Resolution of Overdue Debt

Resolution of Overdue Debt

Overdue Debt Settlement

Settlement of Overdue Debt and the Bank's Measures in Case of Non-Performance of Obligations

If the borrower is an individual, they have the right, within 30 (thirty) calendar days from the date the payment obligation under the Bank Loan Agreement (hereinafter referred to as the Agreement) becomes overdue, to visit the Bank and/or submit an application in writing and/or by any other method предусмотренный Agreement. The application shall contain information regarding the reasons for the overdue payment, the borrower's income, and other documented circumstances (facts) supporting the request to amend the terms of the Agreement in accordance with Paragraph 2 of Article 61 of the Law of the Republic of Kazakhstan "On Banks and Banking Activity in the Republic of Kazakhstan" (hereinafter referred to as the Banking Law).

Within 15 (fifteen) calendar days after receiving the application submitted by the individual borrower pursuant to Paragraph 2 of Article 61 of the Banking Law, the Bank shall review the proposed amendments to the Agreement and notify the borrower in writing, using the method specified in the Agreement and through digital communication channels, of one of the following decisions:

  • approval of the proposed amendments to the Agreement;
  • the Bank's own proposals for amending the Agreement;
  • refusal to amend the Agreement, including a reasoned justification for such refusal.

If the Bank refuses to amend the Agreement or if the parties fail to reach a mutually acceptable solution regarding the amendment of the Agreement, the individual borrower has the right to apply to the Banking Ombudsman within 15 (fifteen) days from the date of receipt of such decision.

If the borrower fails to satisfy the Bank's demand for payment under the Agreement, including repayment of overdue debt, the Bank, in accordance with Paragraph 10 of Article 61 of the Banking Law, is entitled to collect funds from the borrower's bank accounts without dispute, including by issuing a payment demand, provided that such collection is stipulated in the Agreement and subject to the restrictions established by the Banking Law.

If the borrower fails to satisfy the Bank's payment demand under the Agreement, including overdue debt, or if the individual borrower fails to exercise the rights provided for in Paragraph 2 of Article 61 of the Banking Law, or if no agreement is reached between the Bank and the borrower regarding amendments to the Agreement, the Bank, pursuant to Paragraph 11 of Article 61 of the Banking Law, shall be entitled to apply the measures provided for by the legislation of the Republic of Kazakhstan and/or the Agreement, including, but not limited to:

  • transferring the debt for pre-trial collection and settlement to a collection agency (where such right is provided for in the Agreement);
  • assigning the rights (claims) under the Agreement to a person specified in Paragraph 1 of Article 63 of the Banking Law;
  • filing a claim with the court for recovery of the outstanding debt under the Agreement;
  • foreclosing on pledged property through an out-of-court procedure, except in cases provided for by the Law of the Republic of Kazakhstan "On Mortgage of Immovable Property", or through judicial proceedings.

The Bank shall approve the proposed amendments to the terms of the Bank Loan Agreement for a period of at least three months without requiring payment of commissions or other fees under the Agreement when an individual borrower submits an application to amend the Agreement pursuant to Subparagraphs 2) and/or 4) of Paragraph 2 of Article 61 of the Banking Law, provided that the borrower:

  • belongs to socially vulnerable groups of the population in accordance with the Law of the Republic of Kazakhstan "On Housing Relations"; or
  • has suffered as a result of circumstances that served as the basis for the declaration of a state of emergency.

The decision to approve amendments to the Bank Loan Agreement concluded with an individual borrower referred to in Subparagraph 1) of Part One of Paragraph 4 of Article 61 of the Banking Law shall be made provided that:

  • the borrower's average monthly income calculated for the two months preceding the month of application has decreased by more than thirty percent compared to the average monthly income calculated for the twelve months preceding the month of application; or
  • the borrower has been granted targeted social assistance.

Frequently Asked Questions

Who makes the approval decision?

The decision to approve unsecured loans is made by the Bank's automated system or an authorized collegial body. Bank managers and employees do not participate in this process and cannot influence the decision. In each case, the decision is made individually and depends on your credit history and solvency.

How to repay a loan
  1. Top-up of a current account in the Nur24.kz mobile application, no commission.

In the "Accounts" section, select the required account and top it up using a Nurbank card.

  1. At Kazpost JSC branches, no commission

Loan repayment is available at Kazpost JSC branches, no commission is charged.

  1. By transfer from another bank using account details.

Commission according to the тарифs of the sending bank.

Account details can be found in the Nur24.kz mobile application.

How to perform the operation:

  • in the "Accounts" section, select the required account
  • in the "Additional information" section, copy the account number
  • when making a transfer, specify the payment purpose code (KNP): 343 (transfer of funds by a client from their current account in one bank to their current account in another bank).
  1. Repayment via cash desk by depositing cash at any Bank branch.

For what term can an unsecured loan be issued?

The minimum term is 12 months, the maximum term is 60 months.

What is the maximum loan amount available for external refinancing?

The maximum amount for external refinancing is up to 7,000,000 tenge.

Can a non-resident of Kazakhstan obtain a loan?

Loans are considered and granted only to residents of Kazakhstan. The bank considers the possibility of granting loans to non-residents of Kazakhstan if they have a residence permit.

What is the minimum monthly income required to qualify for a loan?

The confirmed income must be at least 150,000 (one hundred fifty) thousand tenge. In each specific case, the decision is made individually and depends on the quality of the credit history and your creditworthiness.

Can I deposit money to repay the loan several months in advance?

Yes. In this case, repayment will occur according to the payment schedule.

What documents are needed to obtain a loan?

For unsecured loans:

  • Identification document. 

For secured loans:

  • Identification document;
  • Collateral documents.

* The bank reserves the right to request additional documents.

What is the date of the first loan payment?

You can find out the date of the first loan payment in the Nur24.kz app and in the payment schedule of the loan agreement.

Is there a commission (penalty) for early (full/partial) loan repayment?

No, there is no commission for early loan repayment. However, the minimum amount for partial early repayment must be at least 3 (three) monthly payments. The number of partial early repayments is not limited.

Can I repay the loan early in the mobile application?

No. For this, you need to contact the Bank's loan manager

How to submit a request to change loan terms?

You need to contact the credit manager to submit a request to change loan terms.

How to execute a full early repayment?

To do this, you need to contact the Bank's credit manager to clarify the terms and amount of early repayment.

The payment was made through the terminal, but there was a technical failure and the money did not reach the account. What should be done?

You need to contact the nearest Bank branch or call the Contact Center at 2552. After confirming the technical failure and crediting the funds to the credit account, the payment will be settled according to the schedule, any penalty (if applicable) will be annulled, and a positive credit history will be maintained.

How to review the Bank's tariffs?

Tariffs

If I couldn't pay the loan on time/lack of funds, what amount should I pay?

You can find out the monthly payment amount in the Nur24.kz mobile app, as well as in the payment schedule for the loan agreement.

Within what time does the Bank inform the borrower of a delay?

The Bank notifies of a delay in fulfilling obligations and the need to make payments no later than 20 calendar days from the date it occurs, in the manner stipulated in the Bank loan agreement.

What happens if I forget to make a payment according to the DCL schedule?

Missing a payment can negatively impact your credit history. Remember to repay your loan on time. In case of a missed payment, the Bank imposes fines/penalties in accordance with the terms of the bank loan agreement.

What should I do if I have a delay?

We recommend you to repay the overdue debt.

What to do if your phone number/address of registration/residence has changed?

You need to update your personal information. Please visit the nearest Bank branch or notify the Bank in writing.

Bank Branches

Is it possible to apply for a loan without collateral online through Nur24.kz?

No. At present, all loans are processed through the branches of Nurbank.

Can I purchase real estate on the secondary market through Nurbank?

Yes, Nurbank offers its own mortgage lending program for purchasing secondary housing.

Who conducts the appraisal of collateral?

The initial appraisal of collateral is performed by independent appraisal organizations. The secondary appraisal is conducted by the Bank's branch appraisal service by visiting the location of the collateral to determine the adequacy of the independent appraiser's valuation.

Can I refinance a mortgage taken out from another bank?

Yes, the Bank offers refinancing for loans from other banks, provided there are no overdue debts. To refinance, please visit the nearest branch.

At what age can I apply for an unsecured loan/minimum and maximum age to apply for a loan?

From 21 years of age until reaching retirement age.

Can I purchase a car on credit through Nurbank?

Yes, our Bank offers several car loan programs:

  • For the purchase of a new car from partner dealerships;

  • For the purchase of a used car.

To consider a loan application, you need to contact a Bank branch.