Wednesday, September 6 2017 15:18
Karine Melikyan

VTB Bank (Armenia), to facilitate the financial burden of students, provided maximum accessibility for academic loans

VTB Bank (Armenia), to facilitate the financial burden of students,  provided maximum accessibility for academic loans

ArmInfo. VTB Bank (Armenia)  offers students studying on a fee basis, to ease the financial burden  and get a student loan with a low interest rate. As ArmInfo was told  at the press service of the Bank, students are given an exceptional  opportunity to pay only interest for the loan during their studies,  and to take care of repaying the principal debt of the loan after  receiving diplomas on higher education. In addition, a lower interest  rate is applied to excellent students. 

In particular, the main terms of the loan are as follows: Currency -  AMD; The annual interest rate is 10%, for the excellent students -  9%; The maximum term of the loan is the period of study + 6 years (no  more than 10); The maximum amount for one academic year is 450  thousand drams; The maximum amount for the entire period of study is  1.8 million drams; No commission is charged. The Bank accepts the  decision on granting a loan for a maximum of 2 working days. Student  loans can be granted to persons from 16 years of age who are citizens  and residents of the Republic of Armenia. The loan is issued only if  there is a guarantee from the parent or guardian / trustee of the  student. To obtain a loan, you do not need to have income from the  borrower (student), only the availability of income from the parent  or guardian / trustee of the student is sufficient. And in the case  of insufficient income of the parent or guardian / trustee of the  student or even their absence, it is possible to involve a  co-borrower. 

According to the source, student loans are provided to pay for  bachelor's and master's studies in about 60 state-owned and  state-accredited educational institutions in Armenia. To get  acquainted with the list of educational institutions, which can be  paid through a student loan of VTB Bank (Armenia), and more detailed  information, you can visit the Bank's official website or  call the Bank's Information Service at 87-87.

According to the Financial Rating of Armenian Banks as of July 1,  2017, prepared by IC ArmInfo, in terms of retail lending, VTB Bank  (Armenia) is one of the top three with a volume of 80.1 billion  drams. In the total loan portfolio of the bank, the retail share  exceeds 46%. In the total volume of retail lending, the share of VTB  Bank (Armenia) reaches 10.3% on the market. On the portfolio of  consumer loans, VTB Bank (Armenia) also holds a position in TOP-3 -  65.5 billion drams or over 12% of the total volume in the market.It  should be noted that "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 branch network of VTB Bank (Armenia) covers 67 units with  presence both in the capital and in all regions of the country.

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