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Monday, 24 October 2016


Georgian credits are the most expensive in Europe

2010-09-27 16:29

8067.jpegGeorgian consumers have to pay by 1.5-2% more than the set interest rate. It happens because of numerous masked payments, Business-Gruzia reports citing to a number of experts.

Emzar Jgerenaya, the expert, says that when a consumer goes to a bank and takes a loan with, for example, 16% exchange rate, he also has to pay for opening an account, life insurance etc, though it all must be included in the interest rate. In result the interest rate exceeds the declared 16%. 

The consumer, who comes to a bank hoping to take a 16-18 % loan, comes out cheated, Tamaz Dzaganidze, the director general of a big company believes, and also says the interest rate appears to be bigger with all the obligatory additional services.  

Altinbeg Nurmamedov, the representative of Daewoo in Georgia, agrees. He added the terms of issuing a credit are very strict in Georgia, and when the agreement is signed, they get even stricter. Recently banks have introduced new terms and commission charges, never declared before. To make matters worse, interest rates in Georgian banks are higher than in Europe or other ex-Soviet states.

"In Russia interest rates have already decreased to 8%, in Armenia - to 12%, but they have such flexible conditions that rate drops to 8.8%. But credit policy of Georgian banks can't be called flexible," Narmamedov said.

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