OREANDA-NEWS. November 10, 2010. Bank of Baku, constantly showing attention to all layers of the population and trying to satisfy all needs and requirements of its customers, is launching new campaign YES! (Young Executives and Specialists) for support of young managers and specialists who are our future.

The campaign envisages a restored credit line on favorable terms for young managers and specialists.

Terms of the campaign:

• loan term - 18 months (restored credit line during the first 12 months)
• loan amount - maximum AZN 3,500
• interest rate - 28% per annum (see below sample of calculations on the loan)
• borrower’s age - min. 20, max. 35 years
• borrower’s work experience at the last job place - min. 6 months
• required documents - identity card and certificate of employment

Campaign advantages:

1. On client’s request, an opportunity to pay only interests on the loan during the first half of the loan term, i.e. for 12 months.
2. In the absence of delays in payment in the first half of the loan term (the first 12 months) and full payment of interests and main loan debt by the customer on expiration of 12 months, the Bank calculates the total amount of paid interests on the loan and as a gift back returns 15% of this amount to the client.

Let’s consider a sample calculation on the loan:

Example: You were opened in Bank of Baku a restored credit line for AZN 1,000 for 12 months under 28% per annum.

If you monthly pay on time interests and after 12 months pay the amount of the main debt on the loan, the amount of interests paid by you within the next 12 months will be: AZN 1,000 x 28% = AZN 280. In the case when the Bank, as a bonus for timely payment, returns to the client 15% of the amount of paid interests on the loan, the customer will pay only AZN 238 because AZN 280 - (AZN 280 x 15% of the bank’s gift) = AZN 280 (amounts of interests) – AZN 42 (a gift of the bank) = AZN 238 or AZN 238/AZN 1,000 = 23.8%.

When the monthly payments will be made by equal parts, it becomes evident that after 12 months the client pays only 13.4% per annum.

The credit line within "YES!" campaign is offered for some companies’ employees aged 20-35 years old (the list of companies is available at http://www.bankofbaku.com/ru/young-executives-and-specialists.html). At first, the campaign loans will be given in Bank of Baku’s branch "Central” (add: 3, Azerbaijan Avenue, Baku). To participate in campaign "YES!" you can also use a special e-application form at Bank’s website.

More information about Bank of Baku’s campaigns for the population can be obtained at the Information Center (phone number: 145) or at the Bank’s  website: www.bankofbaku.com.