Azerbaijan, Baku, April 21 / Trend N. Ismayilova /
The credit portfolio of the Azerbaijani non-bank credit organization TBC Kredit increased by 11 percent, compared to late 2010. As of April 1, it hit $21 million, the organization said.
"As of April 1, the amount of the loan portfolio reached $ 21 million with 2,237 active loans," a statement said. "The portfolio has many business loans hitting 51 percent, of which about 30 percent fall to the loans given under the microbusiness-lending.".
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, about 75 percent of the share holding is owned by the leading Georgian bank TBC Bank and 25 percent - American ShoreBank International Ltd.
The official exchange rate is 0,7917 manat to $1.