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 Novelty and distinctiveness are among the main principles in operation of "Bank of Baku". It is these criteria upon which "Bank of Baku" introduced a completely new approach to its long time experience in the area of consumer financing. An absolutely new approach, an absolutely new project, however the purpose and the intention are as before – to provide individuals with flexible, favorable and convenient loan products!
"Bank of Baku" is pleased to offer you a project called “DYNAMIC Card”, which is the synthesis of new consumer loans and plastic cards.
Due to its goals, proposed scope of holders and perspectives, this project, being one of the larges in the banking services market, is a universal project bringing together the best world practices in banking and today’s realities of Azerbaijan.
Implementation of the project will allow individuals willing to purchase any consumer goods to become absolutely free of limitation imposed by virtue of various consumer financing programs being used by the Bank, including, the need to pay portion of the price of the item, number and category of the goods, term of the loan, etc., and is in general directed purely upon meeting needs and wishes of our clients.
Furthermore, customers with positive credit history with the Bank can apply for DYNAMIC PLUS cards. These cards do not, at all, provide for any limitations, they can be used both in Azerbaijan and abroad, and both for cash withdrawals, and for the payment for goods and services.
DYNAMIC CARD project is based upon use of credit cards and switch by the Bank from partner-oriented operations strategy to customer-oriented strategy.
First of all, to help you to realize all the significance and the benefits of the DYNAMIC CARD, we provide below comparative analysis of proposed terms against standard bank terms and conditions offered by “Bank of Baku” and, in general in Azerbaijan, with respect to consumer financing:
Procedure for the receipt of the loan:
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Old / Standard Terms and Conditions |
New / Dynamic Card project |
- Customer must visit one or the other commercial facility (shop) cooperating with the Bank;
- Customer makes his selection of the desired goods (sometimes, that may be not one, but several items);
- Customer applies to the Bank to get a loan for purchase of such item/items;
- Bank reviews application of the customer;
- Where the loan is approved, the formalization is carried out as follows:
- Customer pays certain portion of the price of the item (20-30%) to the Bank;
- Customer pays to the Bank formalization fees (service fee, insurance, etc.);
- The loan is formalized and the price of the relevant item is lent to the customer, less the amount of prepayment;
- Amount of the loan is transferred to the account of the partner;
- Documents evidencing the loan are provided to the customer.
- Customer takes documents provided by the Bank to the shop he visited in the first place and gets the item of his choice in exchange for the presentation of the documents.
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- A customer comes to the Bank, without the need to visit the shop first;
- The application of the customer is reviewed by the Bank;
- Where the loan is approved, the formalization is carried out as follows:
- Customer pays formalization fee of the Bank (credit card service fee and insurance);
- A card is registered in the name of the customer and the specified amount is deposited into a special card account;
- Card is prepared within 1 day and is issued to the customer;
- Customer receives his card and, thereafter, at any time within the term of validity of the card, can visit commercial facilities cooperating with the Bank to make any purchase or may withdraw cash within the limit established for his card.
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| Thus, DYNAMIC CARD provides the holder with the following benefits:
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- within the allocated credit line, the customer can purchase not one, but a number of items;
- when making the purchase, the customer is not obliged to make any pre-payment;
- customer may make the purchase not from one, but from several shops;
- once the customer gets the loan, he must run back to the shop, he can make the purchase at any time within the validity term of the card;
- the customer has the option to use his credit card to withdraw a portion of his credit amount in cash.
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| DYNAMIC CARD
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| Paragraph 1. Dynamic Card
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Criteria |
For 1 year cards |
For 2 years cards |
Validity term of the card |
1 year |
2 years |
Service fee for the card |
AZN 20 |
AZN 30 |
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Paragraph 2. Credit line
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Credit line amount |
min. AZN 150; max. AZN 3,000 |
Credit line interest rate |
30 % per annum (2,5 % per month) |
Purpose of the loan |
1) 100% of credit line - purchase of goods from partner companies (no automatic reinstatement)
2) 20% of the credit line - can be withdrawn in cash (no automatic reinstatement) |
Fee and terms for credit line reinstatement |
AZN 5
(application for reinstatement can be filed only if at least 3 months remain from the card's expiration datel)
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Payment method |
1) Principal - for 1 year card at least 8%, and for 2 year cards at least 5% of the used amount shall be paid monthly within 10 days from the date of the card;
2) Interest - shall be paid mothly in full within 10 days from the date of card.
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Paragraph 3. Security and Bank’s fees
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Security for the loan |
1) insurance policy;
2) where the amount of the loan is in excess of AZN 1000, undertaking by a 3 rd party |
Loan service and insurance fee |
1,9 % |
3,5 % |
Credit line reinstatement fee |
AZN 5 |
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Paragraph 4 . Requirements to the borrower
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Required documents |
1) identification document;
2)
letter from employer/ letter about pension |
Place of registration of the borrower |
Baku (from Garadagh District only Lokbatan, Sahil, Elet, Gobustan, and Mushvigabad settlements), Absheron region, Khirdalan , Sumgayit |
Age of the borrower |
min. 20, max. 65 |
Applicant's place of work |
State entity or a private company in good standing |
Term of employment at current work |
min. 3 months |
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Please have a look at our partners for the Dynamic card project.
Please review to FAQ.
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DYNAMIC PLUS
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Who can get DYNAMIC PLUS card?
Any person who got 1 or more loans or credit lines from the Bank, whose number of days of delay on such loans (credit lines) is below 30, is treated as a customer with good credit history and can apply for Dynamic PLUS card.
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Paragraph 1. Dynamic Plus Card
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Criteria |
For 1 year cards |
For 2 years cards |
Validity term of the card |
1 year |
2 years |
Service fee for the card |
AZN 20 |
AZN 30 |
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Paragraph 2. Credit line
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Amount of the loan |
min. 150 AZN; max. 5,000 AZN |
Credit line interest rate |
26 % per annum (2,17 % per month) |
Purpose of the loan |
purchase of goods and services or full sum cash withdrawals in any commercial and services points both in and out of country
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Reinstatement of the credit line |
no limitations, credit line is automatically reinstated upon repayment of principal |
Payment method |
1) Principal - for 1 year card at least 8%, and for 2 year cards at least 5% of the used amount shall be paid monthly within 10 days from the date of the card;
2) Interest - shall be paid monthly in full within 10 days from the date of the card |
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Paragraph 3. Security and Bank’s fees
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Security |
Guarantee by third person is required for amounts above AZN 1000
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Serving fee for credit line |
1,5 % |
3,0 % |
Credit line reinstatement fee |
AZN 5 |
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Paragraph 4 . Requirements to the borrower
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Required documents |
1) identification document;
2)
letter from employer/ letter about pension
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Place of registration of the borrower |
Baku (from Garadagh District only Lokbatan, Sahil, Elet, Gobustan, and Mushvigabad settlements), Absheron region, Khirdalan , Sumgayit |
Age of the borrower |
min. 20, max. 65 |
Applicant's place of work |
1) Employees of unconditional partners;
2) Employees of conditional partners (for credits below AZN 1000 or upon personal application);
3) Customers with Sound Credit Records.
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Term of employment at current work |
min. 3 months |
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Additional information!
Please send us your queries related to this service. Approach any branch or office of the Bank or call Information center 145.
Complete application for the loan online.
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