Speaking of regions, the Aran economic region is the most active consumer in this area (307 million 702.9 thousand manats, average rate – 22.4% per annum). Residents of the Absheron region are also actively borrowing money from banks (297.758 million manats, 18.4% per annum), and the Ganja-Gazakh economic region closes the top three (295.758 million manats, 21.1% per annum).
Personal loan
Consumer lending is considered the most popular type of bank lending in the country. Citizens take out such loans to address current cash shortages, to solve their pressing problems, including the purchase of durable goods.
The terms of loan issuance are also important factors. Recently, unsecured loans or otherwise express loans have become popular. However, this type of lending is now considered one of the most expensive. After all, bankers include all possible risks of securing the loan in the total 'price' of the loan. The advantage of such a loan is the absence of time spent on processing collateral documents. Express loan applications are processed quickly, usually within 2-3 days.
Developing business in Azerbaijan
According to experts, there is a big difference between consumer lending and obtaining money for business development.
Bank loans may be needed by any business, both established and taking its first steps. In order to assess the likelihood of obtaining a loan, you need to look at your business impartially, from the bank's point of view. Check all documentation in advance and prepare financial statements. Many banks will require collateral to secure the loan. This can be real estate, a car, and other assets.
Even if you do not have property that could be accepted as collateral, the bank will approve the loan if you convince it of the stability of your business.
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