Limiting interest rates on loans

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interest rates on loans, new loan rates, change of interest rates on credits from 1 July 2015

The Central Bank announced the beginning of the struggle with inflated rates on loans from banks and microfinance institutions. This means that in the near future to obtain credit on favorable terms to both individuals and legal entities will be easier. Credit institutions will cease to inflate the full cost of loans, and honest Russians who pay regularly on the loans will not overpay for the Bank's customers, owed to the Bank.

Planned activities said the first Deputy Chairman of the Central Bank of the Russian Federation Sergey Shvetsov, in fact, announcing the meaning of the act coming into force on 1 of July. A speech in the law goes about limiting the total loan value. According to the concept of CBR, this value must not exceed average by more than 1/3.

For example, currently, the mortgage costs the Russians to 12% per annum, but this level increases to a minimum of 25-35%, as here add notary and insurance services, fees for withdrawals and so on. In the future the charge for such additional services maximum limit.

These amendments were issued by the Central Bank in 2014 as a way of dealing with the soaring number of loans that members of the public unable to pay.

However, contrary to expectations, at the end of 2014, this trouble culminated in the resurgence of inflation and the weaker ruble.

Another Vice Chairman of the Central Bank of the Russian Federation Vasily Pozdnishev emphasized that currently the country has seen a drop in rates. He noted that the drop rates will help to stabilize the situation on the market, will reduce the number of credit debt. Pozdnishev stressed that in may the credit debts of the population increased to 10.8 trillion rubles (of them, to 3.6 trillion accounted for mortgage, approx. of the author).

Vice-President of Association of regional banks Oleg Ivanov noted that "the limitation of the total loan value is a very powerful measure providing indirect but strong influence on the bankers, because the common ideology is that if the interest rate is limited, therefore, reduces the risk that unscrupulous borrowers and credit organizations".

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