With the purpose of maintaining financial system stability, as well as increasing public trust in credit organizations and decreasing credit risk by preventing excess consumer indebtedness and promoting responsible borrowing, the Central Bank of Azerbaijan developed Methodological Guidelines on “Responsible Lending in Banks and Non-Bank Credit Organizations”. OSJC Bank of Baku, in line with the Methodology, presented to wide audience its Responsible Lending Policy.
The presented policy identifies general principles, objectives and procedures of responsible consumer lending. Objective of the policy is to prevent excess consumer borrowings through analysis of indebtedness level, financial and personal responsibility and other qualities and factors of the borrower during consumer lending, as well as increase borrower awareness of responsible borrowing, strengthen financial skills and knowledge of consumers and eliminate any factors which may result in deterioration of customer satisfaction levels in the future. Within the policy, the “A loan can Check and Mate you” slogan used in advertisements recommends the customer to borrow only amounts that the customer is able to pay.
For more detailed information on Bank’s Responsible Lending Policy, please follow the link: