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

Annual interest rate139

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:

SalaryUp to 2500Over 2500
Deduction from salary (monthly)500 Azn500 Azn
Exempt amount (percent)14 % + 3 % + 22 %25 % + 3 %+ 22%
Savings deposit monthly734,94 Azn847,22 Azn
Monthly loan from savings (percent)6556
Monthly loan from savings (amount)477,71 Azn474,44 Azn
Difference between salary savings and loan (monthly)23 Azn26 Azn
Total issued loan (36 months)17 197 Azn17 079 Azn
Annual interest on loan1313
Accrued interest on loan3 447 Azn3 423 Azn
Savings deposit (36 months)27 724 Azn32 041 Azn
Net income7 080 Azn11 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