YEREVAN, January 11. /ARKA/. Armenia’s Anelik Bank has distributed student loans to nearly 700 students since 2011, the bank said Friday.

“Throughout its almost 23-year operation, the bank has always prioritized the education for social development. Introducing the banking tool for student lending, the bank has allocated loans to nearly 700 students since 2011, which is a really satisfactory and quite an impressing result,” Armen Arevyan, the head of marketing and public relations department at Anelik Bank, said in statement.
He noted in 2012 the bank introduced “Express” student loans, the privilege of which is that students are not required to submit a number of documents with the application, as well as 24-hour term decision on the application.

Another advantage, according to Arevyan, is a 14% of the annual interest rate discount for the second-time borrowers.

“The loan is given at 16.25% annual interest rate. There are no credits at such rates in Armenia,” he noted.

Arevyan forecasted in 2013 the bank will be able to maintain and multiply the reported results.

Anelik Bank was established on July 9, 1990, and registered on October 1, 1991. In October 1996, the bank received its license from the Central Bank of Armenia. Lebanon’s CreditBank. holds 89.95% of the bank’s shares and 10.05% are owned by Samvel Chzmachyan.—0--