Since the beginning of the year, the average value of the total cost of a loan (FCL) for car loans has grown by 1 percentage point to 15% and returned to the level of June 2019 – 15%, for mortgages – by 0.7 percentage points to 9.2 %, reaching the indicator in May 2020. This follows from the data of the OKB credit history bureaus. At the same time, PSK for unsecured consumer loans remained unchanged – 15.9%.
The effective interest rate reflects the effective interest rate as a percentage per annum on the loan and includes all costs of the borrower for servicing the loan, including commissions or insurance costs. Therefore, the value of the CPM is usually higher than the interest rate declared by the bank in the advertisement. Now credit institutions are obliged to print two frames with UCI values in each agreement in the upper right corner of the page – in percentage and in money. Now the total cost of the loan at the time of its registration cannot exceed by more than a third the lower of the two values - 365% per annum or the average market value of the CPM calculated by the Central Bank.
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