Russian bank’s subsidiary in Azerbaijan lowers interest rates on some loans

By  Trend

VTB Bank Azerbaijan, a subsidiary of Russia's VTB Bank, has provided its customers with updated conditions for cash loans at reduced interest rates from at least 18 percent per annum, a source in the bank told Trend Jan. 10.

The reduced rate also applies to the Yubileinaya ("Anniversary") campaign, which envisaged three months of the 10-percent rate, and after that the loan rate reversed to 24 percent.

From now on, the interest rate after a three-month period will depend on the loan term.

So, due to the increase in the term of financing, the interest rate of a cash loan with a period of up to 12 months will now be 18 percent, with a term of 24 months – 20 percent, and further, for each year, the rate will increase by one percent.

In total, based on his or her financial capabilities, a client can apply for a loan for the period of up to 48 months. The amounts of loans vary within 300 manat ($176.4) to 10,000 manat ($5,882).

($1= 1.7 manat on Jan. 10)