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The document ceased to be valid since January 1, 2020 according to Item 2 of the Resolution of Board of National Bank of the Republic of Kazakhstan of November 26, 2019 No. 208

RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of December 24, 2012 No. 378

About approval of Rules of calculation of annual effective rate of remuneration on the provided microcredits

(as amended on 22-12-2017)

According to the Law of the Republic of Kazakhstan of November 26, 2012 "About the microfinancial organizations" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of calculation of annual effective rate of remuneration on the provided microcredits.

2. This resolution becomes effective after ten calendar days after day of its first official publication and extends to microcredit institutions till January 1, 2016.

Chairman of National Bank

G. Marchenko

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of December 24, 2012 No. 378

Rules of calculation of annual effective rate of remuneration on the provided microcredits

These rules of annual effective rate of remuneration on the provided microcredits (further - Rules) are developed according to the Law of the Republic of Kazakhstan of November 26, 2012 "About the microfinancial organizations" (further - the Law) and establish procedure of payments microfinancial and microcredit institutions (further - the microfinancial organizations) annual effective rate of remuneration on the provided microcredits.

1. General provisions

1. For the purposes of Rules the following concept is used:

annual effective rate of remuneration - the remuneration rate in reliable, annual, effective, comparable basis on the microcredit calculated according to Rules.

2. The microfinancial organizations specify annual effective rate of remuneration in the agreement on provision of the microcredit.

In the agreement on provision of the microcredit the annual effective rate of remuneration is published by means of devices of the computer equipment in one offer numerically and in cursive script, and also in identical in size and style of registration of fonts (italics, semifat, highlighting, the size) form with other rates of remuneration.

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

1) for date of the conclusion of the agreement on provision of the microcredit;

2) according to the oral or written requirement of the borrower;

3) in case of introduction of amendments and amendments to the agreement on provision of the microcredit by the conclusion of the supplementary agreement to the agreement which attract change of the amount (size) of monetary commitments of the borrower and (or) term of their payment.

4. In case of change of the terms of the contract about provision of the microcredit attracting change of the amount (size) of monetary commitments of the borrower and (or) term of their payment, calculation of the specified value of annual effective rate of remuneration is made proceeding from remaining balance of debt, remaining period of repayment of the microcredit for date with which conditions, without the payments on the microcredit made by the borrower since the beginning of the duration of the agreement about provision of the microcredit change.

In the presence of the commissions which are subject to payment in connection with changes of terms of the contract about provision of the microcredit, these commissions join in calculation of annual effective rate of remuneration.

4-1. In case of concession of the rights (requirements) for the agreement on provision of the microcredit calculation of annual effective rate of remuneration in the cases provided by subitems 2), 3) of Item 3 of these rules is made by the third party to whom the rights (requirement) for the agreement on provision of the microcredit are yielded.

2. Calculation of annual effective rate of remuneration

5. The annual effective rate of remuneration on the provided microcredits is calculated by the following formula:Формула к Пост. НБ от 24.12.201 г. №378

where:

GESV - annual effective rate of remuneration on the microcredit;

OSV - the total amount of remuneration for all term of use of the microcredit;

SMALLPOX - the total amount of commission and other payments of the microfinancial organization for provision, servicing and repayment (return) of the microcredit for all term of use of the microcredit;

OZ - the total amount of monthly remaining balance of debt on the microcredit for all term of use of the microcredit;

With - microcredit repayment period in months.

6. 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.

7. Calculation of annual effective rate of remuneration for the microcredit joins payments of the borrower on remuneration, and also the commission and other payments connected with issue and servicing of the microcredit, specified in Items 7-1 and 7-2 of Rules.

7-1. Calculation of annual effective rate of remuneration for the microcredit issued to the legal entity joins the commissions and other payments connected with issue and servicing of the microcredit, provided by the agreement on provision of the microcredit, the sizes and payment due dates which are known for date of the conclusion of the agreement on provision of the microcredit, and also the following payments of clients for benefit of the third parties:

1) payments of the borrower for benefit of insurance company if as the beneficiary according to the insurance contract in case of loss occurrence the microfinancial organization, except for the payments provided by the subitem 3) of Item 8 of Rules acts;

2) payments of the borrower to the guarantor (guarantor) for receipt of guarantee (guarantee), to the appraiser for assessment of the pledged property;

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