Number of issued preferential car loans grows in Kazakhstan

Number of issued preferential car loans grows in Kazakhstan

Baku, Azerbaijan, June 30

By Elena Kosolapova - Trend:

As of June 26, 2015, the operator of the program of issuing preferential car loans in Kazakhstan, Development Bank of Kazakhstan, has agreed on 3,764 applications from individuals for the sum about 11.9 billion tenge (186.2 tenge = $1) for getting the preferential car loans, the message of the bank said.

The message said that over the last four days, the bank has coordinated more than 250 requests for preferential car loans.

Some 558 applications for car loans from individuals were received in Bank Center Credit, 968 applications in the Eurasian Bank, 1001 applications in the Kazakh Halyk Bank, 632 applications in Sberbank of Russia, 121 applications in ATF Bank, 484 applications in Forte Bank. All these claims were confirmed.

The program of concessional lending of the purchase of cars of domestic assembly started in Kazakhstan on April 20, 2015. In total, the National Fund of Kazakhstan has allocated 15 billion tenge for crediting of physical persons for the purchase of cars that are assembled in Kazakhstan within the framework of the program.

Of total volume of issued loans, 45.3 percent, or 3.765 billion tenge, accounts for cars produced by Asia Auto JSC, 33.3 percent, or 2,249 billion tenge - for cars produced by Sary-Arka Automotive Industry LLP, 21.3 percent or 261.8 million tenge - for the production of cars of by Agromashholding.

Here are the following terms of lending to individuals for the purchase of passenger vehicles of domestic production, approved by the government of Kazakhstan: the nominal interest rate is no more than 4 percent per annum, while the annual effective rate (including the cost of insurance and vehicle registration as a pledge) must not exceed 7.5 percent per annum. Loan term is not more than five years, loan currency is the Kazakh tenge, the cost of one unit of passenger cars is no more than 5.6 million tenge, mandatory initial contribution is no more than 20 percent of the cost of the purchased vehicle.

Some 55 car models of such brands as Kia, Chevrolet, Skoda, Hyundai, SsangYong, Peugeot and others are available for the final borrowers-individuals.

Edited by CN

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Follow the author on Twitter: @E_Kosolapova

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