On the basis of this Regulation, commercial banks will provide microloans to low-income families with a preferential interest rate who are willing to engage in certain types of work, ensuring the self-sufficiency of their families.
It should be noted that microcredits will be allocated to borrowers for the purchase of sewing machines, fabrics and consumables, tools for handicraft activities, household, computer and other equipment, as well as various tools for self-employment, the development of personal plots (for organizing mini greenhouses, birds, the arrangement of pens and poultry houses, the purchase of garden tools and tools).
Microcredits are allocated up to 100 times the minimum wage at a rate of 4 percent per annum, with a six-month grace period for up to three years without the right to extend the maturity.
Borrowers together with the application submit to the bank one of the following documents as collateral for the repayment of microcredits: a pledge of property, a guarantee of a commercial bank or an insurance company, third party guarantees, an insurance policy, and in situations where a loan is requested for the development of an infield, the borrower provides a certificate confirming the existence of a private plot issued by self-governing bodies of citizens.
It should be noted that the issue of credit allocation by commercial banks is considered within three banking working days.
Borrowers can repay microcredits and interest on it in cash, by means of plastic cards or by transfer from deposit accounts.
It should be remembered that the register of low-income families is made up by the Federation of Trade Unions of Uzbekistan, the Mahalla Public Charity Fund, the Council of Ministers of the Republic of Karakalpakistan, the regional and Tashkent city khokimiyats.