OREANDA-NEWS. June 15, 2009. Azerdemiryolbank is expanding leasing services. It has been leasing out cars since June 1, 2009. The bank’s Vice-Chairman, Yusif Jabbarov said the terms are competitive ones and they believe the success of the new leasing product, reported the press-centre of Azerdemiryolbank.

Azerdemiryolbank leases out new and second-hand cars (used not longer than 5 years) worth at least AZN 10,000 for up to 4 years at 21-24% of interest. The bank financing can vary from AZN 5,000 to AZN 50,000. The advance payment has to be not less than 20% of the car’s value. Depending on the initial fee and the leasing term, the effective percentage is 6% or higher.

The borrowers can be able-bodied citizens of Azerbaijan, not younger than 20, providing that they should not reach their pension age by the final lease repayment date.

Auto leasing services are provided at the Operational, Central, Nasimi and Bilejeri branches.

The bank’s leasing portfolio totaled AZN 3.3 million (over US4 million) by June 1. The bank also leases out industrial, commercial, medical and other equipment.

Being one of the first commercial banks of Azerbaijan, Azerdemiryol Bank was set up in 1989. Its shareholders include the European Bank for Reconstruction and Development and FMO. The bank has 32 branches and sub-branches.