12:03 - 5.01.2026

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January 5, Fineko/abc.az. Citizens who have difficulty paying off a loan are often interested in the possibility of extending its term. For example, a one-year loan with extension of up to two years allows reducing the monthly payment.

But how accessible is it and can it be applicable to everyone?

ABC.AZ informs that  economist and expert Akram Hasanov says that banks make the decision to extend the loan term based on the borrower's financial situation, payment history and risk assessment. That is, the possibility of renewal is provided only if certain conditions are met.

If the borrower proves to the bank that he cannot fulfill his obligations at the set time, and the institution agrees, the loan term can be extended. In this case, an additional agreement is drawn up between the parties. If the bank refuses, an extension is not possible.

The expert emphasizes that banks consider such cases individually, this opportunity is not automatically provided to all customers.