There have been changes to the product “ANOR Installment Card”

03.06.2024

There have been changes to the product “ANOR Installment Card”

Dear Clients !

We inform you that from June 4, 2024, changes to the terms of the Installment Card product for new customers will come into force. The decision was made at a meeting of the supervisory board of JSC ANORBANK, minutes No. 27

In case of late payment of the monthly obligatory payment, the Bank charges an additional fee to cover banking costs, including the costs of collecting the debt amount. The fee per day is 1/25 of the late amount paid and cannot exceed half of the principal amount.

- What purposes will the funds be used for?

Funds received in the form of fees will be used to cover bank costs associated with debt collection.

- What is 1/25 and how is it calculated?

The fee is 1/25 of the amount of the overdue payment for each day of delay. For example, if you have not paid a monthly payment of 100,000 soums, then for each day of delay an additional fee of 100,000/25 = 4,000 soums will be charged.

- Why are we doing this?

New conditions have been introduced in order to increase the responsibility of clients for timely payment of monthly payments and to compensate the bank for expenses arising in the event of delay.

- In essence, this is a penalty, but why do you say it’s a fee?

The new condition being introduced is called the “additional fee to cover bank costs”. It is essentially a type of fine, but in this situation the term “fee” is used by the bank to emphasize that these funds are intended solely to cover the bank’s expenses and not to generate additional profit.

- Why should customers who are late in payment have to cover the bank's expenses?

If payment is late, the bank incurs additional costs associated with debt collection, such as postage, wages for debt collection employees, legal costs, legal services, etc. The new conditions allow the bank to compensate for these costs and maintain the availability of financial products for clients.

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Information about modern useful and universal products and services of ANORBANK can be obtained on the bank’s website, in the application and on pages on social networks:

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