TBC Kredit's loan portfolio increased by 18 percent in July
Azerbaijan, Baku, September 24 / Trend N. Ismayilova /
The loan portfolio of TBC Kredit increased by 18,8 percent, hitting $19 millions as of September 1, the organization said.
"Over 56 percent fall to the share of business loans in the total loan portfolio, mortgages - 29 percent, consumer loans - 16 percent," TBC Kredit said.
The share of business loans accounted for 44 percent, mortgages - 41 percent, consumer loans - 15 percent in early September 2009.
The number of active credit organizations is 1,766 compared to 1,322 as of September 1, 2009.
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.
Thus, the annual interest rate was 18 percent with the loan term of 10 years. The maximal loan hits $200,000.
The interest rate on business loans was 22 percent per annum. The maximal amount of business loans is 500,000 manat. 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 September 24, the official exchange rate is 0.803 manat to $1.