17:06 - 28.02.2023

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February 28, Fineko/abc.az. The debtor will not be charged more than 5% per annum of the amount for overdue loans.

ABC.AZ reports that it is planned to amend the Civil Code in this regard.

If the code and the contract do not provide for a separate rule, the amount that the creditor can demand for late payment is limited.

Speaking on this topic, MP Rufat Guliyev said that the changes will be especially favorable for those who receive a loan.

Economist Rashad Hasanov also notes that the current legislation has no restrictions on the application of fines by banks. As a result, creditors recorded a certain amount of penalties depending on the number of days of delay. And in some cases, the person who received the minimum loan amount had to pay higher penalty interest for delays.

According to Hasanov, although in some cases the money for the penalty was written off by a court decision, this did not solve the problem fundamentally. On the other hand, the new rules can increase solvency even in times of crisis.