The State Duma of the Russian Federation, in its third reading, adopted a law tightening the standards for issuing loans to citizens for microfinance organizations (MFIs).
According to Interfax, the bill was submitted to Parliament in November last year by a group of lawmakers and senators.
The passed law sets the maximum daily interest rate at 0.8% (currently 1%) for short-term consumer loans, while capping the value of the total cost of credit (TFR) at 292% (currently 1%) per annum. 365%).
The legislation lowers the maximum amount of all payments under a consumer loan (loan) contract of up to one year from 150% to 130%.
The law reduces the maximum allowable value of fixed payment amounts under consumer loan agreements from 30% to 15%, if concluded for a period not exceeding 15 days and for an amount of up to 10 thousand rubles.
According to Konstantin Bakharev, member of the State Duma Financial Market Committee (United Russia fraction), the question of how serious the problem of non-repayment of microloans is at the moment, adhere to from many factors. He indicated not only on the cost of servicing microcredit, but also on the economic situation, the situation in the labor market and the income of the population.
“The situation of partial mobilization also affects the credibility of the citizens in some way. Therefore, a law was passed on military credit holidays for customers of banks and MFIs,” he said.
The Russians delayed 7 million microloans, as RBC previously reported, citing data from the National Bureau of Credit Histories. The share of MFO loans in the total volume rose to a record 43.1%.