Demand for auto loans grows, but approval rates remain low in Kazakhstan
Tengrinews.kz - The National Bank of Kazakhstan conducted a survey of nineteen second-tier banks to assess the state of auto lending.
By the end of 2024, the number of auto loan applications increased by 3%, reaching 1.2 million tenge per applicant on average. Banks attribute this rise to promotional campaigns by dealerships and joint programs with financial institutions.
However, despite growing interest, the approval rate for auto loans remained unchanged at 18%.
At the beginning of 2025, banks anticipate further growth in demand for auto loans, driven by an increase in lenders and the expansion of digital services for loan applications.
Meanwhile, data from the State Revenue Committee shows that Kazakhstani motorists have accumulated significant tax debt. The total outstanding amount for vehicle tax among individuals has reached 10.7 billion tenge, with 335,000 taxpayers listed as debtors.
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