In June 2026, the average market interest rate on loans to individuals in Kazakhstan fell to 20.9% per annum, the lowest level since February 2026. This followed the National Bank of Kazakhstan's reduction of the base rate to 17% on June 5 and then to 16.75% on July 24, reports infohub.kz.
According to the National Bank, the average market rate on new tenge-denominated consumer loans dropped by 1.8 percentage points. For foreign-currency loans, the decline was 2.1 percentage points, bringing the rate to 5.6% — a level last seen in February 2026.
Rates vary significantly by loan term. The most expensive are short-term one-month loans, which averaged 24.9% per annum in June. Loans from one to five years averaged 23%, from three months to one year 21.1%, and from one to three months 19.2%. The most favorable were long-term loans over five years, with an average rate of just 15.7%.
It should be noted that these figures are market averages; actual rates are calculated individually and may differ. The National Bank's base rate cut may encourage second-tier banks to further reduce interest rates on loans, potentially making borrowing even more accessible for Kazakhstanis.