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How to receive a loan?

When you do not have enough money to survive till the next salary or to make a big purchase, bank loans lend a hand. Certainly, banks issue loans with an interest, that is, you would have to pay your bank a fee for using its money. Loan size and all other terms for receiving a loan are stipulated in a bank loan agreement, which must be carefully read. It is recommended that before contacting your bank for a loan you learn all the information about receiving a loan on the Internet as well as on our website.

What is a loan?

Loan is a temporary borrowing of money when a borrower has to repay the money back over time.
When you borrow money, you commit to pay out your debt every month. The amount of payments is agreed in the contract, and you can calculate this amount directly on the spot with a bank employee. 
You must be aware that a loan carries a certain interest, which is also a part of the payments. Very often such interest depends on the length of a loan you take; respectively, the larger the loan and the longer the repayment period, the greater the interest will be, and it can get to about half of the initial amount you have taken!
Any loan has to be secured. Usually, a security is your car or an apartment (if it is a mortgage). Sometimes a borrower tries to get away with it or cannot simply pay the amount in time.
A potential consequence is a trial, and such borrower risks losing a thing that he or she left as security. In fact, such cases are rare, but they should still be avoided.


What loans do banks issue?

Based on purposes:

  1. consumer loan is a loan for needs (personal purposes) of a borrower, except for entrepreneurship;
  2. industrial loan is a facility under which industrial companies are issued long-term loans. Usually, such facilities enable the provision of especially large amounts to borrowers.  Industrial loans are issued most often on special and rather mild conditions;
  3. trade credit is a  purchase of goods on credit for subsequent sale with their value and interest to be repaid in the short term. A widespread form of short-term loans, which is widely used in wholesale and retail;
  4. agricultural credit is a loan for development of agriculture;
  5. investment loan is a type of a loan issued to companies for financing of business projects;
  6. budget loans (interest-bearing and interest-free) are provided to public and municipal unitary enterprises on terms  and to the extent as stipulated by relevant budgets;
  7. mortgage loan is a loan for purchasing a real estate;
  8. car loan;
  9. credit card is a bank card for making transactions using only the funds provided by a bank within the limit stipulated by a loan agreement.

Based on maturity periods:

  1. short-term (up to 1 year);
  2. long-term (beyond 1 year).

Based on security types:

  1. secured loans;
  2. unsecured loans.

Banks of Almaty offer quite a broad line of loan products. 


Consumer lending

Consumer loan is the most popular type of a loan issued by a bank. The amount of such loan can usually reach up to 3,000,000 (three million) tenge. Often people take money from the bank for a short period and with high interest rate in order to spend them, for example, on vacation abroad. Such a loan is called a target loan. Banks of Almaty usually offer clients pre-designed targeted loans, for example, "Educational", "For home repairs", "Commodity loan". Some banks also include car loans in the offerings of consumer lending.
In order to receive a cash loan, you need to contact a bank.
A bank manager will help you apply for a loan. The amount of a loan that you may be entitled to will depend on your income and the size of monthly installments. 
To apply for a loan, you must provide the bank with your ID and sign a contract with the bank. A contract usually contains information on the loan repayment schedule, interest payable, commission fees, and conditions for early repayment as well as penalties for non-fulfillment or partial fulfillment of the obligations. 
In order to receive commodities on credit, you will need to contact a store that sells goods you are interested in. 
A loan manager at a store will help you apply for a credit. 
To apply for a commodity loan, you will need to provide your ID to a loan manager. After that, a manager will prepare an application for a commodity loan, which the bank usually reviews within half an hour. Within this time, a bank must verify whether you are solvent and where you don’t have any debts on other loans. If your application is approved, you will be able to purchase the goods on the day you apply for a commodity loan.


Mortgage lending

In case of mortgage loans, banks provide you with funds to purchase real estate against security. For example, you buy an apartment with the money given to you by the bank. This is your property, you are registered in it, and all the documents are registered with you, but you cannot sell or exchange it. Every month, you pay a certain amount to repay the debt. A loan term can be up to 20 years.


Car loan

In case of a car loan, you buy a car with a loan size of up to 30 000 000 tenge for the period of up to 7 years. With such loan, an interest rate may be from 4% to 27%.
Preferential car loan program
Currently, in Kazakhstan there is a program of easy-term lending with an initial installment of no more than 20% of the car's value. Preferential car loans apply to cars assembled in the RoK, at a price of no more than 9 million tenge. Effective annual interest rate on the loan (including the costs of insurance and registering a car as security) should not exceed 7.5% per annum.


Credit card

Credit card is a bank card to which a bank transfers funds. A bank customer that received a credit card may use the card funds within a certain limit. The limit and terms of services on credit cards may vary with banks. Usually, for the first time, a card owner can use credit funds free of charge, if the debt is paid within the agreed period.

There are several ways of applying for a credit card:

1. Online

In order to apply for a credit card, you will need to fill out an application on the website and provide your:

  • full name;
  • individual identification number (IIN);
  • contact details.

You will receive an answer with a bank’s decision via a text message, phone call or email. In case of a positive decision, a credit card will be delivered to you by courier or you will be asked to receive it at the nearest branch of the bank.

2. At a bank

In order to apply for a credit card at a bank, you will need to visit the bank several times: to fill out an application, to file documents and to receive a card.

A general list of documents for applying for a credit card at a bank (may vary depending on the requirements of a bank) is the following:

  • application form;
  • ID/passport/residence permit;
  • original copy of your consent  that permits credit bureaus to issue a credit report on you;
  • original copy of your consent that permits credit bureaus to release information on your;
  • original copy of your consent permitting the Unified National Pension Fund to provide information to a bank;
  • card account statement/salary statement/other documents reflecting and certifying a borrower’s income over the last 6 months.
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