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Azerbaijani banks continue to crediting domestic appliances

Business Materials 9 February 2009 14:41 (UTC +04:00)

Azerbaijan, Baku, Feb. 9 / Trend , N.Ismayilova /

The possibility of buying appliances on credit remains accessible to the population in 2009, as it was observed in 2008. Stores that specialize in sales of household appliances, continue to provide goods on credit. Banks with whom the shops are cooperate retained the lending conditions unchanged, but the amount of credit issued by Azerbaijani banks for the purchase of home appliances do not exceed 1,000-1,500 manat.

The AZEL (Azerbaijan Electronikasi) said that their stores are working with two banks - Bank of Baku and Rabita Bank. Each bank has its term of loan issuing, and clients choose the most appropriate for themselves. The lending conditions are changed depending on the AZEL's subsidiaries. Basically, under the terms of Bank of Baku, the initial installment on the loan is 10-20 per cent and an annual interest rate - 17 per cent. Rabita Bank demands no initial fee and an annual interest rate equal to 21 percent. Term lending from both banks do not exceed 18 months.

The Unitech said that the company cooperates with the Bank Standard. Credits are issued with an initial contribution of 20 to 30 per cent and this figure depends on the wage of customer. The annual rate on the loan is 16 percent, with terms of issue for a year. Terms of loan in the near term will not be changed, said the store

The BAKOND said that loans issued by Bank of Baku. The customer is exempted from the initial fee while receiving loans, but the annual rate of 26 per cent and the maximum term of a loan is two years. The amount of granted credit should not exceed 1,500 manat.

The Baku Electronics cooperates with Azerdemiryolbank. Credits are issued with an initial contribution of 20 per cent, 13 per cent per annum and a maximum term of the issuance of one and a half years.

The Computer City said that the loans are issued by Rabita Bank. Credit terms are as follows: lack of down payment, with 17 per cent for one year.

On Feb. 9 the official exchange rate is 0.8077 manat to $1.

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