Situation with Lending in Banks of Azerbaijan

The situation with credit interest was not stable in the banks of Azerbaijan in September. Last month there were changes in interest rates for both consumer and business loans. In several banks, interest rates increased, and in several cases, it was on the contrary.

E.g., Access Bank changed the annual interest from 24-28% to 28%, and the annual interest of construction and repair loans changed from 25-28% to 28%.

Express Bank reduced annual interest rates of pawn loans from 36-38% to 33-36%.

In the Baku branch of Bank Melli Iran, the annual interest on cash loans decreased from 29% to 22-26%, on auto loans from 26% to 18-25%, and on pawn loans from 25% to 21%.

In Rabita Bank the annual interest on cash loans was reduced from 30-32% to 26-30%, and on pawn loans it was raised from 24-29% to 24-36%. The bank restored auto loans from 18-22% and mortgage loans from 24-26%.

Bank VTB Azerbaijan began to issue cash loans at 28% per annum to those who receive salaries on their plastic cards.

As for business loans, in Bank of Baku the annual interest rates of macro loans decreased from 23-28% to 23-25%.

Demir Bank also changed the annual interest of micro loans from 25-30% to 26%, and on macro loans from 16-23% to 16%.

At NBC Bank, the annual interest rate of micro loans increased from 21-23% to 27-29%, and the annual interest rate of macro loans increased from 20-24% to 21-25%.