TBC Kredit's loan portfolio increased by 1.1 percent in July

Azerbaijan, Baku, August 14 / Trend N. Ismayilova /

In July, the loan portfolio of non-banking credit organization TBC Kredit increased by 1.1 percent and reached $18.4 million, the organization said.

"About 57 percent of business loans fall to the total loan portfolio, 28 percent - mortgage loans, consumer loans - 15 percent," TBC Kredit said.

The number of active credit organizations is 1,727.

Since early 2010 the company has proposed its customers more favorable terms on loans over the previous year, increasing the amount and terms of credit. Unsecured consumer credit issued for any purpose (travel, organization of weddings, buying furniture and equipment) has special demand. The maximal amount of this loan is 5,000 manat for 18 months.

TBC Kredit improved conditions for mortgage loans June 1 by reducing interest rate by four percent. Thus, the annual interest rate was 18 percent with the loan term of 10 years. The people get loans for the purchase and renovation of apartments, construction of private houses, purchase of land. The maximal loan hits $200,000.

Earlier this year, the interest rate on business loans was reduced. The average was 22 percent per annum. The maximal amount of business loans is 500,000 manat. The business portfolio consists of loans granted to small enterprises - micro-business loans, which also provided without collateral since the end of last year. The maximal amount of unsecured micro-loans was increased up to 10,000 manat.

Non-bank credit organization TBC Kredit has been operating in Azerbaijan since 1999. Since December 2007, the leading Georgian bank TBC Bank owns about 75 percent and 25 percent - ShoreBank International Ltd.

On August 14, the official exchange rate is 0.8037 manat to $1.