Azerbaijan, Baku, Feb.22 / Trend /
VTB Bank (Azerbaijan) initiated car loans program with favorable interest rates for customers, the bank said.
From Feb. 22 each client can borrow loan to purchase a new car for 12 to 48 months period. Interest rates of auto loans begin from 19 percent (depending on the initial contribution). Loans are issued in manat. Maximum loan amount is set at 50,000 manat, the minimum initial contribution is 20 percent of the car value. Loan security is a pledge of the purchased vehicle and loan repayments are made monthly in equal amounts.
"The unique peculiarity of our bank's auto loan is that our clients will have opportunity to lend for insurance payment," said Fazil Abbasov, head of the retail bank department.
A minimum package of a borrower documents includes an identity card and reference from the job place. Receiving and processing documents, a decision and issue of the loan is realized by Bank's specialists in one day, he said.
"I am confident that thanks to favorable interest rates, the choice of reliable and most importantly, authorized dealers, car loans in the VTB bank will be one of the most popular credit products," Abbasov said.
Fifty-one percent of the VTB Bank's shares belong to the Russian VTB Bank and 49 percent to residents of the Azerbaijan Republic.