The Central Bank of Russia for the first time introduced restrictions on the issuance of loans for the purchase of cars. Thus, from July 1, Russian banks will be required to apply increased risk ratios for car loans issued to borrowers with medium and high debt loads, RBC reports.
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The surcharges will apply to car loans issued to borrowers with a relatively high debt burden – more than 50%. We are talking about clients who already devote more than 50% of their monthly income to servicing existing loans.
The Russian Central Bank believes that car lending in Russia is growing at too high a rate – 53% in annual terms as of today. April 1.
According to his estimates, in the first quarter of this year, 61% of car loans were issued to borrowers with a debt burden of more than 50%. A year earlier, the share of such issues was 50%, and at the beginning of 2022 – 44%.
As of March 1, 2024, the debt of Russians on car loans amounted to 1.82 trillion rubles. The acceleration of issuance in this segment began a year ago, since then banks have updated the record for the volume of loans granted almost every month.
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