The Ministry of Economy and Finance has opened public consultations on a draft Cabinet of Ministers resolution that would subsidize interest rates on auto loans for electric vehicles (EVs).
Under the proposed framework, the subsidies will apply exclusively to retail loans for new EVs purchased on the primary market. To qualify, the vehicle's purchase price must not exceed 1,000 base calculating values (BCV, equivalent to 440 million soums as of September 1), and the total loan amount must be capped at 300 million soums.
The government intends to offset a portion of the interest rate during the first two years of the loan repayment period. Specifically, the subsidy will cover the portion of the interest rate that exceeds 16%, up to a maximum cap of 8 percentage points. For instance, if a bank charges a 24% annual interest rate, the state will cover 8 percentage points; if the rate is 20%, the subsidy will cover 4 percentage points. No financial assistance will be provided for loans with interest rates at or below 16%.
The draft sets a retroactive effective date of August 1, 2026. However, officials emphasize that the policy remains under public review and has not yet been formally enacted.
The regulation narrowly defines eligible vehicles as Category M1 passenger cars powered solely by an electric motor and charged via an external power source. Internal combustion engines are entirely excluded, meaning hybrid vehicles do not qualify for the program.
To receive the benefit, the loan must be denominated in the national currency (soums) for a new vehicle purchase. Subsidies will only apply to loans issued after the Ministry of Economy and Finance signs a formal agreement with the participating commercial bank.
Eligible borrowers must meet their bank's internal creditworthiness standards and hold no delinquent debt at the time of application. Additionally, buyers must explicitly opt-in for the subsidy when submitting their initial auto loan application.
Commercial banks will retain full authority over the final loan approval. If a subsidy application is rejected, the bank must notify the client within three working days, clearly stating the grounds for refusal. The finalized credit agreement must explicitly outline the terms and exact amount of the subsidy.
The initiative will be financed through surplus revenues from the national budget for the remainder of 2026. From 2027 through 2030, funding will be structurally integrated into the state budget allocations based on projected consumer demand.
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