Next stage of state program of preferential car loans launched in Kazakhstan
Baku, Azerbaijan, Jan.22
By Nigar Guliyeva - Trend:
Receipt of applications for financing a car purchase within the third tranche of the state program on preferential auto loans was launched in Kazakhstan, the Kazakh car assembly plant JSC "AZIA AVTO" said in a message on Jan.22.
The government of Kazakhstan decided to allocate 8 billion tenge additional funds to finance the state program on preferential lending.
For the buyers of cars of the plant "AZIA AVTO", the operator of the program (JSC Development Bank of Kazakhstan) established a limit of 50 percent of the allocated amount - 4 billion tenge.
Branches of the BIPEK AUTO - AZIA AUTO Group of Companies have already started accepting applications. Within the framework of the state program, more than 30 models with starting price of 2,595,000 tenge and produced by the car assembly plant AZIA AVTO, are offered to the people of Kazakhstan.
Under the program conditions, the maximum cost of the purchased car should not exceed 15 million tenge. The loan period is not more than 7 years. The nominal interest rate is not higher than 4 percent per annum, while the annual effective rate (including insurance and clearance expenses for motor vehicles) should not exceed 7.5 percent per annum. The initial fee is from 0 percent (depending on the conditions of the partner bank), the loan currency is tenge.
The program on preferential car loans was launched on April 20, 2015. Earlier, within the first two tranches of the program, 26 billion tenge were allocated from the National Fund on a return basis.
JSC "Eurasian Bank" and JSC "Bank CenterCredit" have already started accepting applications for consideration of loans. In the near future, the Sberbank of Russia, Halyk Bank of Kazakhstan and JSC VTB Bank will start operating under the third tranche.
As of Jan.11, 2018, 9,905 loans were provided to Kazakh citizens for a total of over 39 billion tenge. About 51 percent of loans fell on buyers of cars "AZIA AVTO" and more than half of borrowers preferred models KIA, Skoda, Chevrolet and Lada.