Microloan

Lending subjects: Small business entities, including individual entrepreneurs, microfirms, and small enterprises.

The total maximum amount of loans issued to one borrower (outstanding balance): up to 300 mln UZS.

Minimum Loan Amount: Not established.

Form of Lending: without opening a credit line (single disbursement / tranche withdrawals).

Lending principles: Collateralization, repayment, timeliness, and payment (interest-based).

Method of Lending: In a non-cash form by transferring loan funds to the borrower’s main demand deposit account.

Loan term: up to 24 months.

Interest rate: 

• From 27.99% – for loans in the national currency

• From 12.99% for loans in foreign currency.

Loan Currency: National currency of the Republic of Uzbekistan — Uzbek som.

Loan repayment procedure: monthly, with annuity or differentiated payments.

Grace period for principal repayment: up to 2 months;

Grace Period for Interest Payment: not provided

Acceptable types of collateral (primary security):

• Pledge of funds in freely convertible and national currency held in accounts opened with JSC «InFinBank»;

• Pledge of liquid movable and immovable property;

Mandatory Requirements for the Borrower and its Activities:

• The period of state registration as a business entity must be at least 12 months;

• The borrower’s main demand deposit account must be opened with JSC “InFinBank”;

• No outstanding debt on loans or equivalent operations in other banks;

• No negative credit history, including no record of overdue debt on previously obtained loans exceeding 30 consecutive days more than twice within the last 2 years (blocking factor);

• Stable business revenue credited to the deposit account over the past 6 months (at least 2 transactions per month);

• No changes in the composition of founders within the past 6 months;

• Total revenue from core business activities credited to the deposit account over the past 12 months must be at least 100 million soms;

• No existing overdue debt under K-2 for more than 15 days;

List of Documents Provided by the Borrower:
For legal entities:

• Loan application with a description of all loan terms and collateral requirements;

• Certificate of state registration of the legal entity;

• Copy of the charter and founding documents of the enterprise, including all amendments;

• Copy of the founders’ resolution and the order appointing the director;

• Copy of the identity documents of the founders and the director;

• If an accountant is employed — copies of the appointment order and the accountant’s identity document;

• Minutes of the borrower’s founders’ meeting approving the borrowing of the required loan amount under the relevant terms and the provision of collateral for the loan;

• Documents related to the provided collateral in accordance with the Bank’s local regulatory requirements;

For individual entrepreneurs:

• Loan application with a description of all loan terms and collateral requirements;

• Certificate of state registration of the individual entrepreneur;

• Copy of the identity document;

• Documents related to the provided collateral in accordance with the Bank’s local regulatory requirements;

Special conditions for borrowers with a positive credit history at JSC “InFinBank”:

Borrowers who have a positive credit history at JSC “InFinBank” are entitled to obtain a loan with reduced collateral requirements under this credit product on the following terms:

• Loan amount: not exceeding the amount of the previously obtained and successfully repaid loan (without overdue debt exceeding 10 days), but not more than 100 million soms;

• Loan term: up to 12 months (without a grace period);

• Loan collateral:

1. Pledge of movable/immovable property amounting to at least 62.5% of the loan amount;

2. Loan insurance policy covering up to 62.5% of the loan amount;

The terms of lending under this product using borrowed funds are determined based on the conditions of the attracted credit lines.