Consumers have cooled down to loans – Kommersant FM
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The consumer lending market in Russia has collapsed for the first time in several months. Banks approved less than 3 million loans to individual clients in September, which is 10% less than in August, Frank RG calculated. In money terms, the figure decreased even more significantly, by 22%, and reached 580 billion rubles.
Unsecured lending grew at a record pace throughout the summer. However, the trend reversed after the Central Bank tightened conditions for borrowers with high debt loads at the end of August, says Ksenia Larikova, leading analyst at Frank RG:
“The main factor is the restraining actions of the Central Bank to reduce the debt of the population – an increase in interest rates and unfavorable lending conditions for people with lower incomes, as well as the end of summer and preparations for the new school year.
People switch more to some household tasks and expenses rather than purchasing new, say, electronic products, loans for vacations and preparing children for school.”
In August, the Central Bank unscheduled raised the key rate from 8.5% to 12% per annum. In September it increased by another percentage point. Against this background, average rates on unsecured loans exceeded 20%. Given the weakening ruble, indicators in this lending segment will continue to decline, says independent expert on financial markets Alexey Bushuev:
“It just became expensive, and more literate borrowers switched to other forms of lending – the same plastic cards. Plus, the Central Bank has taken a number of actions to prevent the inflation of a “bubble” in the consumer lending and real estate markets. If people’s incomes begin to increase, there will be an understanding that they can buy goods in deferred demand, including on credit; naturally, we can expect some kind of growth.
Reducing consumer lending and consumption does not bring anything good to the economy. Another thing is that perhaps the regulator saw a real increase in danger in the area of unsecured loans. There is a feeling that the rate may move again given that the dollar exchange rate has broken through the level of 100 rubles, so we can expect the volume of consumer loans to be limited again.”
According to Frank RG estimates, the only growing lending segment in September was mortgages. During the first autumn month, banks issued housing loans to Russians worth more than 960 billion rubles. This is 12% more than in August, and became the absolute maximum in the entire history of observations since December 2013.
Everything is clear with us – Telegram channel “Kommersant FM”.
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