Integrites has the honor to bring to your attention the following information, which we hope may be useful in your company activities.
A number of changes have been introduced into the Banking legislation of the Republic of Kazakhstan. The changes mainly concern the practices in lending of money by the banks to their borrowers. These changes also impose several new requirements for documentation, primarily for the loan agreements signed by the banks and the borrowers.
The applied amendments rather bear informative and technical features and do not interfere with the interest rates or the procedures of changing the latter. For instance, the agreements shall now also contain payment schedule, signed by the bank and a borrower. The schedule shall contain the following information – the amount of the loan, loan currency, installment amounts with indication of principal amount paid to date, total amount of interest paid, remaining principal for the following installment payment, total amounts of principal and interest payable, and the last payment date.
The floating rate loan agreements shall contain a similar payment schedule with indicated date of issue. The subsequent payments with applied floating rate shall be adjusted respectively and further provided by the bank to the borrowers in a manner outlined by the loan agreement.
For individuals, the schedule shall outline the list of options for types of loan payments. The borrowers will have to choose the preferred option of those offered by the bank. Besides the schedule, the borrower shall also receive a memo, signed and sealed by the issuing bank. In case of any changes in terms of the loan agreement or the amounts payable, the memo shall be amended accordingly and re-issued to the borrower.
We hope that provided information shall be useful to you.
For more information, please contact our firm. We shall be pleased to offer our services to you.