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Banks tightened credit policy in September

Banks tightened credit policy in September

Banks in September tightened lending policies against the backdrop of measures by the Central Bank to cool consumer lending. Last month, credit institutions satisfied about 35% of loan applications.

As the RBC with reference to the NBCH data, the level of approvals for retail loans in September compared with August decreased by 1,7 percentage points. It has not fallen so sharply since April last year. The policy has tightened on all types of loans: the share of satisfied applications for mortgages fell to 59,5% (a decrease of 3,2 percentage points compared to August), for car loans - to 36,5% (-2,1 percentage points). ), for unsecured loans and credit cards - up to 35% (-1,7 pp).

The Bank of Russia has raised macroprudential markups since July 1 (the higher they are, the more capital the bank has to send to issue a loan). The additional increase in allowances took place on October 1.

According to experts, a further decrease in the level of banks' confidence may lead to the fact that the most heavily credited borrowers will be cut off from refinancing. Some experts expect a slowdown in lending rates in the fourth quarter, as tougher premiums from the Central Bank will come into force. Others, assessing the recovery in consumer demand, say that one should not expect a decrease in the pace of consumer loans.

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