Azerbaijan, Baku, Feb. 24 / Trend /
Unibank has greatly improved the auto lending conditions and extended back until 2002 the acceptable manufacturing time of the cars made by the leading Western companies.
The rate of interest on such auto loans begins at 16% annually now, while the minimum down payment for the majority of foreign-made cars with mileage travelled will make 30% of their price. The credit terms for such cars will range from 1 to 3 years. The auto loan interest rates will vary depending on credit terms' longevities and the amount of down payment. The loyal conditions of the auto lending in Unibank that are worth mentioning include the absence of hidden fees and charges of all kinds as well as the opportunity to prepay any loan prematurely without having to pay a penalty and, lastly, the customers' right to select the currency of the loan. Costs associated with the insurance of the purchased cars may be included in the loan amount. To get a decision on the loan application the prospective borrower only has to produce the car's technical passport and the borrower's driving licence because it is possible to borrow auto loans from Unibank without having to present the employee earnings certificate and a confirmation of employment. The time taken to consider loan applications has been reduced to 1 day.
'The auto loan portfolio of Unibank had grown by more than 34% during last year and reached approximately AZN 89.5 mn at the beginning of this month,' comments Faig Zeynalov, Deputy Chairman of the Management Board of the Bank. 'The number of auto loan borrowers had grown by almost 19% last year - approaching 10,000. I believe that the Bank's offering the loyal auto lending conditions including the reduced interest rates should bear positively on the Azeri auto lending market as a whole.'
It should be remembered that Unibank co-operates with more than 30 car dealers and showrooms in Baku and up country within the frameworks of its various auto lending programmes. Thanks to this a customer can borrow a loan to buy a new or a used car of practically any make. The new auto lending conditions apply to more than 140 car models of various brands including MERCEDES", AUDI, BMW, MAZDA, LEXUS, TOYOTA, LAND ROVER, NISSAN, VOLKSWAGEN, CHEVROLET, SUBARU, PORSCHE, OPEL, INFINITY, HYUNDAI, KIA, JEEP, MITSUBISHI and HONDA.
The official exchange rate is 0,7863 AZN/USD on Feb. 24.