The Agency for Regulation and Development of the Financial Market has explained the procedure for deferring loan payments for citizens called up for compulsory military service. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
Under current legislation, citizens called up for compulsory military service may defer payments on bank loans and microloans. This benefit remains in effect for another two months after the end of military service. During this period, no interest is accrued on the loan.
Procedure for deferring payments
To defer a payment, there is no need to submit an application to the bank or microfinance organization. Information about conscription for military service and release from it is transmitted to banks and microfinance organizations through the credit bureau.
What happens to loans unpaid before the army?
Debt collection procedures for citizens who had problem debt before being called up for compulsory military service must also be temporarily suspended. As agency specialists warned, the debt remains after the end of military service. Therefore, before being called up for service, it is advisable to check the status of your credit obligations and, if necessary, take appropriate measures to settle them.
Can you get a new loan while serving in the army?
During compulsory military service, the provision of new bank loans and microloans is prohibited. A bank or microfinance organization checks a citizen's status through the credit bureau. If the credit record contains information that he is undergoing compulsory military service, a new loan or microloan is not granted.
Statistics
According to official data, over the past two years, loan payments for 82,100 servicemen have been deferred. The total amount of deferred loans was 23.5 billion tenge.