Kazakhstan May Require Banks to Offer Deferrals to Socially Vulnerable Borrowers
Photo: DALL-E
Kazakhstan’s banks and microfinance organizations could soon be required to offer at least a three-month loan deferral — without fees — for borrowers classified as socially vulnerable, Orda.kz reports.
The Agency for Regulation and Development of the Financial Market (ARDFM) has drafted a new regulatory act that would make payment deferrals mandatory for socially vulnerable population groups (SVP) and citizens affected by emergencies. The draft has been posted for public discussion on the Open NPA (Open Draft Regulatory Acts) portal until July 24.
If a borrower from the SVP category or someone affected by an emergency experiences a drop in income, banks and microfinance organizations will be required to grant a deferral of at least three months without charging a fee, provided there is documentation confirming the deterioration of the life situation, the draft states.
The proposed changes aim to simplify the handling of problem debt, standardize procedures, and ensure transparency in the loan deferral process.
Orda.kz previously reported that borrowers facing financial hardship can apply for loan restructuring. Options may include payment deferrals, extensions of the loan term, or interest rate reductions.
Original Author: Ruslan Loginov
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