In total, about 2 thousand loans can be provided
Funds contributed as part of the repayment of preferential car loans are accumulated and will be issued again in the form of loans at 4% per annum already in the first half of November. This was announced by Rinat Gapparov, Deputy Chairman of the Industrial Development Fund JSC, during the X Forum of Machine Builders of Kazakhstan .
He recalled that buyers can choose to buy cars produced at the plants of SaryarkaAvtoProm LLP and Hyundai Trans Kazakhstan LLP.
“Revolving funds are starting to arrive. I think that revolving funds will be included in the program again, and funding will open presumably in the first half of November. It will be 2,000 cars annually, starting from November,” Gapparov said.
As noted on the slides, as of September 1, 2022, 13,307 loans were approved, including more than 10,000 cars issued as of that date.
“To date, 13.5 thousand applications have been approved and more than 11 thousand consumers have already received their cars under this program. If we look at the lower right corner of the presentation, while the program will exist for 30 years, about 60 thousand cars will be updated, that is, 60 thousand consumers will be able to get their cars and 100 billion (tenge - Italics) will turn into 450 billion, - he said.
According to the financing plan until 2047, in one year the return of revolving funds will be 14.3 billion tenge, which will be enough to issue new car loans for the purchase of 1,858 cars with an average check of 7.7 million tenge or 1,430 cars with an average check of 10 million tenge. In just 25 years, taking into account primary funds, 457 billion tenge of car loans will be issued for 59,351 cars with an average check of 7.7 million tenge or 45,700 cars with an average check of 10 million tenge.
Recall that in May, the IDF allocated 100 billion tenge for the issuance of preferential car loans through several second-tier banks. These funds were distributed as follows: Bank CenterCredit JSC - 27.5 billion tenge, Eurasian Bank JSC - 35 billion tenge, Forte Bank JSC - 15 billion tenge and Halyk Bank of Kazakhstan JSC - 22.5 billion tenge. The interest rate on the loan is 4% per annum (effective - 7.5%), the financing period is up to seven years, the initial payment is from 0%. The maximum loan amount is no more than 10 million tenge with a car value of up to 15 million tenge.
The program is designed for 30 years, including the loan period of 25 years. Funds to be paid by borrowers under loan agreements will be re-disbursed to new buyers of Kazakhstani cars on a revolving basis.
First Deputy Prime Minister Roman Sklyar told reporters on August 27 that the government would seek to find ways to increase the amount allocated for preferential car loans.
“Regarding car loans, indeed, there are many more applications, we will strive to find an opportunity to increase this amount if possible. The money that was frozen in the ROP, more than 220 billion tenge, (of which - "Kursiv") we transferred 100 billion tenge for preferential car loans, 30 billion tenge - for preferential lending to agricultural producers. Combines, tractors they can buy without a down payment at 6% per annum. I think this practice should be continued,” he said.
Sklyar also recalled that the recycling rates were halved, and the funds received from the ROP will be spent on environmental activities and programs like preferential car loans.
Source: kz.kursiv
