Microsoft Word Microfinance development in Uzbekistan Eng doc

 
Article 40. Procedures for the Review of a Micro-credit Application
 
In order to get a micro-credit, applicants shall file a written loan application in 
accordance with micro-credit application policies. 
Loan applications shall be signed by the applicant indicating the date of application. 
In reviewing loan applications creditors shall analyze the following: 
• Sustainable income and/or feasibility of planned activities; 
• Consistency of information, so that all data provided in the loan application are 
consistent with each other and with other sources of information; 
• Probability of micro-credit repayment. 

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Creditors shall make a decision to issue or refuse micro-credit with the grounds for 
the latter no more than fifteen business days after receipt of a loan application. 
In the case of justified denial to issue a micro-credit, the creditor shall inform the 
applicant of the reasons for denial and make the appropriate minutes of the decision of Loan 
Committee at the first request. 
In the case of an applicant’s subsequent application after remedying the indicated 
flaws, the creditor shall review loan application in the next scheduled meeting of Loan 
Commission, and the creditor must inform the applicant of its decision, and provide the 
appropriate minutes. 
Article 41. Micro-credit Agreement
 
The micro-credit agreement (hereinafter - Agreement) shall be made in writing. 
The Agreement must include the following: 
Family name, first name, patronymic, passport data (or document substituting 
passport) or full tile and other information of the borrower; 
Full title and other data of the creditor; 
Subject of the Agreement; 
Total amount of micro-credit; 
Procedure and method of issuing the micro-credit; 
Interest rate; 
Micro-credit repayment procedure and schedule; 
Rights and responsibilities of the parties; 
Liabilities of the parties in case of a failure to meet or failure to duly meet the terms 
and conditions of the Agreement; 
Conditions for changing and canceling the agreement; 
Other terms in conformity with legislation. 
The following terms can be included in the agreement with the consent of both parties: 
Guarantees of the borrower to honor his liabilities; 
Force majeure circumstances; 
Procedures to oversee the observance of the terms and conditions of the Agreement.