These principles for credit institutions reflect the main approaches related to:
• clear and complete disclosure of information before, during and after signing the loan agreement;
• ethical and fair treatment of customers;
• ensuring effective correction of errors, consideration of complaints and a mechanism for addressing disputes.
The principles of responsible lending impose on the lender the obligation to provide the borrower with information about credit and microcredit services in a transparent form so that borrowers can make a balanced and informed decision when obtaining a consumer loan and a microloan.
The adoption of the principles of responsible lending will help prevent the application of unfair and difficult conditions to borrowers or the accumulation of debt burden by borrowers when issuing loans by commercial banks and microcredit organizations, the press service of the Central Bank reports.
