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The procedure for granting loans by banks was approved by the Central Bank of Turkmenistan. The document is published on the portal of legal information of the Ministry of Justice.
According to the document, borrowers can apply to any credit institution for a loan, regardless of place of residence. Loans are divided into short-term (up to 12 months) and long-term (more than 12 months).
The decision to grant or refuse granting a loan is made by a special commission of the credit institution, which must notify the borrower of it within 10 working days from the date of an application’s receipt.
Also, the new procedure clarifies the conditions, the purpose of lending, which documents are required to receive funds.