Article 6. Ensuring the fulfillment by the borrower of obligations under the microcredit agreement of the Law on Microfinance Activities

1. The fulfillment of obligations by the borrower under the microcredit agreement is ensured by the methods provided for by the legislation of the Republic of Kazakhstan or the microcredit agreement.

     1-1. If the amount of the payment made by the individual borrower is insufficient to fulfill the obligations under the microcredit agreement, the specified amount repays the obligations of the individual borrower under the microcredit agreement in the following order:

     1) outstanding principal debt;  

     2) remuneration arrears;

     3) a penalty (fine, penalties) in the amount determined in accordance with paragraph 3 of this Article;

     4) the amount of the principal debt for the current payment period;

     5) remuneration accrued for the current payment period;

     6) the costs of microfinance organizations for obtaining execution.

1-2. If the fulfillment of the obligation under the micro-loan agreement is secured simultaneously by a pledge and a guarantee (surety) of an individual, then in case of proper fulfillment by the borrower of the obligation under the micro-loan agreement and provided that the market value of the collateral item(s) determined by the appraiser at the time of the guarantor's (surety's) request – an individual with a claim for termination of the guarantee (surety) exceeds the amount of the unfulfilled part of the borrower's obligation, taking into account the requirements of the microfinance organization's collateral policy, the microfinance organization is obliged to consider the issue of termination of the guarantee (surety) agreement within ten working days from the date of the individual's request.

     2. Excluded by the Law of the Republic of Kazakhstan dated 07/03/2019 No. 262-VI (effective from 01/01/2020).  

3. The amount of the penalty (fine, penalties) for violating the obligation to repay the amount of a microcredit and (or) pay remuneration under a contract concluded with an individual for the provision of a microcredit not related to entrepreneurial activity may not exceed 0.5 percent of the overdue payment amount for each day of delay after ninety days overdue payments are 0.03 percent of the overdue payment amount for each day of delay, but not more than ten percent of the amount of the micro-loan issued for each year of the micro-loan agreement.

The Law of the Republic of Kazakhstan dated November 26, 2012 No. 56-V.

The article was amended and supplemented by the Law of the Republic of Kazakhstan dated July 23, 2026, No. 352-VIII SAM. 

     This Law regulates public relations related to the provision of micro-loans, establishes the specifics of the creation and reorganization of organizations engaged in microfinance activities, the legal status, activities of organizations engaged in microfinance activities, and also defines the specifics of state regulation of organizations engaged in microfinance activities, control and supervision of their activities.

President    

Republic of Kazakhstan     

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