Terms of VTB Bank (Armenia) lending in conformity with consumer lending laws

25.02.2016 16:06
Terms of VTB Bank (Armenia) lending in conformity with consumer lending laws

YEREVAN, February 25. /ARKA/. Terms of the VTB Bank (Armenia) lending are in conformity with Armenia’s consumer lending laws, the press office of the bank reported on Wednesday.

“Responding to the information released by some media resources that the monthly fee for servicing installment loans extended by VTB Bank (Armenia) exceeds the interests and the principal amounts of debts, VTB Bank (Armenia) states that this allegation has nothing common with the reality,” the bank’s press release says.

According to the pres release, all the terms, including the repayment deadline, amount, nominal interest rate, effective interest rate and commission fees, are specified in loan contracts signed between the bank and its clients.

Besides, a detailed scheme of repayment is attached to the loan contract.
In accordance with the bank’s tariffs, the loan service fee can’t exceed the amount of interests and the repayable principal amount.

In addition, in February 2015 the bank also started providing an information sheet to its clients with specification of loan terms, including the loan approval date, name, sum, repayment deadline, nominal annual interest rate, effective interest rate, the total repayable sum (loan sum + interests + other payments), total amount of interests, other payments, service fee etc.

Clients sign their contracts after looking through everything written in the documents mentioned above.

The bank recommends people to connect with the bank’s press office (phone 51-37-49 and email pr@vtb.am) to avoid reception of disinformation and to get true data.

VTB Bank Armenia (Armenian Savings Bank before June 2006) joined VTB Group in April 2004. VTB, the second largest bank of Russia, holds 100% of shares of VTB Bank (Armenia). VTB Bank (Armenia) has 67 branches all over Armenia’s territory - the largest branch network in the country.

VTB Bank (Armenia) is reckoned among leaders for general indicators. --0---


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