"Mahalla-Business" microloan product

T/r

The main conditions for microloan allocation

1.

Borrowers

Individuals who are self-employed individuals aged between 18 and 60 who are bank clients and live in the neighborhoods attached to JSCB “Microcreditbank” by the government.

1.1.

Borrower's sources of income

The credit history of self-employed individuals without official income is studied.

2.

Required documents

a) ID card or passport and passport replacement document. A copy of ID card or passport is also required if the customer presents a military ID for military personnel;

b) Self-employment certificate;

• c) loan security documents.

3.

Currency and allocation form of microloan

Loans in national currency (soum) are allocated to individuals in cash or by transferring money to bank cards, based on the terms of maturity, solvency, security and repayment.

4.

Credit allocation form

Allocated in cash or by transferring money to bank plastic and virtual cards (online).

5.

Repayment method

Differentiated, Annuity (grace period up to 3 months)

6.

Term and annual interest rate of microloan

up to 48 months

Annual interest rates are determined based on the decision of the Bank's Product Management Commission.

7.

A grace period for principal repayment

No

8.

Amount of microloan

For self-employed individuals: 

 1. For a period of up to 24 months – in an amount not exceeding 17 million UZS; 

 2. For a period of up to 48 months – in an amount not exceeding 30 million UZS.

9.

Debt on a previously allocated loan/microloan

There should be no overdue debt.

Information on previous loans of a self-employed borrower who does not have an official income is studied from the CIAC database.

10.

Credit support

For self-employed individuals:

• non-return risk insurance policy (the insurance premium for non-return risk insurance service can be paid from the loan amount);

• or third party guarantee.   

11.

Credit support

Security in the amount of not less than 125 percent of the loan amount.

12.

Object of provision

insurance policy term

For self-employed individuals: 

 1. For a microloan of 17 million UZS or less:

 - A non-repayment risk insurance policy (the insurance premium for the non-repayment risk service may be paid from the loan amount); 

 - Or a third-party guarantee. 

 2. For a microloan exceeding 17 million UZS: 

 - Only a third-party guarantee.

13.

Additional conditions should be checked by branch (before allocation of loan)

• SMS notification on overdue debt is enabled;

• loans are connected to the auto payment system;

• that the loan and the interest payments calculated on it are set on the same day.

14.

Special condition

1. The balance of all microloan funds of the borrower in the bank and other banks, the total indebtedness cannot exceed 100 million soums.

2. Self-employed individuals (debtors) who have used this type of credit in the JSCB "Microcreditbank" system are allowed to re-receive the loan after paying off the current debt.

15.

Source of financing

Own funds of the bank.