RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 27, 2018 No. 197

About approval of Rules of calculation of annual effective rate of remuneration for the loan agreement

According to Article 725-1 of the Civil code of the Republic of Kazakhstan (Special part) of July 1, 1999 the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of calculation of annual effective rate of remuneration for the loan agreement.

2. (Salimbayev D. N.) in the procedure established by the legislation of the Republic of Kazakhstan to provide to department of methodology of the financial market:

1) together with Legal department (Sarsenov N. V.) state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) within ten calendar days from the date of state registration of this resolution its direction in the Kazakh and Russian languages in the Republican state company on the right of economic maintaining "The republican center of legal information" for official publication and inclusion in Reference control bank of regulatory legal acts of the Republic of Kazakhstan;

3) placement of this resolution on official Internet resource of National Bank of the Republic of Kazakhstan after its official publication;

4) within ten working days after state registration of this resolution submission to Legal department of data on execution of the actions provided by subitems 2), 3) of this Item and Item 3 of this resolution.

3. To management on consumer protection of financial services and external communications (Terentyev A. L.) provide within ten calendar days after state registration of this resolution the direction it to the copy on official publication in periodic printing editions.

4. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Smolyakov O. A.

5. This resolution becomes effective after twenty one calendar days after day of its first official publication.

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of August 27, 2018 No. 197

Rules of calculation of annual effective rate of remuneration for the loan agreement

Chapter 1. General provisions

These rules of calculation of annual effective rate of remuneration for the loan agreement (further - Rules) establish procedure of payments of annual effective rate of remuneration according to the loan agreement signed with the borrower physical person according to Article 725-1 of the Civil code of the Republic of Kazakhstan (Special part) of July 1, 1999.

For the purposes of Rules the following concepts are used:

1) annual effective rate of remuneration - remuneration rate in reliable, annual, effective, comparable basis (actual cost) according to the loan agreement calculated according to Rules;

2) loan - provision by the creditor of loans in the form of the money or things determined by patrimonial signs, including provided with delay and payment by installments of payment;

3) the borrower - the physical person who is not the individual entrepreneur, signed the loan agreement with the creditor;

4) the creditor - the physical person or legal entity which is not bank, the organization performing separate types of banking activities, the organization performing microfinancial activities.

2. The annual effective rate of remuneration is specified in the loan agreement.

3. Calculation of annual effective rate of remuneration is made:

1) for date of the conclusion of the loan agreement;

2) in case of modification and (or) amendments of the loan agreement by the conclusion of the supplementary agreement to the loan agreement which attract change of the amount (size) of monetary commitments of the borrower and (or) term of their payment.

4. In case of modification and (or) amendments of the loan agreement by the conclusion of the supplementary agreement to the loan agreement which attract change of the amount (size) of monetary commitments of the borrower and (or) term of their payment, including change of rate of remuneration in the cases provided by the loan agreement the annual effective rate of remuneration according to the loan agreement is calculated the creditor based on remaining balance of principal debt, remaining period of repayment of loan for date with which terms of the contract of loan change, of the commissions and other payments which are subject to payment by the borrower and it is specified in the supplementary agreement to the loan agreement.

Chapter 2. Calculation of annual effective rate of remuneration

5. The annual effective rate of remuneration according to the loan agreement is calculated by the following formula:

where:

n - sequence number of the last payment to the borrower;

j - sequence number of payment to the borrower;

Sj - the amount of j-that payment to the borrower;

APR - annual effective rate of remuneration;

tj - period of time from the date of provision of loan until j-that payment to the borrower (in days);

m - sequence number of the last payment of the borrower;

і - sequence number of payment of the borrower;

Pi - the amount і - that payment of the borrower;

ti - period of time from the date of provision of loan till the moment і - that payment of the borrower (in days).

6. Calculation of annual effective rate of remuneration for the loan agreement joins all payments of the borrower on principal debt and remuneration, and also the commission and other payments for the entire period of validity of loan.

7. Calculation of annual effective rate of remuneration for the loan agreement does not join penalty (penalty, penalty fee) for violation of the obligation on return of loan amount and (or) payment of remuneration according to the loan agreement.

8. Effected payments of the borrower to the creditor and payments of the creditor to the borrower are considered for dates of their actual implementation, future - according to the payment schedule (in the presence).

9. If when calculating annual effective rate of remuneration the received number has more than one decimal sign, it is subject to rounding to the tenth shares as follows:

1) if the 100-th share is more or is equal 5, the tenth share increases on 1, all signs following it are excluded;

2) if the 100-th share less 5, the tenth share remains without changes, all signs following it are excluded.

10. Provisions of Rules extend to the loan agreement which subject are the things determined by patrimonial signs if under such agreement obligation fulfillment of the borrower is performed by transfer to the account of debt of money, and payment and amount of remuneration, penalties (penalty, penalty fee), the commissions and other payments provided by the loan agreement is performed in cash.

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