Kazakhstan has introduced a two-week grace period during which borrowers can withdraw from a loan without penalties, fines, or other sanctions, reports infohub.kz.
The Agency for Regulation and Development of the Financial Market of Kazakhstan has adopted a resolution changing the rules for banks and microfinance organizations (MFOs) in dealing with clients. The document introduces a "grace period" allowing citizens to opt out of a financial service.
Now, within 14 days, Kazakhstanis can cancel an unsecured loan or insurance product without penalties, fines, or other sanctions from the organization. Only the actual days of using the money or insurance coverage are subject to payment.
Additionally, the resolution bans misleading advertising, where ads promise one thing but in reality the client is forced to incur additional costs or fulfill conditions not mentioned in the ad.
The new rules will take effect 60 days after the official publication of the document, i.e., on October 12, 2026. Within six months after the rules come into force, unscheduled inspections will be conducted to check whether organizations' financial products comply with the new requirements.
It is worth noting that Kazakhstan already has a "cooling-off period" for online loans: borrowers are not given money immediately but are given time to make a decision.