YEREVAN, February 11, /ARKA/. Armenian Anelik Bank said today it has launched a simplified procedure for extending student loans. According to a press release, the decision may be taken within one day given that all required documents are submitted. It said also in case of a positive decision the amount will be transferred to the bank account of the educational establishment in 1-3 days.

The eligible clients are students aged 18 and older or a family member with a regular job. The loan is repayable in 6-12 months and is given unsecured but on condition that a borrower or one of two guarantors own or co-own immovable property. The loan is provided at 22% interest rate. The earlier repayment does not entail penalties.

‘We realize that education is the basis of prosperity and this loan product which we emphasize is aimed at future,’ bank chairman Samvel Chzmachian was quoted as saying.

Fifty-one percent of Anelik is owned by Lebanese CreditBank S.A.L., Samvel Chzmachian owns 12.25%, Arthur Arakelian- 12.25%, Armen Kazarian -12,25% and Galina Voronina-12.25%. The bank has 10 branches. As of December 30, 2010 its assets stood at 60.1 billion Drams, liabilities at 44.4 billion Drams, total capital at 15.7 billion Drams and outstanding loan portfolio at 29.7 billion Drams. In 2010 it earned 535.5 million Drams in net profits. ($1- 363,75 Drams). -0-