General consumer loan
In order to benefit from General Consumer loan product, a minimum of 6 months of official work experience or, if you are an individual entrepreneur, the presence of an active TIN and sufficient income, no delinquencies in your credit history, as collateral for a loan order of more than 500 manats a guarantor or a pledge of property, a group guarantee for group loans, a valid ID card, proof of income, current bank account are required
Terms of general consumer loan products
Terms of general consumer individual loan
| Loan security: | Guarantee, pledge of jewelry, movable property |
| Commission fee: | There is no |
| Loan amount: | AZN 600-4000 |
| Annual interest rate: | 26,75-28,61% |
| Effective annual interest rate (APR): | 29% |
| Loan term: | 8-36 months |
Terms of general consumer group loan
| Loan security: | Social security, group guarantee |
| Commission fee: | There is no |
| Loan amount: | AZN 600-2000 |
| Annual interest rate: | 26,75-28,46% |
| Effective annual interest rate (APR): | 29% |
| Loan term: | 8-24 months |
| Group size: | 3-7 people |
Basic rules and characteristics of group loans
- Creation of solidarity groups consisting of a minimum of three and a maximum of seven people.
- Providing a group guarantee for repayment of the loan and the use of the loan according to the initial purpose specified in the loan application form.
- The purpose of using the loan may be different for each group member.
- The same loan product, the same loan period and the same interest rate is applied on the group.
- The loan agreement is signed by all group members.
- The loan is given individually to each group member.
- Loan repayment can be done both individually and in groups.
- For each group, the members of one family can make up a maximum of 33.3% of the group that each group member from the same family should have a separate business and/or address.
- Group members should not have any unfulfilled obligations.
- Membership must be accepted by all other group members.
- Group members must be willing to repay the loan on the basis of joint guarantee (joint and mutual responsibility).
- A member cannot be a member of more than one group.
- Each group member must convey information to the group correctly and be willing to follow all the rules of the group..
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