Credit lines to beneficiaries of “Savings Life Insurance”
It is proposed to pay main portion of the salary to savings insurance in order to increase income of employees using “Savings life insurance” product. In return, the Bank offers credit lines to staff
Currency
AZN
USD
Annual interest rate
13
9
As a result, employees shall gain 50% or 72% income (depending on the salary amount) and low-interest credit lines by using the “Savings life insurance” product. Example:
Salary
Up to 2500
Over 2500
Deduction from salary (monthly)
500 Azn
500 Azn
Exempt amount (percent)
14 % + 3 % + 22 %
25 % + 3 %+ 22%
Savings deposit monthly
734,94 Azn
847,22 Azn
Monthly loan from savings (percent)
65
56
Monthly loan from savings (amount)
477,71 Azn
474,44 Azn
Difference between salary savings and loan (monthly)
23 Azn
26 Azn
Total issued loan (36 months)
17 197 Azn
17 079 Azn
Annual interest on loan
13
13
Accrued interest on loan
3 447 Azn
3 423 Azn
Savings deposit (36 months)
27 724 Azn
32 041 Azn
Net income
7 080 Azn
11 539 Azn
Advantages of the credit line:
Withdrawal of monthly salary portion from savings account
Opportunity to pay in main portion of salary to insurance and benefit from more discounts
Pay out outstanding loan and interest from savings account at the end of term
