VTB Bank (Armenia) offers improved terms for agro loans

YEREVAN, December 16. / ARKA /. As part of its policy to support Armenia's agriculture, VTB Bank (Armenia) has improved the terms of financing agricultural loans. The bank said today in a press release that loans with improved terms are provided for replenishing both fixed and circulating assets, as well as for buying out agricultural loans from other banks and credit organizations.

It said buying out agricultural loans from other banks and credit organizations will allow its clients to significantly reduce the monthly financial burden for servicing the loan/s by reducing the interest rate of loans and extending the loan repayment period. When buying out a loan, the can also receive an additional credit limit from VTB Bank (Armenia).

Agro credit is provided within 2-3 working days. The credit is repaid through annuity payments or a flexible and individual repayment schedule, depending on the seasonality of the business, in particular, a grace period of no more than 6 months is allowed every 12 months to repay the principal debt.

VTB Bank (Armenia) offers agro loans from 300 thousand drams to 45 million drams at 12% interest rate (effective rate is 18.56-23.97%), with a maturity of 18-60 months. Agro credit for up to 6 million dram is provided without collateral. There is no penalty for early repayment of the loan.

Clients can take advantage of several agricultural lending products. In particular, loans for the installment of anti-hail nets, for the creation of intensive vineyards, berry farms, breeding sheep and goats, storage of agricultural raw materials, etc.

Ara Avagyan, Corporate Business Development Director at VTB Bank (Armenia), said: “Agriculture in Armenia is one of the most promising areas of financing for the Bank, since this industry has significant development potential. We intend to work actively in this direction, expanding the product line and offering favorable terms for agricultural lending. "

Agro credits are issued to individuals and legal entities, individual entrepreneurs who are residents of the Armenia and are engaged in agricultural activities.

More detailed information on agricultural lending can be obtained on the official website of the Bank at https://www.vtb.am/ru/business/business-credits-view/agro-kredity, at its branches or by calling the Contact Center at 87-87.

The bank is controlled by the Central Bank of Armenia. -0-