Kazakhstan Launches Auto Retail Lending Program
Tuesday 21 April 2015
ASTANA (Interfax-Kazakhstan) – Kazakhstan launches Monday an auto retail lending program for individuals and entrepreneurs who wish to buy locally manufactured vehicles, AllurGroup says in a press release. This program is part of the Nurly Zhol policy.
The National Fund of Kazakhstan allocated 20 bln tenge to finance the program, to support the Kazakh car markers and to stimulate the domestic demand. The financing will be through Halyk Bank of Kazakhstan (KZT4 bln), Eurasian Bank (KZT3 bln), Sberbank of Russia (KZT2 bln), ForteBank (KZT2 bln), Bank Center Credit (KZT2 bln), ATF Bank (KZT2 bln) and BRK-Leasing (KZT5 bln).
The loans will be offered in Tenge for a maximum period of five years at 7.5% per annum and lower. The maximum value of the loan is KZT5.6 mln with a down payment of 20% of the sale price.
Kazakhstan’s National Fund, organized in 2000, is similar to Norway’s Oil Fund. The purpose of the Fund is to save and stabilize finances in the republic. Starting July 2006, all payments by the oil sector now go to the National Fund instead of the national budget as before.