Lower cap for interest rate on consumer loans
20 December 2022
News
The maximum daily interest rate on consumer loans will edge down from 1% to 0.8%. This draft law was adopted by the State Duma in the second reading on 20 December 2022.
The limit of the maximum debt on consumer loans of up to one year will also change. Total debt obligations, including fines, penalties and other payments, will account for no more than 130% of a loan. When a debt reaches this limit, all accruals will cease.
The innovations will help reduce the debt burden of households. They will come into force on 1 July 2023.
Preview photo: Nepool / Shutterstock / Fotodom