YEREVAN, April 2. /ARKA/. VTB Bank (Armenia) and Housing for Young People government-funded program have announced the launch of student loans, the press office of the bank reported today.
Under this program, university students at age above 16 years are eligible to take these long-term loans from the bank at a low interest rate.
VTB Bank (Armenia) CEO Yuri Gusev says the bank provides additional opportunities to young people for obtaining higher education.
“We have necessary resources, experience and wish to help, and we responded to the Armenian government’s call and took part in its program aimed at financing students’ education,” he said.
Tigran Mirzoyan, executive director of the Housing for Young People government-funded organization, on his side, said this program will make student loans more available and will remove obstacles on the way to education.
All the 66 branches of VTB Bank (Armenia) start accepting applications for loans in April.
Student of more than 60 universities in Armenia may borrow money. They ought to pay only interests for the loan while studying, and repayment will be made only after receiving their higher education diplomas.
Expellant-performing students will enjoy a preferential interest rate on the loan.
These loans are extended at a 12-percent annual interest rate, of which only 10% is paid by students (9% for exemplary students), and the remaining 2% (3%) will be paid by the government.
The bank can lend no more than 1,800,000 drams to each borrower for the whole term of studying (no more than 450,000 drams per one year) for 10 years.
Borrowers will not pay for consideration of application, formalization of loans and servicing of loan account.
VTB Bank Armenia (Armenian Savings Bank before June 2006) joined VTB Group in April 2004. VTB, the second largest bank of Russia, holds 100% of shares of VTB Bank (Armenia). VTB Bank (Armenia) has 69 branches all over Armenia’s territory – the largest branch network in the country. VTB Bank (Armenia) is traditionally reckoned among leaders for general indicators. -0—
