8 billion tenge from the National Fund of the Republic of Kazakhstan directed to concessional car crediting
The Development Bank of Kazakhstan (DBK) within the framework of the Car Loan Program sent the third tranche of the National Fund’s funds in the total amount of KZT 8 billion to five second-tier banks. KZT1.875bn was received by Halyk Bank, the Eurasian Bank, a subsidiary of Sberbank of Russia in Kazakhstan and Bank CenterCredit, and KZT500m – a subsidiary of VTB (Kazakhstan). This information was provided to the Kapital.kz Business Information Center by the press service of the DBK.
The current terms of lending to individuals – citizens of the Republic of Kazakhstan for the purchase of cars manufactured in Kazakhstan are as follows:
- nominal interest rate – no more than 4% per annum
- term of crediting – no more than 7 years
- loan currency – tenge
- the cost of one unit of passenger cars – no more than 15 million tenge.
The size of the initial installment of the bank is set independently.
Borrowers under the Program are offered 60 models of cars of such brands as Kia, Chevrolet, Skoda, Hyundai and so on, which are assembled at SaryarkaAvtoProm and ASIA AVTO.
The program of preferential car loans started in April 2015 and is designed for 20 years. The operator of the program is the DBK.
The source of financing of the Program is the funds of the National Fund allocated within the framework of the State Program for Infrastructure Development “Nurly Jol” for 2015-2019.
Earlier, for the implementation of the Program, two tranches of the National Fund were sent in the total amount of KZT26 bn, which were fully utilized by the participating banks.
Due to the means of preferential car loans, about 10 000 Kazakhstanis purchased new cars of domestic production. The total amount of issued loans, taking into account the secondary development of funds today exceeds 39 billion tenge. Loans to borrowers have a revolving character, that is, payments from repayment of current loans are directed to a new car loan.