Uzbekistan approves procedure for issuing overdrafts

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Uzbekistan approves procedure for issuing overdrafts

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan approved a procedure for issuing overdraft loans to individuals through bank plastic cards.

The Board of the Central Bank of Uzbekistan adopted a resolution “On approval of regulation on procedure for issuing overdraft loans to individuals through bank plastic cards”.

On 21 July 2017, the Ministry of Justice of Uzbekistan registered the resolution of the Central Bank.

According to the regulations, individuals must submit an application, a copy of the passport and a certificate of income to the bank. The bank’s overdraft loan committee must consider the application within three banking days.

If the committee decides to refuse to grant the overdraft, the bank must inform the client about the reason for refusal in written form.

The document noted that the maximum amount of overdraft credit will be up to three times of the average monthly income of the applicant. Overdraft is provided up to 12 months. The interest rate on overdraft is determined in the contract between the bank and the applicant. At the same time, interest is only accrued on actually used credit funds.

The client of the bank may amend the overdraft agreement in accordance with the established procedure in case of change of income volume.

The client repays interests and overdraft loan due to salary, pension and other means by transferring money to the plastic card.

 

Source  :  UzDaily

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