Finance

Finance

Unibank offers housewives credit products

20 June 2012 08:57 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Unibank offers those housewives who can`t present an employer reference the new credit products â€“ for the first time in Azerbaijan cash loans and credit lines will be available on special conditions.

Housewives can present salary certificates of their permanently-employed household members and borrow a cash loan in the amount of up to AZN 2,500 for 2 years without a guarantor or a credit line in the amount of up to AZN 10,000 for 1 year. The employed household member (a spouse or kids) do not have to come to the Bank. It considerably simplifies credit procedures and creates additional conveniences for housewives, which make a big social group in the country. The salary adequacy levels set by the Bank begin at AZN 93.5 per month; the track record requirement begins at 3 months. The shortest loan amount is 3 months; the ultimate amount to be lent is determined upon consideration of the confirmed income of the applicantâ€™s spouse or children.

Also it should be mentioned that the effective interest rate on the Housewife Loans equals 16-17% annually and is 18-19% annually for the rest of the country. The cash loans will be repayable in equal instalments; the accrued interests shall be paid on a monthly basis while the principal amount can be repaid at the borrowerâ€™s own pace.