Bank loans, depending on the period of use, are divided into short-term (up to 1 year) and long-term (over 1 year).
Short-term lending - issued for a limited period, as a rule, for a period not exceeding 1 year, unless otherwise provided in the regulations of the Republic of Uzbekistan. Basically, short-term loans are allocated to business entities operating in the field of trade, services, manufacturing and other industries to replenish working capital, including the purchase of raw materials, the purchase of materials and components, payment for services and work performed, increase in inventory, expanding the range of manufactured products, covering seasonal costs, as well as for other purposes not prohibited by law.
Long-term lending - long-term loans are issued for a period of more than 1 year, depending on the payback of the project, unless otherwise provided in the regulations of the Republic of Uzbekistan and are allocated to finance capital investments, as well as for any other purposes not prohibited by law.
For what purposes can loans be allocated?
Depending on the economic purpose, loans are divided into purchases of daily consumer goods and household goods, as well as for the purchase of raw materials and materials, an increase in inventory, for capital investments, payment for work performed or the provision of services, and for settlements on coverage. seasonal expenses not prohibited by law.
What types of loans are available?
For each object of lending, the corresponding type of loan is determined. Loans can be issued in the following ways:
· opening a credit line;
· opening a credit line on a revolving basis;
· without opening a credit line;
· modular lending;
· in the form of an overdraft;
· in other ways not prohibited by law.
Repayment of credit debt is carried out in the following order?
Loan repayment is carried out in the following order:
· late payments on repayment of commissions;
· accrued penalties;
· overdue payments on the repayment of interest on the loan;
· overdue payments on repayment of the principal amount of the loan;
· increased interest for overdue principal debt;
· urgent commission payments;
· urgent payments to repay interest on a loan;
· urgent payments to repay the principal amount of the loan.
How is the interest on the loan calculated?
Interest is accrued daily and charged according to the rules and within the terms specified in the agreement, in accordance with the Regulation "On the calculation of interest in commercial banks", registered by the Ministry of Justice Republic of Uzbekistan №1306 of 30.01.2004.
How long does it take for the bank to review an application for a loan?
If the package of documents is fully completed by the client and there are no comments from the bank on it, the application for a loan is considered by the bank for up to 5 days, depending on the characteristics of the project being financed.
What are the loan repayment methods?
There are two payment methods for monthly payments:
- annuity - the division of the entire amount of the debt (the principal amount of the loan, interest and other payments on it) into equal parts and equal payment throughout the entire period;
- differentiated payments - here the amount of the payment gradually decreases, since the interest is calculated in relation to the amount of the loan balance.
What is a preferential period for a loan?
A preferential period is a period when you pay only interest, without repaying the principal amount of the debt.
What is the maximum amount of modular loans?
The maximum amount of modular loans is up to 2.0 billion sums.
Why do credit organizations need a credit history?
By law, any organization with the written consent of the borrower has the right to request his credit history.
Lenders are banks and microcredit organizations, as well as those who decide whether to give a loan or not.
The lender must have sufficient information about the borrower's creditworthiness and ability to repay the loan. Borrower's credit history when contacting any bank, the credit history is analyzed by the lender.