Kazakhstanis to get 14 days to cancel a loan without penalty

Tengrinews.kz — Kazakhstanis will be granted a 14-day window to opt out of certain loans without facing penalties. These new requirements are outlined in a decree by the Agency for Regulation and Development of the Financial Market. Tengrinews explores what these changes mean for consumers.
The decree from the ARDFM was adopted on August 3, 2026, and officially published on August 12. The document will take effect 60 calendar days after its initial official publication.
Note. Consequently, the regulations will come into force in October 2026.
Banks must account for customer affordability
The requirements specify that financial institutions must assess whether a particular product is suitable for the client. This assessment will take into account the individual's goals, financial standing, expenses, product risks, income, and debt-to-income ratio.

"The suitability assessment of a financial product is carried out to determine the alignment of the financial product with the goals (needs), financial situation, and capabilities of the financial services consumer," the document states.

If a product does not match a person's needs, financial standing, or capabilities, it may not be offered or provided.
Ban on aggressive cross-selling
The new requirements explicitly prohibit several unfair practices. Financial institutions will be barred from:

concealing material terms, costs, and risks of a financial product;
imposing financial products or additional services (forced cross-selling);
obtaining client consent for a financial product or additional service through pre-checked boxes.

Advertising requirements will also change. Financial institutions will be required to disclose information in a manner that allows the client to understand the true cost of the product and its associated risks.
Specifically, it is forbidden to highlight the absence of one commission while remaining silent about other fees. If an organization advertises a preferential rate or other special conditions, it must simultaneously state their duration and the standard terms that apply after the promotional period ends.

"Advertising materials shall not contain information capable of misleading the financial services consumer regarding the characteristics, cost, profitability, or risks of a financial product," the decree reads.

Kazakhstanis given 14 days to cancel loans without penalty
The document also provides the right to cancel an unsecured loan, as well as any associated voluntary insurance and additional services, within 14 calendar days.

"The financial institution shall ensure the financial services consumer's right to withdraw from a financial product and (or) additional service within 14 calendar days from the date of the contract without the assessment of late fees or other penalties," the requirements state.

However, consumers must pay the accrued interest for the actual days the loan was used, and for insurance policies, the provider may withhold a proportional part of the insurance premium or recoup actually incurred expenses.
Regarding insurance, the document also allows for the retention of a portion of the premium for the period the policy was active or the reimbursement of actual costs incurred.
Note: Financial institutions are required to inform clients of this right prior to the conclusion of any contract.
Earlier, it was reported that defaults on certain loans at pawnshops may no longer impact the credit history of Kazakhstanis. The Agency for Regulation and Development of the Financial Market has drafted a document that provides for the exclusion of information regarding overdue payments, fines, and penalties on microloans secured by vehicles and other movable property from credit reports.