Applications worth US$84 million successfully processed under preferential car loan program

34 Kazakh citizens have purchased new cars since the start of the preferential car loan program, Zhanar Ibrasheva, Deputy Chairperson of the Industrial Development Fund, said at a briefing. According to her, more than 14,000 applications from the country's residents were received, but only just over 4,000 of them worth more than 35 billion tenge (US$82.352 million) were successfully processed. Overall, 100 billion tenge (US$235.294 million) was allocated within the program.

“In general, at the initial disbursement of funds it is planned to provide cars to more than 10,000 people. I would like to note that this program is revolving in nature. That is, if our citizens don’t manage to receive cars at the initial placement, they will be able to reapply as soon as the money from individuals, who have already got a car, is received. So, there will be an opportunity to apply again literally in a month or two. In general, since the program was launched, the requirement to have a vehicle identification number to provide invoices to second-tier banks has been abolished as a result of citizens’ appeals. This means that individuals can now apply to second-tier banks without a VIN code,” said Zhanar Ibrasheva, Deputy Chairperson, Industrial Development Fund.

The preferential car loan program is not a novelty as it has been operating in the country since 2015. Over the years, 29,650 Kazakh citizens have become happy owners of new cars.


Translation by Assem Zhanmukhanova

Editing by Saule Mukhamejanova