YEREVAN, July 24. / ARKA /. VTB Bank (Armenia) said today students enrolled in government-owned universities and also students from private universities with government accreditation can apply for student loans to pay their tuition fees.
“One of the ways of social support for young people is to provide them with additional opportunities for higher education”, the Russian-owned bank said in a press release.
The list of eligible educational institutions includes more than 60 universities. Students aged 16 and above may receive loans for each year of studying with low interest rates and long maturities, it said adding that the loan is given in the Armenian national currency, the dram.
The loan amount is no more than 450,000 drams for an academic year and no more than 1.8 million drams for the entire period of study. It is s provided with a rate of 12% (2% of which is subsidized by the ministry of finance; if the student shows excellent academic achievement, 3% of the loan is subsidized). Repayment period is 10 years. No commission is charged for loan servicing.
The decision on loan granting takes two days in the event it is granted by parents or guardians.
“One of the main advantages of the loan is that the student has the possibility of choosing a convenient way of repayment – either through annuity payments or interest-only until the completion of the study, followed by the repayment of the principal debt by annuity,” the bank said.
The list of required documents and details of the loan can be found on the website of the bank at www.vtb.am in “Loans” section
VTB Bank (Armenia) is owned entirely by Russian VTB Group. It has the largest branch network in Armenia running 67 offices across the country. ($ 1 – 477.85 drams). -0-
