Baku, Azerbaijan, Aug. 5
By Elena Kosolapova - Trend:
As many as 2,943 preferential car loans worth 9.353 billion tenges (187.65 tenges = $1) have been issued in Kazakhstan as part of the state program as of July 30, said the message from the program's operator - Development Bank of Kazakhstan.
This is while the number of agreed applications submitted by individuals to commercial banks - agents - for receiving loans within the program for issuing preferential car loans, stood at 3,687 worth of 11.551 billion tenges during the mentioned period.
Eurasian Bank, ATF Bank, Bank CenterCredit, Sberbank of Russia, Halyk Bank of Kazakhstan and ForteBank are car loan agents.
The program of concessional lending to purchase of cars of domestic assembly started in Kazakhstan on April 20, 2015. In total, the National Fund of Kazakhstan has allocated 15 billion tenges for lending to individuals for purchasing cars that are assembled in Kazakhstan as part of the program.
The terms of lending to individuals for the purchase of passenger vehicles of domestic production, approved by the government of Kazakhstan are as follows: 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 no more than five years and the loan currency is Kazakh tenge.
The cost of one passenger car is no more than 5.6 million tenges, mandatory initial contribution is no more than 20 percent of the cost of the purchased vehicle.
As many as 55 car models of such brands as Kia, Chevrolet, Skoda, Hyundai, SsangYong, Peugeot and others are offered to the final borrowers - individuals.
Edited by CN
Follow the author on Twitter: @E_Kosolapova