OREANDA-NEWS. October 06, 2010. Within the framework of consumer loan program the Bank offers two new loan products for the market - a loan under real estate mortgage and a loan under guarantee of employer enterprise. Attractive conditions, accessibility, and simplified mechanism of registration developed for the new products will enable to make them soon the most popular credit proposals, reported the press-centre of Bank Standard. 

Among the distinctive features of consumer loan under real estate mortgage is, first of all, minimization of restrictions concerning the purpose of loan obtaining. This loan can be used for almost any consumer needs, including payment for goods, services, travel expenses, etc. The only exception is purchase of a car, but this exception is purely symbolic: the Bank offers for its customers a special motor loan which terms are more convenient and preferable for this aim. Urban real estate and a house of the borrower in the countryside can be used as mortgage on this loan. A loan maximum amount of which is 30,000 manats is given for period of up to 24 months and its interest rate is 22% per annum. To obtain a loan under real estate mortgage does not require confirmation of loan-borrower’s income or surety of third parties. Loan registration is carried out on the basis of documents confirming loan-borrower’s ownership right for mortgage property and estimated value of mortgage subject.

As for a loan under guarantee of the employer company, it can be extended to employees of Bank’s corporate clients after co-ordination with management of these companies. Under this loan terms, the borrower’s guarantor is the employer company. The amount of a loan secured by the employer company may reach 5000 manats with maximum loan term of up to 24 months and interest rate of 20% per annum. Registration of a loan is carried out on the basis of employer enterprise’s letter of comfort and some other documents.

Both above-listed loan products are intended for adult citizens of Azerbaijan with work term of at least 6 months.

Recently Bank Standard has published a list of reasons that could justify the refusal in loan. Among them: discrepancy of age category defined separately for each loan product, insufficiency of applicant’s income for loan repayment, and negative credit history of a person who applied for a loan. Bank Standard’s Retail Business Service asks citizens who doubt the justification of the loan refusal to file a complaint on telephone number 158.