Procedure for settling overdue debt of citizens experiencing difficulties in repaying a loan

Within 30 calendar days from the date on which the default in performance of obligations arises, the borrower has the right to apply to the Bank with a written application to amend the terms of the agreement, stating the reason for the decrease in income and attaching supporting documents. Amendments to the terms of the agreement may include, among others:

1. a reduction of the interest rate under the bank loan agreement;

2. conversion of the outstanding principal of a bank loan issued in foreign currency into the national currency;

3. deferral of payment of principal and (or) interest;

4. a change in the method of debt repayment or in the order of repayment, including repayment of principal on a priority basis;

5. a change in the term of the bank loan;

6. forgiveness of overdue principal and (or) interest, cancellation of penalties (fines, late-payment interest), fees and other payments related to servicing the bank loan;

7. sale by the pledgor, on their own, of the immovable property that is the subject of the mortgage, in the manner provided for by Article 20-1 of the Law of the Republic of Kazakhstan «On Mortgage of Immovable Property»;

8. provision of a settlement in kind in place of performance of the obligation under the bank loan agreement, by transferring the pledged property to the bank (or to an organisation carrying out certain types of banking operations);

9. sale of the immovable property that is the subject of the mortgage, with transfer of the obligation under the bank loan agreement to the buyer.

Within 15 calendar days the Bank duly notifies the borrower of:

1. its consent to the proposed amendments to the terms of the agreement;

2. its own proposals for amending the terms of the agreement;

3. its refusal to amend the terms of the agreement, stating the reasoned grounds for such refusal.

The following uniform principal circumstances have been established under which a borrower has the right to apply for amendments to the terms of the agreement:

1. registration of the borrower as unemployed with the employment authorities;

2. a change in the borrower's social status, namely classification as a person in a socially vulnerable group (SVG), or the granting of SVG status to a close relative or spouse living with the borrower, which has resulted in a decrease in average monthly income;

3. temporary incapacity for work of the borrower (more than 3 months) due to illness;

4. the borrower taking parental leave;

5. the borrower being called up for compulsory military service;

6. family circumstances related to illness (among socially significant diseases) of close relatives or the spouse of the borrower, or to their death;

7. circumstances that caused the borrower material damage (theft, fire, etc.). The borrower must provide information on their current financial and social situation and document the reduction or absence of income that would allow them to perform their obligations under the agreement.

How to contact the Bank:

1. a written request by post or by e-mail;

2. an oral request by telephone or during a personal visit to the Bank.

Responsible departments

Call Processing Department: +7 (727) 356-96-60, from a mobile 2468

Monitoring and Analysis Department: +7 (727) 356-96-68, +7 (727) 356-96-64

Customer Acquisition Department: +7 (727) 356-96-44, +7 (727) 356-96-76, +7 (727) 356-96-05

E-mail: infokz@shinhan.com