YEREVAN, April 28. /ARКА/. As part of its policy to improve its products, VTB Bank (Armenia) has cut this time the annual interest rate and the commission charged for buying out individual consumer loans from other financial institutions, the press service of the bank reported.

It said within the framework of the new refinancing program, VTB Bank (Armenia) offers its individual clients with registered income and a positive credit history to buy out their loans from other banks and credit institutions on more favorable terms.

The client receives a loan in the amount of the balance of the debt in another bank or credit organization , and also has the opportunity to receive an increased loan amount.

Basic terms for refinancing loans include:

• annual interest rate  from 11.6% to 16.6% (effective interest rate is 14.5-20.5%),

• loan term from 6 to 60 months,

• monthly commission for loan servicing - 0.1% of the loan amount.
The bank also offers a flexible scheme of discounts on the annual interest rate to clients who have accident or real estate insurance policies.

Under these terms, the Bank buys out consumer loans without collateral, credit lines, and installment loans.

VTB Bank (Armenia) also offers repurchase of mortgage and car loans, detailed terms  are available  on the Bank's website.

Refinancing a loan provides the client with the following benefits:

• decrease in the interest rate of loans,

• consolidation of payments for several loans in different banks into a single payment,

• extension of the loan repayment term,

• obtaining an additional loan amount,

• and most importantly - decrease in monthly credit load!

Detailed information on the terms of buying out individual loans, as well as the requirements and applicable fees can be found on the website of VTB Bank (Armenia) here, in its branches or by calling the Contact Center at 87-87.

The bank is controlled by the Central Bank of Armenia. -0-