For the convenience of the citizens, ensuring the equal conditions and greater coverage of the population, the best options of two existing programs will be applied. In addition, it will allow pooling the flow of the funds offering to Kazakhstan citizens more funds to purchase new domestically produced cars within common and transparent rules.
Also, to ensure the centralized control in the future it is planned to have the single operator of the funds within the program represented by Development Bank.
Currently, second-tier banks participating in the programs realizing the process of accumulating the payments coming from the repayment of existing loans. The start of issuing the preferential loans based on the revolving mechanism, is expected in the second half of January 2023.
As of the launch date, the amount of accumulated funds within two programs will be about 13 billion tenge, which will allow issuing at least 1,300 new car loans. In the future, the distribution of the funds accumulated by the revolving method is planned to be realized monthly.
It should be noted since 2015, the Government has allocated 82 billion tenge through DBK for the Program of preferential car loans. Due to the revolving mechanism more than 32 thousand loans were issued at the expense of these funds for a total amount of 176 billion tenge.
In May 2022, Industrial Development Fund allocated 100 billion tenge to the Preferential Car Loan Program. As of December 1, 2022, more than 14,000 loans have been approved for these funds, including more than 12,500 new cars have already been issued. The average size of a car loan amounted to 7.8 million tenge.
The participating banks of the Programs are Halyk Bank, ForteBank, Bank CenterCredit and Eurasian Bank. According to information of the above banks, today there are no queues that are not provided with the funds of the programs. All potential borrowers who have a prior approval from the participating banks will be issued loans as they get the cars.
The start date for accepting applications, as well as the updated conditions of the Programs and the implementation mechanism will be additionally announced in the media and on the official websites of DBK and IDF.
