In recent years, the number of people turning to non-bank credit organizations (BOKT) such as “Azpulmat” and “Manato” has increased. The interest rates and conditions of loans from these organizations occasionally raised objections from citizens.
Oku.Az informs that the issuance will be strictly controlled and the activities of non-bank credit organizations will be organized on the basis of the “Rule of credit risk management in non-bank credit organizations.”
According to the decision, the daily loan granted by NBFCs must meet the following requirements:
– expressed in national currency;
– the maximum amount of the single loan granted to the borrower is 500 manats;
– the maximum daily interest rate is 0.3%;
– the return period is a maximum of 45 days;
– when applied in relation to late payments, late payment interest or penalties must not exceed twice the interest rate applied daily to the principal balance;
– the total amount of all loan payments must not exceed 100% of the principal debt;
– interest on the principal debt should not be calculated for more than 30 days when late payment interest or penalties are applied;
– movable and immovable property does not serve as collateral;
– not restructured.
From this we can conclude that from now on non-bank credit organizations such as “Azpulmat” and “Manato” will be able to grant loans for a maximum of 500 manats and the daily interest rate may be a maximum of 0.3 percent. That is, for a loan of 500 AZN, a monthly interest of 45 AZN can be calculated and the repayment period will be 45 days.
One of the most problematic issues was related to delays. You have found your solution in this matter. Interest or penalties for late payment will not exceed 2 times the interest rate applied daily on the principal balance. No interest will accrue on the principal for more than 30 days when default interest or penalties are applied. The total amount of all payments to be made on the loan must not exceed 100% of the principal amount.
The Department of Legal Assurance of Financial Markets has been ordered to ensure that this decision is submitted to the Ministry of Justice of the Republic of Azerbaijan for inclusion in the State Register of Legal Acts of the Republic of Azerbaijan within three days.
