ArmInfo. VTB Bank (Armenia) has improved and expanded the terms of educational loans. As the press service of the Bank told ArmInfo, from now on, a loan for paying for education expenses can be obtained not only for education in higher education institutions, but also for paying for the child's education in paid schools. In addition, for the first time in the market, VTB Bank (Armenia) provides an opportunity to obtain a loan also for the purpose of paying for various training courses and classes.
According to the source, the interest rate is from 15% (effective interest rate starting from 17.5% per annum), the maximum maturity of the loan is up to 5 years, the maximum loan amount is 100% of the amount for training, but not more than 5 million drams. There is no charge for servicing the credit account. The loan repayment method will be chosen at the client's preference - uniform monthly repayments or payment of interest only during studies, and after completion of training - monthly uniform repayments (interest and principal).
The new loan product for educational purposes has no restrictions on the list of specific educational institutions and is issued for students of local educational institutions, international educational institutions, branches of international educational institutions, various training courses.
The consideration of the application and the decision to grant the loan is accepted within a maximum of 2 working days. The credit can be received from parents, relatives of students / students, and students who meet the requirements of the Bank.
"The main advantage of the new loan product is that it does not require guarantees for its receipt," the report reads.
For more detailed information on loan conditions, you can visit the branches of VTB Bank (Armenia), the Bank's official website www.vtb.am or call the Bank's Information Service at 87-87.
According to the Financial Rating of Armenian Banks prepared by NA ArmInfo, as of January 1, 2018, VTB Bank (Armenia) is one of the top three with a volume of 90.4 billion drams ($ 186.8 million), with annual growth of 15.9%. In the total loan portfolio of the bank, the retail share reaches 53%. In the total volume of retail lending, the share of VTB Bank (Armenia) is 11% on the market. On consumer loans, the Bank holds the 2nd position - 77.2 billion drams ($ 159.6 million) or 46.6% in the loan portfolio. In the annual credit profile, VTB Bank (Armenia) increased the volume of consumer loans by 23.3%. In the total volume of consumer lending, the share of VTB Bank (Armenia) in the market exceeds 13%.
"VTB Bank (Armenia)" became a participant in the international financial group VTB in April 2004. At present, VTB Bank, the second largest bank 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 branches with presence both in the capital and in all regions of the country.