Consumer Loans

The scheme of consumer credits to employees of large organizations (Corporate clients) served in the branches of Asaka Bank.

The present scheme defines bases of consumer credits to citizens of the Republic of Uzbekistan - to employees of the large organizations (corporate clients), served in Asaka Bank.

Main provisions

Consumer loans to employees of the large organizations (corporate clients), served in the branches of Asaka Bank.
Loan can be granted on the following terms and conditions:
- term – up to 3 years without right for prolongation;
- amount – up to UZS 3 million., based on monthly repayment by equal parts;
- interest rate – 20% per annum, based on monthly repayment of interests under the loan;
- Security – guarantee of organization – employer (corporate client);
- purpose of the loan – purchasing of common technology, technical equipment, furniture and other goods of household, goods for procurement and upgrading of dwellings.

Loan issue and registration scheme

For the registration of the loan corporate client of Asaka Bank represents to the regional branch of the bank the following:
- Loan issue application for employees;
- List of employees, those who wish to get consumer needs with indication of the amount, purpose, maturity for any borrower, as well as average monthly wages for the last 6 month;
- Notice of the borrower addressed to the head of regional branch with indication of specific purpose of the loan, maturity, cost of the goods with attached respective invoices, contracts and other documentation, due to payment under the loan;
- Guarantee of economic organization regarding repayment of the employees’ loans and interests by way of deduction from wages and transferring to the respective accounts of the bank branch. In order to cover the debts on the loan and interests upon the schedules of repayment, guarantee should provide to the bank an absolute right to charge off the funds from the guarantor accounts.
Presented documents should be inspected by the credit division of the branch on compliance with the purpose, maturity, requirements, and sufficiency of the average monthly wage of any borrower to provide monthly repayments upon the loan.
After inspection of the presented documents credit division of the branch make out a loan agreements and schedule of repayment of the loans and interests on every borrower.
After concluding of the loan agreements, schedule of repayment of the loans and guarantee registration, branch of the bank granted the loan by way of payment from borrower’s loan account assumed under the loans for the goods in accordance with presented documents (invoices, contracts, other documents, copied by seller and attached to the borrower notice).
Loans for consumer needs cannot be granted in cash.

Schedule of loans and interests repayment.

Repayment of the loan granted for the consumer needs carry out by way of transferring funds by the corporate client, deducted from wages of employees, to cover principal and interests under the loan.
Repayment of the loan and interests could be make by borrower in cash or by way of transferring cash from deposit accounts.
In case of overdue repayment of the loan and interests, bank has a right to charge funds in undoubted order from the accounts of guarantor.