YEREVAN, May 17. /ARKA/. VTB Bank (Armenia) said today that education loans with better terms are now available not only for the payment of fees of students majoring at universities but also at paid private schools. Besides, the bank is the first in Armenia to offer an opportunity to get a loan to pay for various training courses and classes.

The Russian-owned bank said in a press release that education loans with improved terms have no restrictions concerning the list of educational institutions and is issued to students of local and international educational institutions, branches of international educational institutions, as well as various training courses.

The main advantage of this new loan product is that it is provided without a guarantor. The loan is issued at an interest rate of 15% (the annual effective interest rate is 17.5%), repayable within five years. The maximum loan amount is 100% of the education fee, but not more than 5 million drams ($10,300). The bank does not charge a service commission.

The loan repayment type is chosen by the client – either equal monthly repayment or repayment of interest only during the period of study, and monthly equal repayment (interest and principal amount) after the completion of education.

Loan applications are considered within two working days. Not only parents, but also relatives of the students and the students themselves who meet the requirements of the bank, may apply.

For more detailed information on the terms of this loan one should visit the branches of VTB Bank (Armenia), the official website of the bank at vtb.am or call 87-87.

VTB Bank (Armenia) CJSC became a part of the VTB international financial group in 2004. Currently, VTB Bank, the second largest in Russia, owns 100% of VTB Bank (Armenia). It runs 67 branches in the country. -0