According to the Agency for Regulation and Development of the Financial Market (ARDFM), demand for cars in Kazakhstan has been largely satisfied: as of May 2026, the number of issued car loans fell by 37.3% compared to May 2025.
In its May financial sector review, the agency reported that car loan issuance decreased by 37.3% year-on-year, to $1.5 billion. The regulator attributes this to demand saturation following a spike in car purchases driven by temporary regulatory relaxations in car loan issuance.
Overall, Kazakhstanis received more than $3 billion in loans in May 2026, a 5.9% decrease compared to May 2025. Mortgage issuance also declined in May, totaling $436 million, a 4.2% decrease year-on-year.
The average interest rate on personal loans increased slightly over the month, reaching 21.4% in May. Despite the decline in the number of loans issued, banks’ personal loan portfolios grew by 0.7% in May, reaching $4 billion.
More broadly, demand for car loans in Kazakhstan fell by 11% year-on-year in the first quarter, to 1.2 million applications. Analysts at the Association of Financiers of Kazakhstan believe that after several years of strong growth, market demand for new cars is cooling.
