In the last 6 months, banks have issued almost a trillion tenge in loans to the population. According to the National Bank, the volume of loans to the population as of June 1, 2026, amounted to - 25.47 trillion tenge. The same figure as of December 1, 2025, was - 24.57 trillion tenge. Consumer loans predictably top the list. As of June 1, 2026, they amounted to 17.1 trillion tenge (a 2.49% increase since the start of the year). Next are mortgage loans - 7.3 trillion tenge on the same date (a 5.27% increase since the beginning of the year). Given the steady demand for loans, it is expected that refinancing remains a popular option among banking products as a means of optimizing personal financial management.
Refinancing is obtaining a new loan to pay off one or more existing loans under more favorable conditions for the client. When used carefully and responsibly, refinancing is not a 'new debt' as it may seem at first glance, but a comfortable solution for servicing one or more loans. Refinancing allows consolidating multiple loan payments into one, extending the loan term while reducing the monthly installment size, thus alleviating the monthly burden on the personal budget, and if necessary, accessing an additional sum approved by the bank. Refinancing programs often offer competitive interest rates, which may be 2-3 percentage points lower than the current loan conditions, leading to significant savings over time, especially for long-term and large-volume loans. These and other benefits, as well as the results of Nurbank's activities within the framework of the State Mortgage Loan Refinancing Program, are discussed with the Acting Chairman of the Board of JSC 'Nurbank', Aleksey Mazhuga.
- Aleksey Nikolayevich, let's start with the basics. What is the idea of refinancing?
- Simply put, refinancing is taking out a new loan to pay off one or more existing loans under more favorable conditions for the client. Today, it's not just a financial tool but a way to manage one's personal budget. In an environment where many borrowers concurrently use consumer loans, installments, and credit cards, the financial burden on one’s personal budget can become substantial. Refinancing allows for the reconsideration of existing obligations and makes them more convenient for servicing.
I'll point out several advantages. First, the client may obtain more favorable lending terms – for instance, lower the interest rate. Second, it enables the consolidation of several loans into one, and instead of making multiple payments to different banks, there is only one monthly payment. For added convenience, Nurbank will help determine the planned payment date. This is particularly useful if payments are spread across different banks and dates. Moreover, if necessary, a client can extend the loan term, thereby reducing the monthly payment amount and easing the family budget's burden. In essence, refinancing helps the borrower regain control over their finances and create a more comfortable debt repayment schedule.
- When should one consider refinancing?
- The most common situation is a change in the borrower's financial circumstances. For example, income has decreased, new mandatory expenses have appeared, family circumstances have changed, or monthly expenses have risen. If loan payments start taking up a significant portion of a family's income, it may be time to rethink the loan burden. Practice shows that special attention should be paid when loan servicing exceeds 50% of monthly income. At this point, the risk of defaults increases, which directly impacts the credit history.
It's crucial not to wait for problems to arise. The earlier a client seeks refinancing, the more options there are for finding the optimal solution. If there are already prolonged defaults, the chances of obtaining new financing are significantly reduced.
- When is refinancing truly beneficial?
- Refinancing makes sense when the new loan significantly improves debt service conditions. Typically, a noticeable effect occurs when the difference between the current and new interest rates is at least 2-3 percentage points, and the loan term is sufficiently long. In this case, the client can achieve real savings on interest payments or significantly reduce the monthly payment amount. If the difference is smaller, refinancing may not be worthwhile. However, we always recommend considering not just the interest rate. One should assess the total cost of credit, the monthly payment amount, any fees, and the overall overpayment throughout the loan term. The main criterion is how much more comfortable the client's financial burden will become after refinancing.
- What refinancing terms does Nurbank offer?
- Within the refinancing program, Nurbank offers three popular products. For external refinancing of unsecured loans, the loan amounts range from 500 thousand to 7 million tenge, with terms from 12 to 60 months. For external refinancing of secured loans, the conditions are as follows: up to 80% of the collateral value but not exceeding 70 million tenge for up to 10 years. The third product is internal refinancing of unsecured loans, suitable for borrowers with existing loans from Nurbank. Here, the conditions are as follows: from 500 thousand to 7 million tenge with loan terms of 12 to 60 months. More details on all product terms within the refinancing program can be found on the official Nurbank website (/ru/person/credits/).
As an option, we offer the possibility of choosing loans with or without a commission. Additionally, for participants of payroll projects and clients who use or have used Nurbank loans in the past, we offer special terms on loan organization commissions. One of the advantages of the program is the speed of application review. A preliminary decision can be made from 15 minutes, and in most cases, an ID is sufficient to submit an application. The process is generally standard. The client visits a bank branch, provides the necessary documents, and applies for a loan under the refinancing program. In the case of approval and contract signing, the required amount is transferred to the relevant banks or microfinance organizations.
Nurbank has been a participant in the State Mortgage Loan Refinancing Program, approved by the National Bank of Kazakhstan's Board resolution, since 2015.
- Aleksey Nikolayevich, how many borrowers have been covered by this Program? What are the results of Nurbank's activities under the Program?
Let me remind you that the Program is implemented in three directions. The first part of the Program focuses on refinancing mortgage loans issued between 2004 and 2020. The second part aims at the conversion/refinancing of mortgage loans issued in foreign currencies. The third direction (section 2-1 of the Program) provides additional assistance to mortgage borrowers (financial support measures for economically vulnerable groups). According to the Program's terms, the interest rate after refinancing is not higher than 3%.
Now regarding Nurbank's activities. As of July 1, 2026, under the State Mortgage Loan Refinancing Program, Nurbank has refinanced and provided support measures to 808 borrowers for 814 loans totaling over 4.89 billion tenge. Overall, within the Program, Nurbank has reviewed applications for 1,343 loans with a principal debt amount of over 8.58 billion tenge. By the specified date, approvals have been received for 887 loans with a principal debt amount exceeding 5.42 billion tenge. Additionally, under the first section of the Program, support measures in the form of forgiveness of certain types of debts have been provided to borrowers, totaling over 3.48 billion tenge. The support includes: forgiveness of the principal debt, including previously capitalized amounts – over 0.145 billion tenge; forgiveness of reward debt – over 1.93 billion tenge; forgiveness of commission debt – over 0.007 billion tenge; and forgiveness of penalties, fines, and interest – over 1.39 billion tenge. Notably, under section 2-1 of the mentioned Program, support measures have been provided for 63 loans to 61 borrowers totaling over 1.13 billion tenge. Additionally, 68 loans initially issued in foreign currency have been converted/refinanced, amounting to over 0.43 billion tenge.
Recall that in Kazakhstan, the terms for providing additional assistance under the State Mortgage Loan Refinancing Program have been extended until September 1, 2026. On the market overall, the situation is as follows. According to official data from the Agency for Regulation and Development of the Financial Market (ARDFM), as of June 1, 2026, under the first part of the Program, banks refinanced 33.3 thousand loans amounting to 213.4 billion tenge. Under the second part of the Program, aimed at converting/refinancing foreign currency mortgage loans issued before January 1, 2016, banks have converted/refinanced 16.2 thousand foreign currency mortgage loans totaling 114.4 billion tenge. As part of the third Program section, as of June 1, 2026, banks have provided additional financial support measures to 10.6 thousand borrowers for a total of 101.1 billion tenge.
- What would you advise people considering refinancing?
First of all, don't perceive refinancing as a tool for acquiring new debt. Its primary purpose is to make existing credit obligations more manageable and comfortable. We recommend regularly analyzing your credit load and not postponing financial decisions until defaults occur. The sooner a borrower seeks advice, the more solution options the bank can offer them.
Refinancing primarily offers the opportunity to reduce financial strain, optimize expenses, and establish a more sustainable model of personal financial management. In a changing economic environment, such a tool becomes an essential element of financial literacy and a responsible approach to obligations.
JSC "Nurbank" operates based on license No. 1.2.15/193 dated February 3, 2020, issued by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.
Source:
https://dknews.kz/ru/finansy/397679-refinansirovanie-vozmozhnost-snizit-kreditnuyu