VTB Bank (Armenia) offers interest-free Lombard loans
15.12.2015,
15:22
VTB Bank (Armenia) has unveiled today a new product- Lombard loan- with zero interest rate.
YEREVAN, December 15. /ARKA/. VTB Bank (Armenia) has unveiled today a new product- Lombard loan- with zero interest rate.
"VTB Bank (Armenia) is constantly expanding its line of products by offering its customers new types of available loans,' the Russian-owned bank said in a press release.
The Lombard loan, to be secured by gold, is provided to individuals, residents of Armenia. The minimum term is 3 months and the maximum tem is six months.
The customer pays only a one-time commission fee for the issuance of loan in the amount of 8% for 3-month loan, and 16% for a 6-month loan. It will take the customer 20 minutes to formalize all the necessary documents, the bank said.
The difference between this type of Lombard loan and similar loans is that at the end of the term the customer does not pay interest rates or commission. They simply repay the principal debt and take back the gold collateral. The loan amount depends on the value of the collateral, however, the limit is 3 million drams.
More information on Lombard loans can be obtained by calling 87-87 or visiting any of the 67 branches of the bank. VTB Bank (Armenia) is owned by Russian VTB group. It runs 67 branches across Armenia, more than any other bank.-0-
"VTB Bank (Armenia) is constantly expanding its line of products by offering its customers new types of available loans,' the Russian-owned bank said in a press release.
The Lombard loan, to be secured by gold, is provided to individuals, residents of Armenia. The minimum term is 3 months and the maximum tem is six months.
The customer pays only a one-time commission fee for the issuance of loan in the amount of 8% for 3-month loan, and 16% for a 6-month loan. It will take the customer 20 minutes to formalize all the necessary documents, the bank said.
The difference between this type of Lombard loan and similar loans is that at the end of the term the customer does not pay interest rates or commission. They simply repay the principal debt and take back the gold collateral. The loan amount depends on the value of the collateral, however, the limit is 3 million drams.
More information on Lombard loans can be obtained by calling 87-87 or visiting any of the 67 branches of the bank. VTB Bank (Armenia) is owned by Russian VTB group. It runs 67 branches across Armenia, more than any other bank.-0-
