Question 1. How long does it take for formalization of the loan?
Answer: Decision on issue of the loan or otherwise is made within 3 days from the date of application of the customer to the Bank. However, the period of time it may take for the formalization of the loan depends upon submission of all the required documents by the customer to the Bank.
Question 2. Who can act as a guarantor?
Answer: Any person can act as a guarantor, except for the relatives of the 1st category. Guarantor must be an employee of a state enterprise or one of the leading oil companies in the country.
Question 3. Is it possible to make monthly payment of interest, but repay the principal at the expiration of the term?
Answer: This is not permitted. We can offer only a grace period for an interest of up to 3 months.
Question 4. Can I get a loan without completing the repayment of an earlier one?
Answer: This is not permitted. In exceptional circumstances only, we can offer such an option subject to specifics of business activities. To make this option possible, there should remain maximum 3 months until the expiration of the current loan.
Question 5. What can be used as a collateral?
Answer: Options for collateral are described in details on the page devoted to “Loan Terms and Conditions”.
Question 6. My permanent registered place of residence is outside of Baku. Will I be able to apply for a loan?
Answer: The place of registered residence is not relevant for the purpose of “Micro-Loan”/ the primary issue is the place of location of your business, which must be established and be run in Baku, Absheron Region or Sumgayit. Saying it in other words, persons whose permanent registered place of residence is not in Baku, but who carry out their business activities in the above territories may apply for a “Micro-Loan”.
Question 7. Do you offer any benefits when applying for subsequent loans?
Answer: Persons who earlier got one or more “Micro-Loans” from the Bank may be entitled to certain benefits when applying for further loans. As the most frequently used benefits we can mention increase of the loan amount, relative softening of requirements for submission of the collateral, and relative decrease of the interest rates. To be able to get all these benefits, a customer should have a positive credit history.
Question 8. I do not have a report “book”. Will I be able to get a loan?
Answer: In “Bank of Baku” we provide a special opportunity for entrepreneurs without a report “book” or any other financial data to get a loan (Probationary Loans)!
Question 9. Do you accept floating charges?
Answer: Yes, we do. This type of collateral is available only for loans with amount up to USD 1500.
Question 10. I run a leased facility. Will I be able to get a loan?
Answer: Yes, you will. The fact that you lease the facility is not an issue which may lead to the refusal of the loan.
Question 11. I wish to start my own business. Will I be able to get a loan upon a business-plan?
Answer: Unfortunately, that is not going to be possible. In accordance with the goal of the “Micro-Loans” programs loans are provided only for the development of the existing businesses.
Question 12. I want to open a new facility, without changing my line of business. Will I be able to get a loan?
Answer: Yes, you will. If you wish to open one or more new facilities for the purpose of development of your business activities and in the same area of operations, you can apply for the loan.
Question 13. Is it possible to get a “Micro-Loan” other than for business purposes, or to get such a loan and later to use for any other purpose, but business?
Answer: Unfortunately, that is not possible. “Micro-Loans” are designated solely for the purpose of development of business activities and, that’s why, for the entire duration of the loan, the use of the loan proceeds in accordance with the designated purpose is being constantly monitored by loan experts of the Bank.
Question 14. If I repay the loan in time, will I get any benefits when applying for any other loan?
Answer: Surely. For this category of our customers we got in the Bank a special project known as “Customers with Positive Credit History”. |
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