BAKU, Azerbaijan, Jan. 20
Trend:
The borrower will be offered two alternative ways to repay deferred payments, Alexander Terentyev, director of the department of protection of the rights of consumers of financial services of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market and Financial Organizations, said, Trend reports with reference to the Kazakh media.
“To obtain a deferment, the borrower must write an application in any form by any available means of communication or visit the lender’s office,” Terentyev added.
“This is a fairly flexible procedure, which was used during the COVID-19 pandemic in 2020-2021,” the director of the department stressed. “During this period, more than 2.5 million citizens or 3.8 percent of all borrowers-individuals, took advantage of the deferment worth more than 270 billion tenge.”
The director of the department said that to provide all borrowers who suffered from enough time to apply, the application can be submitted within three months, that is, until April 5, 2022.
“At the same time, regardless of the date of application, a deferment on the loan will be granted from the date of the introduction of the state of emergency,” Terentyev said.
“We understand that a longer period of time will be required for borrowers who greatly suffered during the riots to restore their own business,” the director of the department said. “Therefore, another longer period of deferment may be established instead of the three-month deferment upon an agreement between the lender and the borrower.”
“An important issue for borrowers is the procedure for repaying loans after the end of the deferment period,” the director of the department said. “The borrower will be offered two alternative ways to repay deferred payments.”
Terentyev said that the first is in the form of equal distribution of previously deferred payments until the end of the loan term or an increase in the loan term to maintain the amount of current loan payments.
“A different schedule may be established for the borrower upon the agreement with the credit organization,” the director of the department said.
“The Agency stressed two important conditions for protecting the rights of borrowers associated with a loan deferment,” Terentyev said. “First, credit organizations do not charge any commissions or other payments from borrowers when carrying out the operations related to granting a loan deferment. Secondly, during the deferment period, creditors cannot carry out the work related to the borrowers, including notifying them of the need to repay overdue debts.”
