YEREVAN, July 3. /ARKA/. VTB Bank (Armenia) has lowered interest rates on car loans, the press office of the bank reported on Monday.

Now the bank clients will borrow the money necessary for buying cars at interest rates beginning from 14%. The bank also offers lending for already imported cars, which are brought to Armenia within 30 days before applying for car loans.

The bank lends from AMD 500,000 to AMD 24 million (each loan) for five years. Prepayment is equal to 20%, and the bank lends money only for purchasing cars produced not earlier than 10 years ago.

VTB Bank (Armenia) requires the minimum package of papers for formalizing a car loan. They are identification document and social card (the number of public services). Income evidence will be necessary only if the client doesn’t receive salary through a bank.

The bank makes its preliminary decision very quickly – in 5 working days in cases when cars are bough at primary market and in 2 working days if they are purchased from secondary market.

The bank evaluates cars for free. It also provides insurance of borrowers and cars throughout the entire term of lending.

Individuals aged above 23 who reside in Armenia can apply to VTB Bank (Armenia) for car loans.
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 flagship banks for general indicators. ($1 – AMD 480.47). --0---