Articles · Analysis
How to get an unsecured business loan in Kazakhstan
How a business can borrow without collateral in Kazakhstan: unsecured loans, a Damu Fund guarantee of up to 85%, and buying commercial property where the property itself becomes the collateral. A worked example and what the bank checks.
Dala Capital · updated 5 October 2026 · 7 min read
People search for an “unsecured loan” when the business has no spare property to pledge. But the phrase covers three different things. One suits small amounts, another covers a collateral shortfall, and the third lets an operating business buy commercial property without pledging what it already owns.
At a glance
- A fully unsecured loan — with no security at all — is offered by banks for small amounts, short terms and at a high rate.
- If collateral falls short, the Damu Fund can guarantee part of the loan to the bank — up to 85% of the amount.
- When a business buys commercial property, the property itself can serve as collateral. You may not need to pledge any of your own assets on top.
- In every case what matters most to the bank is the turnover of the operating business: that is where repayments come from.
What an “unsecured loan” actually means
- Unsecured loan
- How it worksThe bank lends without security, relying only on turnover and credit history
- Who it is forSmall amounts for working capital when speed matters
- Loan with a Damu guarantee
- How it worksA fund guarantee replaces part of the collateral — up to 85% of the loan
- Who it is forBusinesses whose collateral is worth less than the loan
- Loan secured on the property being bought
- How it worksWhat is bought with the loan serves as collateral: a building, warehouse, premises, equipment
- Who it is forOperating businesses buying commercial property
| Option | How it works | Who it is for |
|---|---|---|
| Unsecured loan | The bank lends without security, relying only on turnover and credit history | Small amounts for working capital when speed matters |
| Loan with a Damu guarantee | A fund guarantee replaces part of the collateral — up to 85% of the loan | Businesses whose collateral is worth less than the loan |
| Loan secured on the property being bought | What is bought with the loan serves as collateral: a building, warehouse, premises, equipment | Operating businesses buying commercial property |
Unsecured loan
This is a loan with no collateral at all. The bank’s risk is not covered, so the amount is limited, the term is short and the rate is higher than on a secured loan. Each bank sets its own limits based on account turnover. An unsecured loan is usually not enough to buy a building or major equipment.
Loan with a Damu Fund guarantee
If there is collateral but not enough, the Damu Fund can take on part of the risk. The guarantee covers up to 85% of the loan, capped at ₸3.5 billion; the fee is 1.5% of the guaranteed amount on signing and then annually on the balance. You apply through the bank. More in the article on the Damu guarantee.
Buying commercial property: the property becomes the collateral
The most common case where “no collateral” really works for large amounts is an operating business buying commercial property. The bank finances the purchase of a warehouse, production building, retail or office premises and takes that property as collateral. The owner may not need to pledge an apartment, a house or other assets.
The bank’s logic is simple: the money is repaid from business turnover, and the property insures the risk. So the decision rests on two things:
- Turnover of the operating business. The bank checks whether cash flow covers the monthly payment with room to spare. If the property will be let, rental income is taken into account too, but the business remains the basis.
- Collateral value of the property. The bank values the property below market price — with a discount in case it has to be sold. The gap between the loan amount and the collateral value has to be covered somehow: by a down payment, a fund guarantee or additional collateral.
If the property’s collateral value plus a fund guarantee is enough, the deal can be put together without additional collateral, and in some cases without a down payment. Whether that works in a particular case depends on the bank, the program, the property and the business turnover.
Example: a ₸300 million warehouse
A trading company with stable turnover buys a warehouse for ₸300 million: it will use part of the space and let the rest. The bank values the warehouse as collateral at, say, ₸210 million — 70% of the price. The missing ₸90 million — 30% of the loan — is covered by a Damu Fund guarantee. The guarantee fee is 1.5% of ₸90 million, or ₸1.35 million on signing, then annually on the balance.
- 24% — standard loan
- Monthly payment≈ ₸7.4 million
- Total interest over 7 years≈ ₸322 million
- 21%
- Monthly payment≈ ₸6.8 million
- Total interest over 7 years≈ ₸275 million
- 12.6% — the concessional program level
- Monthly payment≈ ₸5.4 million
- Total interest over 7 years≈ ₸153 million
| Rate | Monthly payment | Total interest over 7 years |
|---|---|---|
| 24% — standard loan | ≈ ₸7.4 million | ≈ ₸322 million |
| 21% | ≈ ₸6.8 million | ≈ ₸275 million |
| 12.6% — the concessional program level | ≈ ₸5.4 million | ≈ ₸153 million |
Neither the company’s nor the owner’s own assets are pledged: the bank holds the warehouse as collateral, and the guarantee covers the shortfall. The discount and rate figures in the example are illustrative — every bank makes its own assessment. Work out your own numbers in the loan calculator.
Can the property be bought under a concessional program
Yes, if the property is needed for the business. For example, under Orleu buying commercial property is financed when the property is used in a priority-sector activity and the project explains why the business needs it. Isker Aimak has its own requirements on purpose and business size.
So the first step is choosing the structure: a concessional program if the property meets its terms, or a commercial bank loan with a fund guarantee. Choosing the wrong program is one of the common reasons for rejection.
What the bank will check
- Business turnover from bank accounts and tax statements for the past year or longer.
- The credit history of the company and the owner, and the absence of arrears and tax debts.
- The property itself: title documents, technical condition and an independent valuation.
- The calculation: where each monthly payment comes from and what happens if revenue falls.
- If the property will be let — leases or preliminary agreements with tenants.
How to prepare
- Run revenue through your account — the bank only counts documented turnover.
- Choose a property with clean documents: no encumbrances, disputes or unauthorised alterations.
- Work out in advance what payment the business can comfortably carry.
- Decide what will cover the gap between price and collateral value: a down payment, a fund guarantee or additional collateral.
We handle these deals end to end: we choose the bank and program, model the structure with a fund guarantee, prepare the documents and see the deal through to the bank’s decision. More on the page about buying commercial property.
Questions about unsecured loans
Can I get a loan without collateral in Kazakhstan?
Yes, but on different terms. Unsecured loans with no security are offered for small amounts. For larger amounts there is the Damu Fund guarantee — up to 85% of the loan — and the structure where the property being bought serves as collateral.
Can I buy commercial property without collateral?
In many cases the property being bought becomes the collateral, and a Damu Fund guarantee can cover the shortfall. Then there is no need to pledge other assets. The decision depends on the bank, the property and business turnover.
Is a down payment required?
Banks usually expect an own contribution. If the property’s collateral value and a fund guarantee cover the full amount, in some cases the deal can be done without a down payment.
Can I let the property I buy?
Under a commercial loan — usually yes. Under concessional programs — it depends on their rules on the loan purpose. This is checked before applying.
Does this work for sole proprietors?
Yes, sole proprietors and LLPs are assessed on the same logic. For a sole proprietor it is especially important that revenue goes through the account: the bank only counts documented turnover.
Guarantee and program terms are based on damu.kz as of October 2026. The collateral value, the rate and whether a down payment is needed are set by the bank. We are a consulting company and do not issue loans.
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