Azerbaijani Ministry of Economy names advantages of Electronic Credit Platform
BAKU, Azerbaijan, Sept. 10
By Zeyni Jafarov – Trend:
The Electronic Credit Platform has several features and main advantages for traditional lending, the Azerbaijani Ministry of Economy told Trend.
Among the main advantages of the Electronic Credit Platform is that entrepreneurs apply for business loans online, without visiting the credit organizations, and when considering the applications, equal conditions are created for them,” the ministry added. “Moreover, the projects submitted by the entrepreneurs are considered simultaneously by the authorized credit institutions and the Ministry of Economy.”
"The applications of the entrepreneurs for getting the loans rapidly with a state guarantee within one day are considered within seven working days while for traditional loans within 10 working days,” the source said.
The Ministry of Economy stressed that the entrepreneurs have an opportunity to track the status of their requests in real-time.
The efficiency and transparency in the process of obtaining the loans have been ensured via the Electronic Credit Platform, which pleases the entrepreneurs by creating a healthy competitive environment among the credit institutions.