Limiting the term of consumer lending to five years will affect 1.5 million borrowers annually, analysts of the service for the selection of financial services “Kredistoriya” (“OKB”) considered.
Calculations are based on lending to citizens last year. Then consumer loans issued 19.3 million Russians. Most of them – 92%, or 17.7 million people – have a loan for less than five years. However, the remaining 8%, or 1.5 million, have a longer term. On average, Russians take loans for 3.5 years.
Now loans for a period of more than five years are issued by people who receive a “gray” salary, said Artur Alexandrovich, General Director of OKB. Due to difficulties in verifying income, banks extend loans to such borrowers for a longer period than is really necessary. As a result, limiting the loan term will complicate the access to financing for this category of clients, experts say.
In addition, long-term loans are taken by people who need large sums. They can pay off those only for a long time. “If you limit long-term loans, then the need for money from these borrowers will not disappear. They will have to shorten the loan term, which will lead to an increase in the monthly payment and an increase in the debt burden on these borrowers,” Aleksandrovich warned.
Yesterday, Anatoly Aksakov, chairman of the State Duma committee on the financial market, told Izvestia that in the first half of this year the lower house of parliament plans to pass in three readings a bill limiting the term of consumer lending to five years. The initiative provides for a delay of six months, which will allow banks to adapt to new requirements. Thus, the relevant law may come into force at the end of 2022.
Earlier, the Bank of Russia reported that in the third quarter of 2021, the share of borrowers who monthly send more than 80% of their income (PTI 80%) to repay debts on loans amounted to 31% after 23% in the second quarter of 2020 (at the beginning of the coronavirus pandemic). ). At the same time, the debt burden of the population at the macro level in the first half of 2021 increased from 9.8% to 10.2% of disposable income.