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Uzbekistan Adjusted The Conditions Of Automotive Crediting

Saturday, July 1, 2017 - 01:25

From June 1, 2017, the banks of Uzbekistan “Aloqabank” and “Asaka” started issuing loans to citizens of the republic for purchases of passenger vehicles of national production. The conditions of car insurance offered by these financial institutions differ from each other; so do the terms of lending. “Asaka” issues loans for up to three years, while “Aloqabank” offers a period of up to four years. As for the interest rate, it depends on the amount of the down payment, which the borrower provides as a preliminary payment.


Speaking of the bank “Asaka,” when the borrower makes a down payment of up to 35 percent of the cost of the passenger vehicle, the rate will be 18 percent per annum. However, if 36-45 percent of the total cost is paid, the rate will be 17 percent per annum. If the down payment exceeds 45 percent of the cost of the car, the rate is 16 percent per annum. If there is no prepayment, you will have to pay 23 percent per annum.


The conditions offered by “Aloqabank” are more favorable. If the borrower pays up to 30 percent of the car's cost, the rate will be 16 percent per annum. If the down payment is up to 40 percent, the rate is 15 percent per annum. If the down payment exceeds 50 percent of the cost of the car, the rate is only 14 percent per annum.


In addition, to be approved a loan at the bank “Asaka,” you will need at least one surety, and your salary level should be at least 15 percent higher than the monthly payment. In the other bank, the terms of provision of car loans require the client to have a salary that exceeds the monthly payment by at least 40 percent.


Other conditions are envisaged by the banks for young families, in which the age of either of the spouses does not exceed 30 years. In these cases, a loan for the purchase of a car produced in Uzbekistan is provided on the terms of 9 percent per annum, but with a mandatory advance payment of not less than 25 percent of its total cost.

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