The Government of the Kyrgyz Republic simplifies the requirements

The government of the Kyrgyz republic has simplified the requirements for loan issue by banks. The Prime Minister Kubatbek Boronov said this at a briefing on August 25.

“At the meeting with the heads of the banks, we obliged to ease 4 out of 7 basic requirements set by banks, that is, to receive them through the “Tunduk” system and digitize unclaimed borrowers. Now the state bank RSK and Aiyl bank work with this system. We hope that commercial banks will join,” – he said.

Now, when issuing soft loans, banks ask entrepreneurs for only 3 documents:

  1. Originals of technical, human rights documentation for mortgaged property. The originals of the mortgaged property are handed over to the bank.
  2. Copy of the patent, certificate of an individual entrepreneur and TIN. This requirement is necessary for banks.
  3. Documents confirming the activities or additional income of the loan recipient. This requirement is adopted by banks in order to reduce risks.

About certificates that are not required from entrepreneurs

  1. Certificate confirming tax registration with the State Tax Service. The database is digitized and displayed through the “Tunduk” system.
  2. Certificate from the Social Fund and the State Tax Service about the absence of debts to the budget. Through the “Tunduk” system.
  3. Certificate stating that it was not pledged or arrested. Commercial banks do not ask for this information. It is determined at the conclusion of the contract by a public notary. It is necessary to conclude an agreement with the State Agency for Land Resources and public notaries (Ministry of Justice).
  4. Certificate of the place of residence and family composition of the creditor and the pledger is not required.