Recently, citizens have started to turn more and more to BOKTs to get loans.
Publika.az Economist Rauf Garayev made a statement to Metbuat.az about the activities and advantages of BOKTs, which can provide secured and unsecured loans based on the license obtained from the Central Bank. He said that the interest rate may be higher in the banks that can give loans faster than banks:
“Since the banks have wider opportunities, they can also use certain nuances in granting loans and attract customers to them. It is a positive thing that BOKTs are also in the market. Because the market should have wide opportunities so that the customer can buy the desired product from there. I think that their absence along with a number of difficulties, it can increase the work of banks.
The expert noted that when taking a loan from NBFCs, customers should carefully read the terms of the contract in order not to be left in a dead end:
“If the client carefully reads the contract and carefully considers the nuances, he may not be left in a dead end during the repayment of payments. Citizens sometimes do not pay attention to the contracts, because the documentation process is boring for them. But one of the important points is that when the credit debt contracts are drawn up, the lawyers between the sentences they hide certain nuances. If clients do not want to have problems later, they must listen to the lawyer’s opinion. Otherwise, it is the client who loses.”
Ekrem Hasanov, an expert on the banking sector, said that citizens who take loans from NBFCs should know that the rules are the same as in banks:
“If a citizen has pledged his property in front of a debt because he cannot repay the loan, that organization can claim the debt through the court. But if the citizen has not pledged his property, then he does not have to pay anything here, as in the case of the bank. In general, in most cases, citizens do not need to they try to take such a loan, which causes them to borrow with long-term interest.”
It should be noted that there are only 18 credit organizations operating in the country, whose assets are higher than 10 million manats. The total assets of these organizations make up 81% of the BOKT sector (500 million manats). 60% of loans given by sector are for Baku city.
