Despite increasing interest rates and tightening of lending conditions, Russians’ demand for loans does not decrease. writes about this Frank Media With reference to Frank RG calculations.
In February 2024, the volume of loans to citizens exceeded 1 trillion rubles; this is 22.6% or 189 billion rubles more than in January. Compared to February 2023, the increase was 3.3%.
The highest growth on an annual basis was seen in the automobile loans segment. Here, the export volume reached 171.4 billion rubles, an increase of 115.6% compared to February last year and 29.4% compared to January this year. Analysts attribute this to the recovery of the auto market, government support and automakers’ programs. Quantitatively, there was a monthly increase of 28 percent.
Mortgage loans showed the least dynamics. While the mortgage issuance volume increased by 16.9% compared to January and reached 322.5 billion rubles in February, it decreased by 24% on an annual basis. This is due to the tightening of concessional mortgage conditions and the rise of rates on market loans to 17-19% per annum.
Cash loans increased by 27.6% during the month, reaching 495 billion rubles. The only segment that showed a decrease was POS loans (-9.5% to 35.7 billion rubles).
Experts explain the high demand by the tightening of lending conditions from banks at the end of 2023. According to the Central Bank, the “degree of stringency” in the retail segment was higher than in the second quarter of 2022.
Before that Russians named Situations where the bank can debit money from the card without consent.
Russians before given Advice on bank deposits.
What are you thinking?
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.