Bank Melli Iran Baku branch ups lending limits
Azerbaijan, Baku, Aug.9 / Trend, N.Ismayilova /
Baku branch of Bank Melli Iran increased lending limits for customers with good credit history in the bank, deputy director of the bank's branch Anar Ibrahimov said today.
"Bank's head office has decided to increase limits in order to raise profitability of the bank's Baku branch. Due to this capitalization of the bank was previously strengthened," Ibrahimov said.
The Bank's authorized capital was increased from 10 million manat to 14 million manat.
Limits on consumer loans increased from $10,000 to $50,000, however on business loans - from $50,000 to $150,000, and a loan limit for customers, who have deposits in the bank - from $250,000 to $400,000.
He said at present the Bank allocated loans at a rate of 23 percent for a term of about three years.
The Bank also allocated loans to purchase a car on the initial contributions payment to 30 percent at an annual rate of 26 percent for a period of two years. Maximum loan amount is $10,000.
At present, the Bank's loan portfolio is 10,487 million manat.
Aug.9, official exchange rate is 0.8034 to $1.