The Center for Economic Research and Reforms (Center) has determined a rating of profitable car loans for individuals in commercial banks of Uzbekistan for the purchase of cars in the primary market (November 2021). The rating takes into account factors such as loan conditions - down payment, interest rate, grace period, loan term and amount.
Currently, only 24 out of 32 commercial banks offer car loans to purchase in the primary market.
Currently on the purchase of vehicles in the primary market for individuals: “TBC bank”, “Uzagroexportbank”, “Anorbank”, “Universal bank”, “Capital bank”, “Hi-tech bank”, “UzKDB bank”, “Madad Invest bank” do not offer loans.
According to the rating results, “Invest Finance Bank” ranks first in the rating of profitable car loans for individuals. This bank has an annual interest rate of 25% despite the 18th place, leadership in the size of the initial payment of 25%, a grace period of 6 months and a loan amount of up to 500 million soums ensured it the first place in the overall rating.
In the overall rating "Uzpromstroybank" bank took the second place. Conditions for obtaining a car loan in this bank, that is, an initial payment - 30% (13th place), interest rate - 23% (5th place), grace period - 6 months (1st place), loan amount - up to 500 mln. soums amount (1st place) and loan term - 36 months (25th place) allowed the bank to enter the top 3 banks.
In the rating “NBU” took the 3rd place. The bank provides car loans on the following conditions: annual interest rate - 24% (11th place), initial payment - 30% (13th place), loan term - 60 months (1nd place) and maximum loan amount - 500 million soums.
In the overall rating "Ravnak Bank" is on the 35rd place, this bank offers its customers car loans on the following conditions: annual interest rate - 28% (35rd place), initial payment - 30% (13th place), term loan - 36 months (25rd place) and the maximum loan amount - 500 mln. soums amount.
According to the results, “Savdogar Bank”, which is in 36th place in the overall rating, has established the following conditions for the allocation of car loans, the initial payment is 30% (13th place), the annual interest rate is 27% (29th place), the loan term is 30 months (37th place), and the loan value is 500 million soums.
It should be noted that “Poytaxt Bank” (22%), “Ipak yuli bank” (22%) and “Ipoteka Bank” (22%) provide the lowest car loan rates for individuals for purchasing vehicles in the primary market, and the highest rates are provided by “Davr Bank” (30%).Bank “Turkiston Bank”, which ranks 37th in the rating, offers car loans to customers who apply to the bank on the following conditions: initial payment - 30% (13th place), annual interest rate - 28% (35th place), loan repayment period - 36 months (25th place), while the size of the loan is 300 million soums (37th place).
For reference: according to the Central Bank, until June this year, commercial banks allocated loans in the amount of 3.445.6 billion soums for the purchase of vehicles.
Information obtained from websites of commercial banks, credit conditions are subject to change. You can visit the bank's website for more information.
The Center for Economic Research and Reforms