Baku, Azerbaijan, May 7
By Elena Kosolapova - Trend:
Over the past six months, car loans in Kazakhstan rose in price by nearly 6 percent, said Ranking.kz analytics agency May 7.
The agency said the average effective rate in the car loan market in May was 24.2 percent versus 18.4 percent in December 2014.
"Over six months (Dec. 2014 - May 2015), the average effective rate on car loans in Kazakhstan rose by 5.8 percent," said Ranking.kz.
According to the agency nine banks were recorded to revise the rates.
The rise in the price of car loans was recorded in the range of 2 to 17 percent.
The key parameters of the car loan are: the term, the loan amount, and the fee rate.
The loan's amount ranges from 150,000 tenges (185.8 tenges = $1) up to 30 million tenges. Most of the banks in Kazakhstan require making a minimum initial payment of 10 percent of the car's value.
The (effective) fee rate ranges from 15 to 35 percent. The most popular fee rate is 27.4 percent.
Edited by CN
Follow the author on Twitter: @E_Kosolapova