|
|
|
What are the steps to purchase an item trough a consumer loan? |
|
Step 1. You visit the selected shop\point of sale.
Step 2. You select an item you wish to purchase.
Step 3. You determine where the shop\point of sale is a partner of Bank of Baku.
Step 4. Where the Bank’s answer is positive, you determine where the item of your choice corresponds to the requirements imposed within the project. Where the Bank’s answer is negative, we are sorry, but you will not be able to purchase that item by the consumer loan from our Bank.
Step 5. You review the list of documents required to get a consumer loan.
Step 6. Once all the documents are ready, you visit any branch office of the Bank.
Step 7. Our loan specialist will review your application and will make a decision on the consumer loan. Where the decision is positive, you have to pay certain prepayment amount, determined in accordance with the conditions of each project, to the cash desk. It takes about 20-40 minutes to have the loan formalized. Where the decision of our loan specialist is negative, you will get a detailed explanation of the reasons and will know whether it is possible or not to solve the issue.
Step 8. You take your loan documentation to the shop and receive the item of your choice in return for the presentation of the documents.
Step 9. You visit the Bank and make monthly repayments of your loan in accordance with the schedule. |
|
|
|
|
Where can I get a loan under the projects? |
|
|
Any consumer loan under the consumer financing projects can be obtained only through shops and companies having special partner arrangements with the Bank. For example, car loan will be provided not for the purchase of a car just from any shop or any person, but only for the cars to be purchased from sale points having arrangements with the Bank. Or, in the case of Education Loans, the project covers only educational establishments having special partner arrangements with the Bank. |
|
|
|
|
What is the procedure for the repayment of the loan? |
|
Depending upon the loan repayment rules, the loan can be repaid in either of the following two options:
- Loan is repaid in equal monthly installments. Monthly installment amount includes the amount for the repayment of the principal amount and the applicable interest.
- Monthly straight; amount to be repaid will be decreasing month-by-month. Upon this principle, the customer will repay the principal amount in equal monthly installments, while monthly interest decreases in proportion to the repaid amount. Thus, the amount you have to the Bank gets down with each month.
|
|
|
|
|
When do I need a guarantor to get a loan? |
|
|
Where the amount of the loan requested exceeds AZN 1000, there should be a person who will act as a guarantor (this is not applicable to Car Loans). Furthermore, in certain cases, availability of the guarantor may facilitate the positive decision on the application of the customer. |
|
|
|
|
What is the maximum and the minimum price of the item purchased under consumer loan? |
|
Customers often confuse the amount of the loan and the price of the item. Amounts referred to under the heading Conditions of the Loan (e.g. minimum AZN 150 and maximum AZN 3000 for Furniture Loans) are the references to the amount of the loan one can get. Putting it the other way, the balance remaining upon prepayment.
Sample: the price of the item you select is 3500 AZN, you are required to make certain prepayment expressed in % - up to 20% of the price, i.e. AZN 700. Thus, the maximum amount is AZN 2800. Therefore, you can purchase the item through the Bank of Baku.
|
|
|
|
|
Should I get a letter from place of residence to get a loan? |
|
|
No, no such letter is necessary. |
|
|
|
|
Can I use my overseas travel passport as a proof of identity? |
|
|
No, you cannot. As a proof of identity we accept personal identification cards only. |
|
|
|
|
What are the restrictions on persons acting as guarantors? |
|
|
Father, mother, sister, brother, wife/husband and children. |
|
|
|
|
What is the punishment for delaying repayments? |
|
|
Firstly, additional interest is charged for each delaying day. This additional punishments are two times more than standard daily interest computed for credit. If the delinquency is more than 30 days, administrative punishment is charged to customer. Moreover, this kind of customers cannot ever take credit from a bank. |
|
|
|
|
Do you provide any extra benefits to customers who repay their loan in due time? |
|
|
Definitely. We have for such customers a special project of our Bank known as “Offer to Customers with Positive Credit History”. |
|
|
|
|
Can monthly interest amounts be paid by a person other than a borrower? |
|
Any person can pay the interest on behalf of the borrower. This may be the borrower’s relative, friend or a colleague, i.e. any person. To make such a payment, that person should visit the Bank having a repayment schedule on hand, and make the relevant payment.
Note: it is for this reason that even if and when the borrower is abroad or is unable to visit the Bank due to illness or for any other reasons, such payments must be made in time!
|
|
|
|
|
Will I incur any penalty if I repay the loan earlier and will I still have to pay interest for the remaining period of time? |
|
|
In both cases the answer is the same – No. You can repay the loan earlier. In such a case you will not be required to make any extra interest or to pay interest for the remaining period of time. But remember that whatever amount you repay can be more, but not less than the amount referred in the repayment schedule! |
|
|
|
|
Can I get a loan from one branch, but make the repayment at a different one? |
|
|
That is possible. You can make your repayments at any branch or office of the Bank. |
