Financial institution Octobank has officially expanded its lending portfolio by introducing two novel products, namely Octo Card and Octo Restart, aimed at addressing personal expenditure and restructuring existing debt obligations. Both financial offerings boast repayment terms of up to 60 months, with loan applications reportedly being processed and decided upon within a single business day. The bank positions these tools as a flexible response to changing consumer demands in the local credit market. v

The Octo Card product is specifically tailored for both scheduled and spontaneous consumer needs, encompassing everything from electronics purchases to home improvements and educational expenses. Annual interest rates for this card are set at 25 percent for bank employees and payroll project participants, whereas general customers face a higher rate of 30 percent per annum. Borrowers can allegedly access up to 100 million soms with partial risk insurance and no collateral required, while larger amounts necessitate traditional property collateral to secure the financing.

Meanwhile, the Octo Restart program serves as a refinancing mechanism designed to absorb and restructure loans originating from competing financial institutions. The standard interest rate for this refinancing option is fixed at 28.9 percent annually, though individuals boasting a solid repayment record over the preceding 12 months can reportedly qualify for a reduced rate of 24.9 percent. These lending products are targeted at Uzbek citizens aged 20 to 60 with permanent registration in Tashkent or the Tashkent region, subject to standard underwriting verification.

Source: podrobno.uz