It is proposed to pay main portion of the salary to savings insurance in order to increase income of employees using “Savings life insurance” product. In return, the Bank offers credit lines to staff
| Currency | AZN | USD |
|---|---|---|
| Annual interest rate | 13 | 9 |
As a result, employees shall gain 50% or 72% income (depending on the salary amount) and low-interest credit lines by using the “Savings life insurance” product. Example:
| Salary | Up to 2500 | Over 2500 |
| Deduction from salary (monthly) | 500 Azn | 500 Azn |
| Exempt amount (percent) | 14 % + 3 % + 22 % | 25 % + 3 %+ 22% |
| Savings deposit monthly | 734,94 Azn | 847,22 Azn |
| Monthly loan from savings (percent) | 65 | 56 |
| Monthly loan from savings (amount) | 477,71 Azn | 474,44 Azn |
| Difference between salary savings and loan (monthly) | 23 Azn | 26 Azn |
| Total issued loan (36 months) | 17 197 Azn | 17 079 Azn |
| Annual interest on loan | 13 | 13 |
| Accrued interest on loan | 3 447 Azn | 3 423 Azn |
| Savings deposit (36 months) | 27 724 Azn | 32 041 Azn |
| Net income | 7 080 Azn | 11 539 Azn |
| Advantages of the credit line: | Withdrawal of monthly salary portion from savings account | |
| Opportunity to pay in main portion of salary to insurance and benefit from more discounts | ||
| Pay out outstanding loan and interest from savings account at the end of term |
