Azerbaijani Central Bank Offers Banks New Car Loan Scheme| MENAFN.COM

Tuesday, 27 September 2022 08:29 GMT

Azerbaijani Central Bank Offers Banks New Car Loan Scheme


(MENAFN- Trend News Agency)

BAKU, Azerbaijan, September 23. The Central Bank of Azerbaijan proposed a new car loan scheme to banks, Trend reports.

Deputy Director of the Central Bank's Credit Organizations Supervision Department Samir Rzayev informed about this during the event on 'Implementation of road map activities for 2022 to stimulate and promote the use of environmentally friendly modes of transport, conduct assessments, prepare and implement proposals'.

According to him, in accordance with the road map, the bank's loan security for the purchase of electric vehicles will be up to 90 percent if the year of manufacture of the car doesn't exceed one year, 60 percent - if the car is more than three years old. In the case of hybrid cars, these figures will be 80 and 60 percent, respectively.

'The road map includes the development of solutions in stimulating the use of electric and hybrid cars, creation of necessary infrastructure as well as a number of other measures. A relevant working group was created in order to implement the road map and to date, work has been carried out to optimize legal acts and some other work. In addition, it's also about reducing the down payment when buying electric or hybrid cars. Also, Azerbaijan Banks Association presented its views on concessional lending to these types of transport. As part of the road map, the working group also held an information program,' Rzayev said.

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