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Russians began to neglect approved loans more often
In Russia, potential recipients of loans began to neglect loans approved by banks more often. The restrictions on coronavirus and the ensuing crisis have forced more often to turn out from loans for which they applied.
As the RBC, Equifax studied the take rate - the ratio of loans issued to the number of approved applications. So, from January to August, the average take rate was about 30%, which means that a third of borrowers took out a loan. Last year, encouraged loans took away 45%. In the summer, the indicator began to recover, but did not reach pre-crisis values. Pre-approved offers from lenders are not included in these statistics.
Andrey Spivakov, director of retail credit products at Raiffeisenbank, is confident that the increase in the number of rejections of previously approved proposals is associated with the coronavirus pandemic: many are no longer confident in the future.
Alexander Shornikov, director of the Zenit bank's retail risk department, believes that the decrease in the take rate against the backdrop of the pandemic can be explained by external restrictions: people did not risk entering public premises.
Egor Lopatin, an analyst of the NKR rating agency, believes that the take rate could have dropped, among other things, due to the marketing tricks of the banks: often the client, before signing a loan agreement, sees a large full cost of the loan due to the inclusion of insurance.
Experts expect the figure to rise by the New Year holidays. However, banks will have to offer borrowers more favorable credit terms.
Earlier, the United Credit Bureau reported that for the entire third quarter of this year, banks issued four million cash loans - 12% less than the same period last year... In just nine months, Russia issued 13% fewer loans than a year earlier.
Consumer loans in Russia fell at a record price in July... The average cash loan amount was 333 thousand rubles, an increase from last year by about 50 thousand rubles. The interest rate averaged 16% against 17,2% a year earlier.