit is issued for the term corresponding to the deposit period, in the deposit currency and serviced without any commissions. The interest rate on the loan is equal to the deposit rate + 4.5%, and the loan amount is 100% of the deposit amount.
"A consumer loan or a credit line on the security of your deposit can be received in a matter of minutes and without the requirement of additional documents. For example, in case of an urgent need for a cash amount, the client may not withdraw funds from his deposit and not lose the accrued interest, but take a loan secured by this deposit, saving interest savings," the Bank said in its official message.
The conditions and tariffs of consumer loans/credit lines secured by deposits can be found in the branches of VTB Bank (Armenia), at www.vtb.am, and in the Unified Information Service of the Bank at 87-87.
According to the Financial Rating of Armenian Banks as of January 1, 2017, prepared by NA ArmInfo, VTB Bank (Armenia) is one of the top three with the volume of 78.01 billion AMD in terms of retail lending. In the total loan portfolio of the bank, the retail share exceeds 47%. In the total volume of retail lending, the share of VTB Bank (Armenia) reaches 11% on the market. In terms of consumer lending, the Bank takes the 2nd position with a volume of 62.7 billion AMD or 38.4% in the loan portfolio. In the total volume of consumer crediting of banks, the share of VTB-Armenia reaches almost 13%.
To note, "VTB Bank (Armenia)" CJSC became a participant of the international financial group VTB in April 2004. At present, VTB Bank, the second largest in Russia, owns 100% of VTB Bank (Armenia). The Bank is traditionally one of the leaders of the banking system of the Republic of Armenia in terms of key indicators. The coverage of the branch network of VTB Bank (Armenia) has 67 branches with presence both in the capital and in all regions of the country.