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All about reducing the debt burden

  • 1. Who has the right to reduce the debt burden?

      Debtors on unsecured consumer loans of the following categories of citizens have the right to reduce the debt burden (on June 26, 2019):

      1. large families;

      2. families receiving benefits because they have lost their only breadwinner;

      3. families with disabled children, disabled persons since childhood over 18 years;

      4. recipients of addressed social assistance;

      5. children-orphans;

      6. children left without parental care, under the age of 29, who lost their parents before adulthood.

      At the same time, the amount of total debt on consumer loan agreements should not exceed 3 million tenge on June 1, 2019.

  • 2. What is the mechanism of repayment of consumer loans?

      The Ministry of labor and social protection of the population forms a list of persons corresponding to these categories. This list is transferred to "The State Credit Bureau" JSC, which interacts with second-tier banks (STB) and microfinance institutions (MFI), forms a list of debtors, calculates the amounts and transfers information to the Fund of problem loans.

      The Fund concludes an agreement with each STB and MFI to repay the debt in period up to August 9, 2019.

      Also, on the basis of the list, the Fund forms and submits an application for financing to the Ministry of labor and social protection of the population. Within three working days, the Ministry transfers money means to the Fund.

      Until September 2, 2019, the Fund transfers money to the accounts of banks and microfinance institutions, which repay the debts of citizens until September 5, 2019, and then send a notification to the debtors about the repayment of the debt and the amount of the debt balance.

      STB and MFI make review of the schedule of payments on the loan until September 9, 2019  and present the information on the implementation of debt repayment for each debtor and his loan to the Fund.

      Until September 13, 2019 the Fund transfers lists of persons with information on the implementation of debt repayment to the National Bank of RK and the Ministry of labor and social protection of the population of  RK.

  • 3. How do I know if I am in the category of persons falling under the reduction of the debt burden?

      The formation of the list of debtors will be carried out through the information systems of state bodies without the participation of the applicant.

      Since September 18, 2019, after the completion of all procedures, you can get the information on debt repayment by applying to the State Corporation "Government for citizens" or on the web-portal "E-government" www.egov.kz

      You can check your social status using the appropriate service on the web-portal "E-government". The service will be available from July 22, 2019.

  • 4. What are the conditions of repayment of consumer loan if one family member has several loans?

      Firstly, the amount of total debt on all consumer loan agreements should not exceed 3 million tenge on June 1, 2019.

      Secondly, one debtor can repay up to 300 thousand tenge of the total loan amount.

      For example, the family of the recipients of the ASA has two consumer loans in the amount of 2.5 million tenge, formed to one of the family members. In this case, the debt on two loans on total amount up to 300 thousand tenge will be repaid.

  • 5. How will the debt be repaid if several family members have consumer loans?

      If several family members have loans, i.e. loan agreements are concluded for different persons, the repayment of the debt will be made on each loan agreement.

      For example, if two loans are formed to two family members, then for each loan agreement they have the right to repay up to 300 thousand tenge. That is, the total amount of debt repayment for two family members will be up to 600 thousand tenge.

  • 6. What are the priorities for repayment of the debts on consumer loans?

      The Credit Bureau determines debtors and their loans and (or) microloans on which repayment of debt on the main debt and remuneration is carried out and forms the list for payment taking into account the following priorities:

      - first of all, the debt on loans and (or) microloans with the largest amount of the annual effective interest rate is repaid;

      - in the second place the debt on loans and (or) microloans with the greatest debt on the main debt and remuneration on June 1, 2019 is repaid;

      - in the third place the debt on loans and (or) microloans with the earliest date of the conclusion of the loan agreement and (or) microloans is repaid.

  • 7. What are the terms of reducing the debt burden?

      The process of repayment of consumer loans is scheduled to be completed in September 2019.

  • 8. Who and how will be relieved fines and penalties?

      According to the Decree of the President of RK, the relief of fines and penalties will be made to all citizens of the Republic of Kazakhstan who have unsecured consumer loans.

      According to the Board Resolution of National Bank of RK, STB and MFI carry out forgiveness of debt on assessed penalty (penalties and fines) in the period up to July 30, 2019.

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