In Russia, the Procedure for Issuing Microloans has Changed
OREANDA-NEWS. On Monday, July 1, microcredit rules developed by the Central Bank came into force. Now the daily interest rate is limited to 1%. The maximum amount that a lender can claim from a borrower will now also be limited - to twice the value of the loan amount, noted Kovyazin. We are talking about interest, penalties and other payments related to the loan.
The Central Bank expects that this will lead to a change in the structure of the portfolios of microfinance organizations and the transition of some companies to the segment of medium-term consumer microloans.
The regulator estimates the volume of the microfinance market of individuals at 143 billion rubles.
Innovations have already had a significant impact on the microfinance market participants, a representative of the Central Bank told RBC: “Companies had to improve their scoring models and more responsibly to choose borrowers.”