Starting in 2025, banks and microfinance organizations will not consider customers’ income if it was reported in surveys but not documented. This change has been reported in the media as a statement from the Central Bank.
At present, financial institutions may rely on declared income when issuing loans up to 50 thousand rubles and for the purchase of a vehicle secured by that income. Yet the Central Bank has identified cases where individuals declared income amounts that did not reflect their real ability to service debt.
According to the regulator, some clients claimed multimillion-dollar incomes while their actual funds were far lower. In response, the Central Bank decided to prohibit the use of personal salary data in loan underwriting.
The transition period through the end of 2024 provides banks and microfinance institutions time to develop alternative methods for verifying income. Proposed approaches include analyzing telecommunication spending, consulting credit bureaus, and employing scoring models that aggregate various financial indicators.
Industry experts expect the policy to primarily influence the issuance of small consumer loans and similar credit products. They note that the auto loan market has long operated without relying on declared income.
The overarching objective of the measure is to reduce the risk of over-indebtedness among the population. The Central Bank is pursuing a lasting policy aimed at preventing citizens from accumulating unsustainable debt, while still ensuring access to credit within prudent limits.
Historical context shows prior messaging about borrowing trends. For instance, there was public discussion in 2023 about the level of indebtedness among Russians and the prevalence of loans. (Source: Central Bank regulatory updates and domestic economic press).
Earlier advisories recommended caution regarding foreign currency loans and the related risks. Citizens have been urged to consider the stability of their financial commitments and to seek credit products that fit their real repayment capabilities.