In case of individual lending, the Express loan may be disbursed in 2-3 days, Micro loans take 4-5 days, provided that all the necessary documents are provided. Group loans also may be disbursed in 2-3 days. Timely processing and disbursement of loans is one of the main advantages offered by FINCA Bank.
Yes, it is possible to receive a parallel loan. Disbursement of such a loan depends of three factors: your loan repayment terms at the other institution; the loan amount from the other institution; and assessment of your business– whether your business income enables you to repay two loans simultaneously.
FINCA Bank provides for prepayment. Just as any other bank, in case of prepayment FINCA Bank charges a penalty which is calculated according to the following formula: Penalty = Remaining loan principal pursuant to repayment schedule * 0.12 * Number of days to the end of credit cycle / Total number of days in credit cycle. The later the prepayment is paid, the more beneficial it is for the client.
Group lending is a unique financial service for low-income entrepreneurs. To obtain such a loan it is necessary to form a group of three or more individuals who run businesses that earn income and have been active for at least three months. Group members guarantee each other’s loan repayment, which is why collateral is not necessary. FINCA Bank has a high loan repayment rate – more than 99%. This demonstrates that group members do their best not to let each other down in loan repayment, since usually they are business colleagues, neighbors or relatives. There are groups that work for 10-15 years and their businesses successfully grow thanks to group loans. A major advantage of group lending is the simplicity of receiving the loan — a passport is enough.
Additional interest, levied at the time of loan issuance, is levied according to requirements of the credit agreement concluded with the borrower and is made based on the amount of the loan issued without any counter-obligation from the creditor’s side on provision of any additional services to the borrower. The levy of additional interest is an income yield levied in the form of a discount. Such a form of accrual and levying of interest yield (in a form of discount) is a common practice of business conduct by financial institutions in the Kyrgyz Republic. According to the legislation of the Kyrgyz Republic, the written expression of agreed will of the parties is necessary to execute the agreement. The rate of additional interest is set by the Tariff Committee of the Bank.
FINCA Bank loan repayments are effectuated monthly. As a rule, this is the most convenient repayment schedule for the client. Gradual loan repayment is also beneficial. We offer a grace period for agricultural loans. The Aiyl group loan product provides for a grace period of up to five months; the Agro individual credit product – of up to eight months.
You can receive a FINCA Bank loan regardless of where you are registered. If you start a business in a new location, you can receive a loan three months from the business starting date. Also, group lending allows you to receive a loan for a startup business in the amount of up to 50,000 som.
FINCA Bank’s payment terminals provide the following functions: Payment on current loans received from FINCA Bank; payment for utilities; and payment for services provided by mobile telephone operators.
Payments on loans received from FINCA Bank repaid during normal business hours are charged to the current day. Payments on loans received from FINCA Bank paid after normal business hours are charged to the next day. Payments to mobile operators, internet providers, and cable/digital TV providers are processed immediately; and payments in the housing and utilities sector are processed within three working days.
We recommend the client to keep their card with their client number, which contains all required data. Also, data is provided in your copy of the credit agreement. In other cases, you can use the service “code word”, making a phone call by a short mobile number 44 00 and getting all the necessary data to make payment through the terminal, such as: client ID; number of credit account; credit balance; amount of current debts; and amount of next repayment.
If you are using the terminal at a FINCA Bank branch, please apply to the staff at the reception. If you are using a terminal outside of FINCA Bank, please call the Call Center by dialing short mobile number 44 00 during working hours, or dialing number 0770 33 50 99 outside of normal working hours or during holidays.
Please contact the Call Center by dialing short mobile phone 44 00 during working days, or dialing number 0770 33 50 99 outside of normal working hours or on holidays. Please specify the date/time of payment, details, terminal and amount of payment. The payment can be cancelled under observance of the terms of conditions.