Kazakhstan plans to abolish the debt-to-income ratio for auto loans to make it easier to buy cars on credit, reports Orda.kz.
Minister of Industry and Construction Yersaiyn Nagaspayev announced plans to change car loan conditions and develop leasing for individuals. The ministry is considering removing the debt-to-income ratio, expanding access to car leasing, and focusing on electric and hybrid vehicles. It also aims to develop a charging station network and create conditions for autonomous cars.
“This will create equal and transparent competition conditions for domestic producers and importers, and prevent the use of illegal schemes,” the minister said at a government meeting.
The ministry also intends to tighten control over car imports and set up its own laboratory for full-cycle vehicle testing to meet technical requirements, speeding up the launch of new models.