VTB (Azerbaijan) has lowered the interest rate on cash loans by 0.5 percentage points to 10.49% per annum. At the same time, the maximum loan amount has increased to 50 thousand manats. At the end of last year, the bank's loan portfolio in this segment grew by 6%, reaching 74.8 million manats.
Cash loans are available to retail clients of the bank for a period of 1 to 59 months, with loan amounts ranging from 300 to 50 thousand manats. When applying for a loan online using the SİMA İmza digital signature, the borrower can receive a discount of up to 1 percentage point on the base rate depending on the loan amount and term. Under the refinancing program, it is possible to consolidate several loans from other banks into one or obtain additional funds at a low interest rate. The product terms are valid until May 31st.
“Cash loans are the driver of the retail lending market. At the end of last year, the bank's loan portfolio in the republic reached 74.8 million manats, increasing by 6%. Updating the terms of loans will contribute to the growth of demand and, as a result, to an increase in consumer and purchasing activity among the population,” commented the bank representative, member of the board and director of the retail business development department, Evgeny Borodin.
To apply for a cash loan remotely, the client needs to fill out an application on the bank's official website, wait for a decision on it, and, if approved, undergo video identification and sign documents using an electronic signature. The product is also available at 5 branches of the bank in the republic.
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