According to the law, the maximum interest rate for auto loans should not exceed 35%. The lowest maximum rate is offered by ForteBank at 25.3%. Clients of this bank can purchase either a new or a used car that is no older than 8 years.
Similar rates are available at Bank CentrCredit and Freedom Bank, both at 25.6%. At BCC, this rate applies only to new vehicles, while for used cars, it increases to 32.24%. Additionally, there is a special offer: if a client buys a Skoda car, the maximum effective interest rate drops to 22.4%.
Halyk Bank provides slightly less favorable auto loan conditions, as reported by Ranking.kz. This financial institution offers loans with a maximum rate of 28.3% for new cars and 30.1% for used ones. Bereke Bank and Eurasian Bank apply the maximum rate allowed by regulators, which is 35%.
Six out of seven banks provide loans with terms of up to 7 years. The maximum loan amount ranges from 18 to 50 million tenge.
Previously, "Kursiv" reported that it has become easier to obtain an auto loan in Kazakhstan. While banks used to calculate the borrower's debt burden ratio during the loan application process, this requirement has now been eliminated. Now, Kazakhstani citizens can take out auto loans regardless of their debt burden. More details here.