Why is this important
High microcredit rates highlight the difficulty in accessing financing for small businesses and households. For comparison, the average interest rate on consumer loans (excluding microloans) is 24.1%, and on auto loans — 23.7%.
What happened
The highest microcredit rates are:
- TBC bank — 42,1%
- Anor bank — 41,1%
- Tenge bank — 39,8%
Lowest:
- Aloqabank — 22,9%
- Turon bank — 25,8%
- OFB — 25,9%
- For car loans, the average rate was 23.7%, with Garant bank having a minimum of 19.0%.
- For legal entities, the average loan interest rate is 23.1%.
What they say
The Central Bank states that microcredit rates are higher because of their risky nature and individual lending conditions, such as salaries, current needs, and lack of collateral.
Context
- Microloans are frequently utilised to finance small and family enterprises.
- The increase in interest rates may limit the availability of these loans and increase shadow turnover.
- Car loan rates stay fairly steady because of banks’ deals with car manufacturers.
