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Bank Nikoil slashes fines on loans

Bank Nikoil slashes fines on loans

06 November 2009 12:21 (UTC +04:00)

Baku. Vahab Rzayev - APA-ECONOMICS. Amid financial instability and declining purchasing power of low and medium income customers, Nikoil Bank has reduced fines and penalties charged on problem loans. APA

"We believe that our customers will appreciate this step which enables them to significantly reduce the additional costs that arise from technical or forced delinquency", says Sergei Savelyev, Deputy Chairman of Nikoil Bank.

According to him, the commitments must be fulfilled by both parties - If the bank has fulfilled its obligation to grant a loan, the clients have to fulfil their obligation to repay the loans in time.

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