According to the draft, only adult citizens will be able to apply for installments after passing identification, both online and offline. At the first stage, a limit of up to 2 million soums will be set for new customers. To increase it, it will be necessary to calculate the debt burden indicator (PD), which should not exceed 50%. This means that monthly installment payments cannot exceed half of the borrower's official income, according to Fintech & Retail.
If the client has overdue debts on other loans, a new installment plan will not be provided. At the same time, the total amount of additional payments - including interest, fees and penalties - cannot exceed 50% of the principal amount per year. The maximum installment overpayment is thus limited to half of the purchase amount.
The regulator also proposes to exclude the accrual of compound interest: a fine or penalty will be applied once for the fact of delay. Customers will be given the opportunity to repay ahead of schedule without paying additional penalties.
The Central Bank emphasizes that the new rules are aimed at reducing the risks of excessive creditworthiness of citizens and forming a responsible approach to the provision of installments. Currently, according to the regulator, the installment market is actively growing, but a significant part of it operates outside of banking supervision, which poses risks to financial stability.
