Finance

Finance

Bank of Baku expands auto loan lending program

04 February 2010 10:18 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan based Bank of Baku expands auto loan lending program for purchasing of automobiles. Volkswagen, KÄ°A and Russian automobiles will be available for purchasing by the bankâ€™s auto loan lending together with Hyundai, said the bank.

The amount of auto loans can be around AZN 500-50 000, while the maturity, interest rate and down payment will depend on automobile brands. Hyundai, KIA and Volkswagen can be purchased with loans of 12, 24, 36 months terms and down payments will be 20%, 25% and 30% correspondingly.

Russian cars will available on auto loan lending program of the bank with 6, 12, 18 months terms and 30% of down payment.

Bank of Baku started auto loan lending program in 2001 and the number of lendings is more than 18 000 up to now.

Bank of Baku was registered on 14 February, 1994 originally under the name of Tugay Bank. The key founders of BOB are the Turkish company Nab DÄ±ÅŸ Ticaret and several local individuals. The bank operates 15 branches.