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Azerdemiryolbank launches auto leasing service

08 June 2009 16:31 (UTC +04:00)

Baku. Elnur Guseynguluev - APA-Economics. Azerbaijan-based Azerdemiryolbank has made available auto leasing service for individual and corporate customers.

The bank said the new service is available for new and used automobile (not older than 5 years).

According to the terms, vehicles not cheaper than AZN 10 000 is leased for up to 4 years at an interest rate of 21% to 24%. The down payment shall be at least 20% of the value of the car.

Depending on the down payment and the lease term, the effective interest rate shall be 6% and more.
Azeri citizens who are over 20 years old are eligible to lease an automobile but the leasing repayment deadline shall not exceed the borrowerâ€™s pension age.

The bank also offers leasing services for industrial, commercial, medical and technical equipment and facilities.

As of April 1, Azerdemiryolbank posted its assets at AZN 213.029 million, deposit portfolio at AZN 56.923 million, loan portfolio at AZN 157.354 million, total equity capital at AZN 38.538 million and authorized capital stock at AZN 13.400 million.

Established in 1989, Azerdemiryolbank is owned by the European Bank for Reconstruction and Development (EBRD) (25%+1), the Netherlands Development Finance Company (FMO) (10%), legal entities (10%) and about 850 individuals (the rest).

The bank operates 29 branches, 40 ATMs and 240 POS terminals across the country.