Azerbaijani banks restore loan granting

Azerbaijan, Baku, March 6 / Trend N. Ismayilova /

Most of Azerbaijani banks began to restore granting of consumer loans, the questioned banks said on March 6.

The bank continues to grant consumer loans in the amount closer to 3,000 manat, on the rate from 21 to 24 percent and for two years, Rabita Bank said.

Nikoil bank grants consumer loans in the amount higher 3,000 manat. The bank's requirement is pawning of property. Granting of small consumer loans is possible to be restored by late March.

Azerbaijan Senayye Bank grants consumer loans on 24 percent for 1 year. Maximal possible sum of loan must not exceed two month wage of a creditor.

The bank continues to grant loans for cars, NBC Bank said. Granting of the rest kinds of loans is suspended.

Parabank grants only business-loans for two years on interest rate in the amount of 30-32 percent. Only the clients of the bank having deposit investments can get consumer loans.

The bank continues to grant all kinds of loans as before without any changes, Bank of Baku said.

Royal Bank of Baku grants consumer loans for up to two years on the rate in the amount of 30 percent but only for purchasing furniture and home appliances in the shops having an agreement with the bank.

The management of Zamin Bank said that the bank did not cease granting of loans. The bank directs additional resources which earlier distributed in Baku to regions of Azerbaijan. The bank's loan portfolio totals 76 million manat as of early 2009. Zamin Bank corrected loan policy and passed to financing of small loans necessary for regions of Azerbaijan. The bank will continue to extend the number of branches in regions in 2009.

Mugan Bank's loan portfolio increased from 49 million manat to 68 million during 2008 by providing growth by 35 percent. The bank's main task is to continue granting of loans by attracting cheaper funds. The bank completed development of the European Bank for Reconstruction and Development's loan and will continue joint cooperation. Presently, the talks are being held with the Islamic Corporation for the Development of the Private Sector and the International Finance Corporation.

On March 6, the official exchange rate is 0.805 manat to $1.

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