Azerbaijan, Baku, July 20 / Trend A. Akhundov /
The FINCA Azerbaijan non-bank credit organisation in the first half of this year reduced the interest rates on all credit products by an average of eight per cent, FINCA chief executive director Manish Sane told media today.
"Six months ago, the average interest rate was 35-36 per cent," he said. "It has now dropped to 27 per cent."
He added that the interest rates vary depending on the areas and are formed on the basis of the ratio of supply and demand.
"Moreover, as opposed to competitors, we deliver even small loans to the most distant areas of the country, he said. "That is, we assume these costs."
FINCA Azerbaijan has 30 branches and 36 sub-branches which provide customers with financial products and services, including rural loan groups, solidarity loan groups, individual express loans and loans for small and medium-sized businesses, as well as individual agricultural loans.
The FINCA Azerbaijan non-bank credit organisation is a subsidiary of the microfinance holding FINCA, managed by FINCA International Inc., which operates in 22 countries around the world and creates a global network of partner experience.
FINCA microfinance holding's mission is to assist low income entrepreneurs in creating the assets required for raising living standards. It is supported by funding from the distributed socially responsible investments of the partnership funds.