Azerbaijan, Baku, Nov. 21 / Trend I. Khalilova /
Azerbaijani Bank Standard held a car loan optimization program. As a result, a minimal initial payment was lowered up to 25 percent of the cost of a car, the bank said.
Earlier, a minimal initial payment on car loans began from 30 percent of the cost of a car with a maximum term of 36 months.
"According to the new conditions, the maximum amount of a car loan can hit up to 40,000 manat now, and the minimum initial contribution is reduced up to 25 percent of the cost of a car," the bank said.
Interest rates on Bank Standard's car loan, as before, start from 16 percent, depending on the initial payment.
"Moreover, the insurance amount is added to the loan amount. A customer actually pays only the initial fee and a commission on the loan, the bank said.
A program of a car loan covers virtually all brands and models of cars, officially presented in the country. One can buy the used cars along with new ones within the program.
Bank Standard's car loans provide a minimum package of documents and rapid registration. A simplified registration process of a car loan and the minimum set of documents provide the rapid registration of the loan and the rapid purchase of a car, " the bank said.
The maximum period of loan is not more than two days along with car registration in the State Traffic Police.
The total amount of Bank Standard's car loan portfolio as of September 30, 2010 exceeded 20 million manat.
"The optimization of a car lending program gave positive results for a short period of time. As a result, auto loans given in the retail bank's portfolio for 2010 is 13 percent and the amount of issuance 2,58 million manat as of October 30," the bank said.