Banks and microfinance organizations in Kazakhstan will offer automatic payment deferrals on loans for three months to those affected by floods. The decision was made in response to a directive from President Kassym-Jomart Tokayev on April 1st, according to the Agency for Regulation and Development of the Financial Market.
To assist affected borrowers, the following measures will be implemented:
- Citizens identified as flood victims by local executive bodies will receive an automatic three-month payment deferral on loans from April 1st to June 30th, 2024.
- No fines or penalties will be charged on late payments for loans of affected citizens due to the flood's impact.
- Individual entrepreneurs and small and medium-sized businesses affected by the floods, leading to disruptions in business activities, will be granted payment deferrals upon their application.
Banks and microfinance organizations will conduct an individual analysis of each affected borrower to assess the damage caused to their property and personal household, income, and financial situation. Based on this, additional personalized support measures for loans will be determined.
Information on assistance measures for borrowers can be found on the official websites and social media accounts of credit organizations. To streamline interaction with borrowers, banks and microfinance organizations are implementing a service for remote submission of applications by affected borrowers.
The fight against the widespread floods in Kazakhstan continues. For updates on the country's situation as of April 1, 2024, click here.
