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18.09.2019 (CBAR)

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Policy of responsible lending

  1. General Provisions

1.1 “KredAqro” NBCO’s Responsible Lending Policy (hereinafter referred as Policy) determines organization’s general principles, objectives and procedures.
1.2 Objective of this Policy is to prevent over-indebtedness of “KredAqro” NBCO’s consumers within lending, to impart skills of responsible borrowing to borrowers, as well as to prevent possible cases consisting disruption of customer’s satisfaction. At the same time it will preserve organization’s financial stability, decrease risk concentration as well as stimulate reinforcement of public confidence.

2. Prevention of Conflict of Interests

2.1 Employees of “KredAqro” may receive from organization consumer credit only designed for employees according to conditions described in “Credit Products and their Criteria”.
2.2 If of “KredAqro” employee’s relative, friend or closely involved person applies for credit, both an applicant and employee shall write to Credit Committee clear information in written form on links between them. The same information refers to guarantor and pawn of “KredAqro” employees’ relative, friend or closely involved person. In case of positive opinion BCC sends such credit applications to CCC for discussion.
2.3 The objective is to avoid situations that may affect on appeal of these relations, or unfair credit’s approval and discussion. In order not to create suspicions employees should conservatively approach and inform on relations.
2.4 After reporting on relations, related employee shall document credit appeal, offer to BCC and participate in discussion and approval process.
3.Mechanism to assess borrower’s ability to pay
3.1 Before approving each consumer credit firstly borrower’s ability to pay shall be defined.
3.2 In addition to identifying ability to pay collection and assessment of information is performed. Collection and assessment of information on borrower take into account also financial status and separate and complex analysis of factor that are not related to financial status.
3.3 Concerning factors related to borrower’s financial status:
3.3.1 amount and source of income –borrower’s approved monthly income with appropriate documents (reference from working place on salary, tax declaration approving residual income less charges, reference from business education on scholarship, reference on pensions and allowances given by the bodies of social security, and other documents approving stable income), as well as interest income available at deposing accounts in the Bank;
3.3.2 commitments and expenses –the amount of monthly debt burden according to borrower’s CCR information;
3.3.3 need and objective to obtain credit;
3.3.4 whether or not to expect availability of important changes affected borrower’s financial status in future.
3.4 Concerning factors that are not related to borrower’s financial status:
3.4.1 borrower’s personal qualities – honesty, reliability, responsible approachand other indicators;
3.4.2 credit history – according to CCR information whether credit obtained from this or other organization was repaid timely in order to check on existing loans from other institutions to assess total indebtedness.
3.4.3 marital status and personal dependents, etc,

If information submitted by the customer is incomplete or improper, it is the reason of impossibility to define his ability to pay and compliance with assignment, so organization does not approve consumer credit product informing the customer.

Assessing ability to pay it is used BYG (income ratio for monthly debt burden)factor and if this factor is less than 50% consumer credit is considered acceptable.

BYG factor is calculated according to following formula:

BYG = monthly debt burden +monthly payment for credit will be given * 100%
                                      Customer’s incomes

4. Assessment of compliance to credit assignment
4.1 Credit is assessed to compliance with credit assignment basing on collected by organization information. Before making credit official LoanOfficer takes information on customer’s purpose to gain credit, assignment, amount, term and which is more suitable credit’s repayment form.
4.2 As a result of performed assessment if non-conformance to assignment revealed, information on it is given to customer. Factors creatingnon-conformance may arise taking the credit, possible risks are explained to borrower and appropriate directions are given for possible conditions in order to eliminate non-conformance.
5. Disclosure to borrower results of assessment
5.1 Dependently on assessment’s results positive or negative decision may be given on appeal to approve the credit.
5.2 Giving positive decision on credit appeal the borrower shall submit the following information:
5.2.1 Identified rights and commitments with credit agreement;
5.2.2 Interests and commission fees on credit;
5.2.3 Benefits for timely implementation of credit commitments and sanctions taken into account for commitments that are not implemented on time;
5.2.4 Conditions and advantages for credit repaid prematurely.
5.3 In case that negative decision is given on credit appeal refusal decision on credit appeal should be attained to an applicant professionally, in polite way, and as far as possible explaining the reasons. According to the policy and procedures of “KredAqro” there should be an explanation based on accepted decisions.
5.3.1 Refusal decision right now is not in the interests either of an applicant or “KredAqro” and for both of them may create financial difficulty such as increase of risk and so it should be based on specific, sufficient and reliable reasons.
5.3.2 The day when refusal decision is issued, Loan Officer shall let an applicant to know it.
5.3.3 In order to make the credit official, in case of refusal to grant a credit to an applicant, a customer shall get the answer based on a written appeal showing reason of refusal by written or electronic bearer.  
6. Prevention of unacceptable cases
6.1 Customer may ask any questions, submit offers and claims by the following means:

Verbal appeal –
1. directly approaching to credit organization (from 9:00 till 18:00 working days);
2. telephone – appeal by Automatic Virtual Communication. Organization’s number is +99412 4412134, or by the same telephone number to section Review of Applications by dialing “4” button, or dialing internal numbers (1600 and 1601);  

Written appeal –

  1. to submit written appeal directly to credit organization;
  2. to send to organization’s mailing address (1 Nizami Str. Baku);
  3. by fax (+99412 4412134);
  4. to send to an email address (;
  5. to fill in application form online at internet page.