Kazakhstan car loan demand drops by a third in Q2
This digest was compiled by AI from multiple sources — links to the originals are below.
Banks in Kazakhstan reported a 34% decline in car loan issuance in the second quarter of 2026 compared to the same period last year. The drop follows tighter lending rules introduced by the National Bank in March. Lenders also noted a shift toward foreign-currency business loans.
Loan Volume Decline
Car loan disbursements fell to 187 billion tenge in Q2 2026, down from 283 billion tenge a year earlier, according to data from the National Bank of Kazakhstan. The 34% drop marks the steepest quarterly contraction since 2020. The decline was broad-based across all major lenders, with Halyk Bank and Kaspi Bank reporting the largest absolute decreases.
Regulatory Impact
The National Bank raised risk weights on unsecured consumer loans in March 2026, effectively capping loan-to-value ratios for car financing. Banks responded by tightening approval criteria and raising down-payment requirements to 30-40%. The policy aimed to cool household debt growth, which had accelerated to 18% year-on-year in early 2026.
Currency Shift in Business Lending
While consumer car lending contracted, banks reported a 12% increase in foreign-currency-denominated loans to businesses, reaching 1.2 trillion tenge equivalent. The trend reflects corporate demand for cheaper euro and dollar funding amid expectations of a stable tenge. The National Bank has warned against unhedged FX borrowing.
New Borrower Assessment Rules
Starting July 1, 2026, new rules for assessing borrower solvency took effect in Kazakhstan. These regulations are expected to further tighten lending conditions for car loans.
Auto Leasing Demand Disappoints
Despite extensive advertising, Kazakhstan's auto leasing program has failed to attract expected demand. Experts note that auto leasing effectively functions as a car loan without immediate ownership transfer. The program requires optimization to improve accessibility.
What's Next
The National Bank is set to review its macroprudential policy in September, with possible further tightening if household debt continues to rise. It remains unclear whether the car loan slump will persist as banks adjust to the new rules.
4 sources
Kazakhstan car loan demand drops by a third in Q2
