Program of preferential car loans launched in Kazakhstan

The Ministry of Industry and Infrastructure Development, together with the Ministry of Ecology, Geology and Natural Resources, is developing a program for preferential car loans for citizens of the Republic of Kazakhstan and the renewal of the bus fleet from the funds of Zhasyl Damu JSC, Kazpravda.kz reports with reference to the Ministry of Investment and Development of the Republic of Kazakhstan.

The program will be launched at the end of April.

The amount of financing under the concessional lending program will be about 100 billion tenge. About 30 billion tenge will be allocated to upgrade the fleet of buses in the regions of Kazakhstan.

Lending for the purchase of cars will be carried out on the following conditions:

- remuneration rate: 4%;

- loan amount: no more than 10 million tenge;

- term of financing: no more than 7 years;

- down payment: from 0%;

- vehicle cost: no more than 15 million tenge.

Lending will be carried out by second-tier banks.

To ensure the transparency of financing, the ministries have provided a mandatory condition according to which STBs must have an automated system for tracking the status and timing of the provision of financing to borrowers.

There is also a restriction that prohibits financing the same borrower more than once in two years, the MIID noted.