Debt postponement without charges: fresh regulations in Kazakhstan
In a move to support citizens facing financial hardship, the Agency for Regulation and Development of the Financial Market in Kazakhstan has announced a loan repayment deferral for at least three months. This initiative, introduced in 2020 as part of the government’s COVID-19 response measures, aims to provide relief to physically disadvantaged borrowers and those affected by extraordinary events.
The deferral, which does not include any fees or additional payments, is applicable to individuals who have experienced a reduction in monthly income of more than 30% over the previous two months compared to the previous twelve months. This relief is also extended to families receiving Targeted Social Assistance (TSA) and those who may lose their eligibility for TSA due to loans.
To apply for this deferral, borrowers are required to submit a unified list of documents, which includes an unemployment registration certificate and/or borrower's income statement for the last six months, as well as various employer's documents. Other essential documents include a workplace certificate with salary indication, an ENPF extract, a document confirming the borrower's maternity leave or childcare leave, and an employer's act on labor contract termination, unpaid leave provision, or temporary disability document.
This unified list of documents has been introduced to streamline the process and prevent delays or unjustified rejections. Banks and microfinance organisations in Kazakhstan are required to adhere to this list.
For further guidance, it is recommended to read "What to do if you've missed a loan repayment: expert advice". The details of the project's impact on families with loans were reported by our website, but specifics were not provided.
This initiative is part of a broader effort to support Kazakhstan's citizens during challenging times. The deferral is offered to physical persons only and serves as a response to the extraordinary events faced by some Kazakhstan citizens. The details of the project regarding families with loans were not specified in the statement from the Agency for Regulation and Development of the Financial Market.
