Microcredit

Development of self-employed individuals’ activities

Individuals who are residents* of the Republic of Uzbekistan, aged 21 to 60 inclusive at the time of submitting the loan application, and registered as self-employed persons
Individuals who have had income for at least the last 6 months as of the date the application is reviewed

Within 2 business days from the date of receipt of the loan application

From UZS 1 000 000 to UZS 300 000 000 inclusive

The national currency of the Republic of Uzbekistan is the Uzbek sum

By transferring the loan amount to the Client’s demand deposit account or bank card (including a virtual card) opened with «APEX BANK» JSC

From 6 to 60 months

24% per annum for a term of 6 to 12 months (inclusive)
25% per annum for a term of 13 to 36 months (inclusive)
26% per annum for a term of 37 to 48 months (inclusive)
27% per annum for a term of 49 to 60 months (inclusive)

Interest rate on current debt with a coefficient of 1,5

Annuity or differentiated payment

Repayment of the principal and accrued interest shall be made monthly on the 15th day, starting from the month following the month in which the loan is disbursed
For annuity-based loans, if the loan is disbursed between the 1st and the 10th day of a calendar month (inclusive), the interest accrued for the month of disbursement shall be payable on the 15th day of that same month, while repayment of the principal shall commence in the month following the month of disbursement. If the loan is disbursed between the 11th and the 15th day of a calendar month (inclusive), repayment of the principal and accrued interest shall commence in the month following the month of disbursement

The following are accepted as collateral for the microcredit:
1. Pledge of real estate (commercial or residential property) located within the territory of the Republic of Uzbekistan**, subject to compliance with the Bank’s requirements regarding the quality, liquidity, and sufficiency of the collateral

Commercial real estate:
- office premises;
- warehouse and retail premises;
- other real estate that meets the Bank’s requirements regarding quality and sufficiency

Residential real estate (provided that no persons are registered at the property): - an apartment in a multi-apartment residential building;
- a residential house

2. Insurance by the Bank against the risk of loan non-repayment: at least 50% of the loan amount (at the Bank’s expense).

Insurance of the collateral against the risks of damage and destruction

At least 125% of the loan amount
At least 130% of the loan amount for persons affiliated with the bank

No current overdue debt on existing loans with banks and microcredit organizations;
a positive credit history; absence of a credit history is acceptable;
no outstanding debt recorded in the database of the Bureau of Compulsory Enforcement of the Republic of Uzbekistan;
not being included in the Bank’s “blacklist”

An identity document of the Borrower/Pledgor (passport/ID card/military personnel identity card);
* A document confirming the Borrower’s self-employed status;
When determining the Borrower’s average monthly income, the Bank uses information provided by the Borrower, as well as data from its own information systems, credit bureaus, and other official sources not prohibited by law
Documents confirming ownership of the collateral, including the ownership certificate and other documents, if necessary;
A report from an independent appraiser on the value of the property provided as collateral;
for a married Pledgor: the Pledgor’s marriage certificate; an identity document of the Pledgor’s spouse (passport/ID card); a statement from the Pledgor’s spouse consenting to the provision of the collateral to secure the fulfillment of obligations under the microloan;
if necessary, the Bank reserves the right to request additional documents from the Borrower

The ratio of the Borrower’s total average monthly payments on all existing loans to their average monthly net income (after deducting all taxes and other mandatory payments). The Borrower’s debt burden ratio must not exceed 50%, taking into account the loan being obtained
Exceptions:
For Borrowers who registered as self-employed for the first time less than 6 months before applying to the Bank, the debt burden ratio (DBR) may be disregarded and/or not calculated, but this exception must not exceed 15% of the total number of outstanding loans issued by the Bank to individuals
For other Borrowers, a debt burden ratio (DBR) of up to 100% is permitted, but this must not exceed 15% of the total number of outstanding loans issued by the Bank to individuals

The ratio of the Borrower’s total outstanding loan principal to their average monthly income must not exceed 8 times
Exceptions:
For Borrowers who registered as self-employed for the first time less than 6 months before applying to the Bank, this ratio may be disregarded and/or not calculated, but this exception must not exceed 15% of the total number of outstanding loans issued by the Bank to individuals

The NPL ratio for this credit product must not exceed 3% of the loan portfolio for this product