Kapital.kz: MFI loan payments should not exceed 50% of the borrower's income

“To approve the limit value of the debt burden ratio of a borrower of a microfinance organization in the amount of 0.5,” this is stated in the Decree of the National Bank on approval of the Rules for calculation and the limit value of the debt burden ratio of a borrower of a microfinance organization.

MFI loan payments should not exceed 50% of the borrower's income

The document clarifies that "the resolution comes into force on January 1, 2020 and is subject to official publication."

A correspondent of the Kapital.kz business information center in one of the largest MFIs was explained the norm introduced by the National Bank. The MFI clarified that starting next year, the monthly payment amount on loans taken from MFIs should not exceed 50% of the total official income of the borrower.

Also, MFIs explained that earlier there was no norm on the debt ratio. Each MFI set a debt rate in accordance with its internal credit policy.

Note five years ago, a similar norm for the coefficient of credit load for borrowers was introduced in the banking market.

The leadership of the National Bank signed a resolution according to which Kazakhstan banks will have to refuse potential borrowers to issue loans if the monthly payment on them “and other previously issued loans” exceeds 50% of the average income of the client.

According to the decree “On introducing restrictions on certain types of banking and other operations by financial organizations”, the maximum level of the borrower’s debt ratio is 0.5. In this case, the coefficient is calculated as the ratio of the average monthly payment for all outstanding loans of the borrower to the average monthly income of the borrower over the past six months.

If the borrower’s debt ratio exceeds the specified value, “the bank does not make positive decisions” on issuing a loan to a borrower, opening a credit line (setting a credit limit), issuing an additional loan under a bank loan agreement, changing the terms of an open credit line and (or) the borrower's loan, entailing an increase in the amount of periodic payments on this loan.

This norm for banks was put into effect on April 1, 2014.

 

Source: https://kapital.kz/finance/81621/platezh-po-kreditu-v-mfo-ne-dolzhen-budet-prevyshat-50-ot-dohoda-zaemcshika.html

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