YEREVAN, May 21. /ARKA/. VTB Bank (Armenia), a leading Armenia-based commercial bank in terms of financing government-designed programs, continues to actively participate in the initiatives of the government, worked out to help enhance the economic development of the country, including through support for agriculture, the bank said in a press release today.
As part of its ongoing lending of microcredits to the agricultural sector under the state interest subsidy program, VTB Bank (Armenia) is launching the Express Agrocrediting campaign, designed to promote the development of agriculture, empower business executives by subsidizing interest rates on their loans.
Loans are provided for replenishment of working and fixed assets and covering current expenses. During the campaign, once a month, the bank will select potential participants of the campaign who previously used any agricultural loan product of VTB Bank (Armenia) and / or have an effective agricultural loan and have not had significant repayment delays.
These clients will be able to obtain agricultural loans without financial analysis of their activities and additional waste of time. Clients who are not included in the list of participants can use microloans after having their activities analyzed.
Agro loans are available to borrowers at an annual interest rate of 12.28% (the effective interest rate is 13%), repayable in 1 to 9 months. The loan amount ranges from 300 thousand to one million drams. The loan is repaid by annuity payments – during the first 6 months only interest payments are made. No penalties are applied for early repayment of the loan.
Agro loans are provided to individuals and legal entities, individual entrepreneurs who are residents of the Republic of Armenia engaged in agricultural activities.
VTB Bank (Armenia) is actively expanding its range of loan products, offering favorable terms for agricultural lending to individuals and legal entities.
Clients can take advantage of several agricultural lending products: loans for the installment of hail protection nets, for the creation of intensive vineyards, berry farms, breeding sheep and goats, storage of agricultural raw materials and development of greenhouses.
More detailed information on agricultural lending of VTB Bank (Armenia) can be obtained on the official website of the bank at https: //www.vtb.am/ru/business/business-credits-view/gyowghatntesakan-varkeri-sowbsidavorman-tsragre, at its branches or by calling the Contact Center by number 87-87.
VTB Bank CJSC (Armenia) is regulated by the Central Bank of the Republic of Armenia ($1 – 520.54 drams). -0-
