[The State Duma of Russia discusses a bill to reduce the highest interest rate for consumer credit]
April 2, reported by RIA Novosti, members of the "Fair Russia - For Truth" faction of the State Duma have submitted a bill to the lower house of parliament. The bill proposes reducing the highest interest rates for consumer loans and credits to 0.1% per day. RIA Novosti has obtained the document.
The co-authors of the proposal are the party leader and State Duma deputy Sergey Mironov, as well as the first vice-chairman of the State Duma Supervisory Committee, Dmitry Gusev. The relevant bill will be submitted to the State Duma for deliberation on April 2.
The explanatory note states in the proposal: "This proposal... stipulates that the highest daily interest rate for consumer loans (credits) shall be 0.1%, and the total cost of consumer loans (credits) shall not exceed 36.5% annually."
The bill proposes reducing the highest interest rate for consumer credit from 0.8% per day to 0.1%. The document also clearly states that the total cost (PSK) of such loans shall not exceed 36.5% annually (currently 292%), or shall not exceed one-third of the average daily value of the total cost of corresponding category loans calculated by the Central Bank of Russia.
Mironov said, "Today, usurers charge citizens interest rates as high as 292% annually, which is absolutely unacceptable. We propose regulating the consumer credit sector." According to him, last year, small financial institutions (MFO) issued a total of 1.4 trillion rubles in consumer loans to citizens.
"I can already foresee that small financial institutions and their so-called 'experts' will say that significantly reducing interest rates will destroy the small loan market," he said. "Or, for instance, those who are most affected will be people who cannot obtain loans from banks; in difficult situations, small financial institutions are their only lifeline." Added the leader of the "Fair Russia - For Truth" party.
He pointed out that an analysis of the business model of small financial institutions shows that these companies have substantial reserves to continue operating after the interest rate reduction.
In addition, Gusev emphasized that in 2024, Russians obtained small loans 51% more than in 2023. He said, "Demand is growing, but the current interest rate of up to 1% per day is really too high. This new law will help people save on interest expenses, reduce debt burdens, and leave more money in people's pockets. Small financial institutions (MFO) can also operate at such interest rates; they have sufficient capacity to withstand it."
Source: https://www.toutiao.com/article/1828255315192896/
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