VTB Bank (Armenia) offers car loans on mortgage in primary and secondary markets

VTB Bank (Armenia) continues expanding its products and makes a unique offer "Car loans on mortgage," the bank's press-service told ArmInfo.  The loans are provided without preliminary customer solvency analysis. No prepayment is required for loans in the amount of up to 5.5 million drams, while the prepayment for the loans above 5.5 mln drams is 10%.

The loans are provided in terms of the national dram at the annual interest of 17% and with a maturity of 5- 7 years depending on the market a car is bought from (primary or secondary) and on the manufacturer country.  The maximum amount of the loan is 10 million drams.

"VTB Bank (Armenia) continues improving the terms of car loans by facilitating the terms and requirements to borrowers, first of all. The bank offers its customers a good opportunity to take a loan subject to certificate of employment, without analysis of his solvency. Car loans on mortgage are in demand in the retail market of Armenia. Requiring no prepayment we show our customer friendly activity.  The bank is currently cooperating with all the car salons in the country to offer its customers a big choice of cars," says Yuri Gusev, Director General- Chairman of Directorate of VTB Bank (Armenia). 

According to the Financial Rating of Banks prepared by ArmInfo Agency, VTB Bank (Armenia) was on the 3rd position in terms of the portfolio of car loans. The bank increased the portfolio 94% in 2012 and 5% in Q1 2013. The share of the bank in total portfolio of car loans in the banking system of Armenia is over 13%. The share of car loans in total portfolio of consumer loans of the bank is some 4%.

VTB Bank (Armenia) joined VTB Group in April 2004. Russian VTB Bank OJSC holds 100% stake in VTB Bank (Armenia). The bank has been among leaders in the banking system of Armenia in terms of a range of key figures. It serves 67 branches throughout the country (the biggest branch network in the country).