New loan system for agricultural equipment introduced in Kazakhstan
According to the information of JSC Agrarian Credit Corporation, "this year a new product has been introduced. Now agricultural equipment can be procured through the system of credit partnerships. The novelty of this method is that it is similar to car loans which are successfully practiced by second level banks of Kazakhstan. Earlier credit partnerships did provide loans too, but primarily on security. And since in agricultural sector it is a problem to pledge a security, we have decided to introduce a new product which is down payment loan", Managing Director of JSC Agrarian Credit Corporation Aizhan Kenzhebayeva said.
The specifics of the new product is that a down payment cam be both money and security like land plots, equipment, house and motor vehicle. Within three months we have received applications for KZT 300 million which are only registered requests. A lot more are collecting paperwork to apply for the loan, according to Aizhan Kenzhebayeva. 