Borrowers are equalized in debts – Newspaper Kommersant No. 23 (7468) dated 02/08/2023
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Microfinancers have had to reduce the size of loans approved by repeat customers amid the start of macroprudential limits. Given that two-thirds of the issuance in companies comes from repeat customers, the industry will have to look for new tools to grow the portfolio while maintaining its quality. The companies are considering options for switching to the medium-term loans segment, which will reduce the client’s debt burden.
Since the beginning of the year, microfinance companies have reduced checks for repeat customers. In Webbankir in January of this year, the average loan issued to clients who applied to the company for the first time amounted to 6.6 thousand rubles, the company approved 40% more for repeat customers – 9.3 thousand rubles. However, in early February this difference was 31%, or 6.8 thousand rubles. for new customers and 8.9 thousand rubles. In 2022, it reached 42–50%, and the size of the average loan for repeat customers was 9.5–9.8 thousand rubles.
MFC Zaimer notes that in December 2022, regular customers could count on an amount 22% more than new borrowers. In January 2023, the difference decreased to 17%, in February – to 15.5%. The difference between checks for new and repeat customers in January 2023 was 23.2%, which is 1.5 percentage points (p.p.) and 2.8 p.p. lower than in November and December 2022, respectively, explains Sergey Vesovshchuk, CEO of Moneyman.
Microfinance companies attribute the trend to tighter regulation. In particular, from January 1, 2023, the share of borrowers with a debt load indicator (PTI, the ratio of average monthly payments on debt to average monthly income) of more than 80% should not exceed 35% in the structure of MFO loans. “The debt burden of primary and repeat customers is generally comparable. But among those who apply to MFIs for the first time, there is a part of the banking audience, and the degree of debt load among these people is lower,” says Andrey Ponomarev, CEO of the Webbankir online financial platform.
However, those clients who have a high debt load are distinguished by more correct behavior in terms of servicing their debt obligations, says Oleg Berdasov, head of portfolio management at MigCredit MFC. According to NAPCA estimates, repeat customers go into default 30-40% less often than primary ones. Now more than 3/4 of the volume of business of large MFIs falls precisely on repeat customers, says Ivan Uklein, director of banking ratings at Expert RA.
In 2023, in addition to the requirements for PIT, other regulation of the MFO market will also be tightened. The limits include the maximum level of overpayments on a loan, taking into account all interest, penalties and fines. At present, it does not exceed 1.5, and from April 1, it should not exceed 1.3 of the loan amount. In addition, from July 1, the daily rate will decrease from 1% (365% per annum) to 0.8% (292% per annum).
The scoring procedure is unlikely to change, but the PTI indicator will have a stronger influence on the final decision, says Andrey Petkov, CEO of the IFC Chestnoe Slovo. “As a result, companies make an individual decision on those who already have a large debt load. And this may be a refusal to borrow, and a reduction in the amount of the available limit, even for regular customers, ”says Roman Makarov, CEO of Zaimer.
In order to adapt to new regulatory and economic conditions and maintain a customer base, companies will have to offer customers new products and learn how to work in new segments. “A significant part of the companies in the coming months will go either to very small loans, or even more refocus on IL (Installation loans, medium-term loans of an increased size.— “b”), “lengthening” their loans in order to comply with the PDN,” says Elena Malysheva, commercial director of the Summit MFC. Together with the reduction in the marginal rate and the increase in the cost of attracting customers (see Kommersant dated November 9, 2022), Mr. Petkov believes, “most likely, everything will end with an increase in the supply of additional products to borrowers in order to maintain profitability.”
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