A microloan in an app takes minutes, and an installment plan for a phone is offered right at the shop window. That ease is exactly why people rarely calculate what they overpay — and end up with several small debts that together eat the salary.
What a microloan is
A microloan is a small loan to an individual, usually without collateral. Banks and microfinance organisations issue them, including online through a bank’s mobile app. Since 2024 the maximum microloan size is 100 million so‘m.
The convenience of online loans is also their main risk: a decision in minutes, money on your card instantly, no time to think.
Current rules
Since 24 July 2025 the Central Bank has tightened rules for bank microloans to individuals:
- all payments above the principal (interest, fees, fines, penalties) — no more than 50% of the loan amount per year;
- interest and other charges — no more than 0.3% of the outstanding balance per day;
- maximum term — 36 months;
- the bank must check income, and payments on all debts must not exceed 50% of it.
These caps stop a debt from growing forever, but 50% a year is still very expensive money.
Example: a 5,000,000 so‘m microloan
12 months, 48% per year, equal payments.
| Item | Amount |
|---|---|
| Monthly payment | ≈ 532,800 so‘m |
| Total repaid | ≈ 6,393,000 so‘m |
| Overpayment | ≈ 1,393,000 so‘m (28%) |
Nasiya and "buy now, pay later"
Nasiya is a purchase paid in parts. It is offered by stores and by dedicated installment (BNPL) services that work through an app or at the checkout.
These contracts often never mention "interest". Instead there is a markup: the installment price is higher than the cash price. The Central Bank has noted that installment contracts often do not state the markup or the real effective rate clearly.
How to calculate the real price
- Find the cash price in this store and at 2–3 others.
- Multiply the monthly payment by the number of months, add the down payment and all fees.
- Subtract the cash price — that is your overpayment.
- Divide it by the cash price — that is the markup in percent.
Example: a 6,000,000 so‘m phone
| Option | Payment | Total | Overpayment |
|---|---|---|---|
| Cash | — | 6,000,000 | 0 |
| Nasiya, 12 months | 650,000 | 7,800,000 | 1,800,000 (30%) |
A 30% markup sounds moderate, but because you repay gradually, the annual effective rate is about 65% — more expensive than many bank loans.
Is "0% installment" always free?
Sometimes it really is. But check whether the price is inflated compared with other stores, whether there is an arrangement fee, "service charge" or mandatory insurance, and how harsh the late-payment penalty is.
What changes for installments from 2027
A Presidential resolution of 14 August 2026 puts the installment market under Central Bank supervision from 1 January 2027:
- installment operators (other than banks and microfinance organisations) must be entered in a Central Bank register;
- installments are limited to 12 months; longer contracts count as consumer credit;
- markups and fees are shown separately from the product price;
- all payments above the principal are capped at 50% per year;
- early repayment, full or partial, without fines or fees;
- installment data (except small purchases) goes to the credit bureau.
Until then, terms depend on the specific service — read the contract.
When installments are fine
- You really need the item.
- The payment fits your budget and total debt stays below 30% of income.
- The overpayment is zero or small and the price is not inflated.
- You have an emergency fund.
When it is a trap
- You take a microloan to pay another microloan or installment.
- You have 3–4 small installments at once and do not know the total.
- The purchase is impulsive.
- You have missed payments in the last six months.
If that sounds familiar, stop: take no new debt, list what you owe and make a repayment plan.
How to break the microloan cycle
- Stop new loans — delete quick-loan apps or set a credit ban via my.gov.uz.
- List every debt with balance, payment, cost and due date.
- Pay the minimum on all and the maximum on one — usually the most expensive first.
- Find extra money for 3–6 months by cutting optional spending.
- Talk to the lender about restructuring before you fall behind.
The one-question rule
Before any installment ask: "Would I buy this today if I had to pay the full amount from savings?" If not, you probably don’t need it — or should save for it.
Next step
Add all your microloans and installments to the ONPUL Debts tool. It shows your total overpayment and debt burden and suggests which debt to pay off first.