VTB Bank (Armenia) offers its borrowers a two-month delay in loan  payments

ArmInfo. VTB Bank (Armenia), as a  socially oriented bank, offers its individual borrowers a two-month  delay in paying loans - from March 17 to May 17. As explained in the  bank's statement, the deferral concerns both repayment of the  principal loan amount and interest payments on dram and foreign  currency loans.

 "We clearly realize how important this decision is  for our customers. Ensuring the comfort of their service is the most  important task of the bank," the bank said.  All those borrowers  whose regular loan payments fall between March 17 and May 17 will be  able to make payments after May 17, which will not be considered an  overdue period. The bank will not charge fines and penalties. The  main amount of loans, interest payments, service fees for the  specified two months will be redistributed for the remaining months  of the payment schedule, while the loan repayment period will be  extended by 3-5 months, depending on the remaining loan term  according to the following principle, which will make it possible to  reduce the monthly credit load by an average of 3%.  The above  principle implies: In the case of a residual loan repayment period of  up to 2 years (inclusive), the term will be extended by 3 months; In  the case of a residual loan maturity of 2 to 4 years (inclusive), the  term will be extended by 4 months; In the case of a residual loan  maturity of 4 to 5 years (inclusive), the term will be extended by 5  months; If the loan has a remaining maturity of more than 5 years,  the term will be extended by more than 5 months. For all those loans  whose final / full repayment date falls in the period from March 17  to May 17, the full repayment term will be extended by 2 months,  which will not be considered an overdue period.

Failure to make payments on credit lines and credit cards (with a  grace period and without a grace period) from March 17 to May 17 will  not be considered a delay, the bank will not charge fines and  penalties, and the repayment period will be extended by 2 months.

In the message, the bank also appeals to all borrowers who continue  to receive income and are able to repay loans from March 17 to May  17, recommending that they pay loans in accordance with the original  schedule in order to eliminate the need to extend the loan schedule.

It should be noted that VTB Bank (Armenia) CJSC became a member of  VTB International Financial Group in April 2004. Currently, the  second largest VTB Bank PJSC in Russia owns 100% of the shares of VTB  Bank (Armenia). The Bank traditionally ranks among the leaders of the  banking system of the Republic of Armenia in terms of key indicators  and holds the lead in terms of coverage of the branch network.