Regulatory Alerts2018-09-29 | 329-B-2Added · Updated
Resolution on Amendments and Additions to the Regulation on the Procedure for Granting Preferential Microcredits by Commercial Banks at the Expense of Credit Lines of State Target Funds
This resolution amends the Regulation on the Procedure for Granting Preferential Microcredits by Commercial Banks at the Expense of Credit Lines of State Target Funds, originally approved in 2013. It expands the definition of borrowers to include unemployed persons, labor migration returnees, women in difficult situations, and various business entities, while setting loan terms at up to 500 times the minimum wage for 3 years with a 6-month grace period and an interest rate of 50% of the Central Bank refinancing rate. Loans up to 100 times the minimum wage are available without collateral for specific social groups, provided the commercial bank insures the non-repayment risk, and the document introduces new mandatory forms for recommendations and loan applications.