VTB Bank (Kazakhstan) has improved conditions of «Merchant» loan for individuals-business owners
VTB Bank (Kazakhstan) informs about improvement of conditions of loan product for consumer purposes for business owners – «Merchant». Pilot project will be launched in four cities of Kazakhstan: Almaty, Astana, Karaganda and Uralsk.
Product concept today has no analogues in Kazakhstani market in its segment. Enhanced and improved conditions of «Merchant» pilot project provide issuance of loans to individuals (business owners)
and individual entrepreneurs without provision of guarantee/co-borrower, as well as increasing term of lending from 36 to 48 months.
Experts of the Bank note that entrepreneurs from Almaty, Uralsk and Karaganda, whose businesses are presented in the sphere of trade, are the most active users of the product. In general, increasing interest of borrowers in programs of business financing has a positive effect
on development of entrepreneurship in regions, contributes to growth of number of new jobs, improvement of social welfare of population.
Dmitry Yakovlev, Advisor to the Chairman of the Board of Subsidiary JSC VTB Bank (Kazakhstan) for retail business development: «Entrepreneurs, who apply to banks for financing, expect to receive necessary resources as soon as possible and with minimum actions
for their part, and often they face impracticable requirements of providing collateral and lengthy term of consideration of application. Before pilot launch of «Merchant» product, we conducted analysis of existing lending programs for individuals-business owners of both VTB Bank (Kazakhstan) and credit market as a whole. It has allowed us to develop unique product with flexible and favorable terms which meets needs of entrepreneurs».
«Merchant» loan is provided in tenge, US Dollars and Russian rubles. Loan amount amounts from 75 thousand to 3 million tenge. Advantages of the product are the absence of collateral and initial contribution. Decision on loan is taken as soon as possible and without visiting place of borrower’s business by the Bank's representative.
For reference:
SO JCS VTB Bank (Kazakhstan) - is 100% subsidiary Bank of the largest Russian VTB Bank OJSC. License of the FSA of the RK No. 1.1.259 dated 22.05.2009.
The Bank was assigned international rating at the «BBB-» / «Stable» forecast level from Standard & Poor’s Agency that indicates its positive and stable financial condition. The branch network of VTB Bank (Kazakhstan) covers 17 cities and amounts to 24 points of sales.
VTB Bank and its subsidiaries form international financial group which conducts its activities in Russian and foreign markets. VTB Group consists of more than 30 banks and financial companies in 20 countries of the CIS, Europe, Asia and Africa. The major shareholder of VTB – is the Government of the Russian Federation (60,9%).