ACC and KAF will provide deferral of payments to flood victims

ACC and KAF will provide deferral of payments to flood victims

Borrowers of the Agrarian Credit Corporation and Kazagrofinance affected by floods will be granted deferred payments, World of NAN reports with reference to ACC.

All payments under the schedules of 2024, distributed to subsequent payments from 2025 to the end of the financing period in equal installments, for projects with a loan termination date in 2024 - 2025 will be granted prolongation for a period not exceeding 24 months, depending on the nature of the borrower's activity. Extensions will be granted for all activities except for spring field and harvesting activities.

For borrowers who have received loans under this line of business, consideration of applications for restructuring/extension will be conducted after the harvest is completed.

The loans of affected borrowers will not be charged fines and penalties for late payments arising in connection with the impact of floods.

In order to expedite the review of applications, ACC and KAF approved a simplified application review process based on a minimum number of documents.

Individuals, individual entrepreneurs, small and medium-sized businesses that are borrowers of Agrarian Credit Corporation and KazAgroFinance, which are included in the list of those affected, must submit the following documents in order to receive a deferral of payment:

- application for loan prolongation/restructuring;

- the applicant should be reflected in the list of LEBs affected by emergencies/floods.

In case of absence of the applicant in the lists available in ACC and KAF, the borrower should provide a document from local executive bodies at least at the district level, confirming the occurrence of force majeure.

The decision will be made in accordance with the lists of local executive bodies. Applications will be considered within three business days from the date of submission of the required documents.

The above terms and conditions do not apply to borrowers with overdue debts to ACC and KAF for more than 90 days as of April 01, 2024, however, in order to support such borrowers, accrual of penalties will be suspended from April 01 to June 30, 2024. Also, the terms do not apply to borrowers falling under the classification of individually significant loans (loans with a principal balance of more than 0.2% of the equity of the financial institution, namely for ACC - 863.0 million KZT, for KAF - 370.0 million KZT). Such loans will be considered individually.

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