What are the interest rates on car loans in Uzbek banks and which type of loan calculation is more convenient?
As of January 24, 5 banks in Uzbekistan: Ziraat Bank, Kapitalbank, Mikrokreditbank, Uzmillibank and Turonbank offer car loans at lower interest rates than other banks.
Interest rates on car loans in Uzbekistan have risen significantly this year compared to last year. Below we get acquainted with the interest rates on car loans:
In most commercial banks, car loans are issued for cars made in Uzbekistan under a car dealership contract by money transfer, and the borrower must have a permanent job and no "negative" credit history.
For example, if we take a Cobalt car worth 95 million 768 thousand soums from the National Bank on the basis of 2% down payment for 50 years, a loan of 22% will be provided.
So: Based on a simple calculation type: During the 3-month grace period 877 thousand 873 soums in descending order in the remaining months From 2 million 871 thousand soums to 3 million 116 thousand soums paid. Gross profit of the bank 12 million 290 thousand soums is formed.
Based on the type of annutation calculation: During the 3-month grace period 877 thousand 873 soums in the same order as in the remaining months 2 million 767 thousand 808 soums paid. Gross profit of the bank 12 million 874 thousand soums will be.
It is known from the above that the profit of banks can increase or decrease depending on the type of credit calculation.