The average rate on consumer loans in Russia fell to 18.66 percent per annum
In early July, consumer loans fell sharply in Russia – the average interest rate on loans for the first week of the month fell by 3.93 percentage points, to 18.66 percent per annum. Such data are provided by the financial platform Finuslugi of the Moscow Exchange, writes RBC.
According to analysts, the average cost of unsecured loans for any purpose decreased by 4.26 percentage points and fell below 19.5 percent per annum. In the segment of secured loans, which includes consumer loans secured by a car or real estate, rates for the specified period decreased by 2.44 percentage points, to 16.35 percent. At the same time, the key rate of the Central Bank is 9.5 percent per annum.
According to Igor Alutin, managing director of the Finuslugi project, such a sharp reduction in rates has been recorded for the first time since the end of May, since the credit index began to be calculated. The specialist clarified that after the unscheduled reduction in the Central Bank rate on May 26 (from 14 to 11 percent), the cost of consumer loans in Russia fell by an average of 0.2–0.7 percentage points per week.
Analysts at Finuslug noted that from June 30 to July 7, 11 leading Russian banks softened loan conditions at once – VTB, Alfa-Bank, Gazprombank, Promsvyazbank, Rosbank, Raiffeisenbank, Credit Bank of Moscow, Home Credit, MTS Bank, ” Uralsib and Ak Bars.
Aleksey Gribkov, Deputy General Director of the Sravni financial marketplace, connects the change in rates with the return from July 1 of restrictions for banks on the total cost of loans (TCP) – the total amount that the borrower must return to the bank. From February 24 to June 30, the Central Bank temporarily canceled such regulation.
However, Alutin believes that PSK is not the only factor in reducing interest rates on consumer loans. “The decrease in the credit index was also affected by the level of the key rate, the stabilized situation in the economy now, as well as the need to inject money into the economy and reduce excess liquidity,” the expert explained.
According to the forecasts of the specialist, in the future, interest rates on loans will continue to decline following the key rate of the Central Bank, but with a delay. Equifax General Director Oleg Lagutkin added that a possible decrease in interest on loans in the next six months will depend on general macroeconomic parameters, such as the unemployment rate, which may increase in autumn. “In addition, lenders will take into account credit risks that have increased in recent months: since the beginning of February this year, the number of overdue consumer loans has increased by 4.6 percent,” the specialist emphasized.
Yury Belikov, Managing Director of Expert RA’s Validation Department, also points to a possible increase in risks on loans issued to banks, which will affect the cost of new loans, and predicts a slowdown in monetary policy easing.
Earlier in Russia, it was proposed to limit overpayments on loans. The corresponding bill was submitted to the State Duma by a deputy from the Just Russia – For Truth faction. The author of the initiative explained that it is necessary to set the maximum daily rate on floating loans and limit it to 15 times the key rate.
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