Central Bank of Uzbekistan Clarifies Rules on Informing Borrowers About Loan Payments

Tashkent, Uzbekistan (UzDaily.com) — The Central Bank of Uzbekistan has issued clarifications to commercial banks regarding the provision of information on loans, following cases in which loan agreements included clauses that restricted borrowers’ rights.

Specifically, some banks had been including provisions stating that a revised repayment schedule—such as adjustments to deadlines or amounts of interim payments—would be provided to the borrower only upon request.

The regulator emphasized that, according to Article 66 of the Law “On Banks and Banking Activities,” banks are obliged to provide clients with complete information on the services offered and the terms of their provision. Additionally, the Law “On Consumer Rights Protection” requires that clients be informed promptly, accurately, and clearly, and prohibits including contract terms that limit consumer rights.

A loan repayment schedule is an integral part of the credit agreement, containing crucial information for the borrower, including the remaining balance, principal and interest payments, and due dates. Any changes to the schedule must be formally documented and provided to the client to prevent late payments, overcharging of interest, penalties, and negative impacts on credit history.

The Central Bank stressed that providing borrowers with a copy of the agreement and an updated repayment schedule is mandatory, regardless of whether the borrower requests it.

Banks are instructed to cease including clauses that shift the responsibility for informing clients onto borrowers and to ensure that all changes to loans are reflected in updated schedules and communicated to clients.

The regulator requires all commercial banks to eliminate such practices in existing agreements and to guarantee that every borrower receives timely information on the amounts and deadlines of loan payments.