Auto loan borrowers in Kazakhstan may get relief. Minister of Industry and Construction Yersaiyn Nagaspayev spoke about measures to increase the affordability of cars for the population. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
At a government meeting, issues of developing the automotive industry were considered. During the meeting, the minister announced that it is proposed to abolish the debt burden ratio when applying for auto loans. The main goal is to expand citizens' opportunities to purchase cars.
"The current benefit is valid until the end of the year. We have submitted a proposal to the government to extend it. However, we will continue to work on the issue," Nagaspayev said at a briefing.
According to the minister, if the initiative is supported, the citizen's debt burden ratio may not be taken into account when issuing auto loans.
It is worth noting that the procedure for issuing loans in Kazakhstan has changed. According to the new requirements, restrictions are imposed on issuing loans to citizens without a permanent income. Also, the debt burden ratio and the ratio of monthly payment to income are taken into account.