Putin signed a law to reduce interest rates on microloans
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Russian President Vladimir Putin signed law on the reduction from July 1, 2023 of rates on microloans to 0.8% from 1%.
The maximum value of the total cost of credit or loan is reduced from 365% to 292% per annum. The maximum amount of all payments on it is from 150% to 130% of the loan amount.
The maximum allowable value of the fixed amount of payments on loans issued to individuals in the amount of up to 10 thousand rubles. for up to 15 days, reduced by half.
The law also stops accruing interest, penalties and fees on such loans when the total amount of such payments reaches 15% of the principal amount (previously the threshold was 30%).
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