BAKU, Azerbaijan, September 23. Azerbaijan’s Kapital Bank and the International Bank of Azerbaijan (IBA) have presented a new car loan program, Trend reports.
Speaking at an event on ‘Implementation of road map activities for 2022 to stimulate and promote the use of environmentally safe modes of transport, conduct assessments, prepare and implement proposals’, Director of Kapital Bank’s Retail Department Mahammad Ibrahimov said that both the banks are the chairs of the working group on the implementation of the new roadmap.
"The new car loan program of Kapital Bank provides for issuing a loan of up to 100,000 manat ($58,820) for up to 48 months. The first installment was reduced from 15 to 10 percent, and the annual loan rate is seven percent," Ibrahimov noted.
The Director of the Retail Trade Department of IBA Rufat Abbasov stressed that the bank can issue a loan for the purchase of a car for up to 100,000 manat for a period of up to 60 months.
"The car loan for a period from three to 24 months is planned to be issued with a 13 percent rate, and for 25-60 months - 14 percent per annum. The first installment when buying an electric car is 10 percent, and a hybrid car - 20 percent," Abbasov added.