The average total cost of a loan for consumers has increased to 37%

The total cost of cash loans in early March averaged almost 37%. This follows from data from the websites of the top 15 banks in terms of the loan portfolio to individuals, which were studied by Izvestia.

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During the month, the indicator increased by 1.5 percentage points — borrowed funds continue to rise in price even after maintaining the key level at 21% following the results of the Central Bank meeting on February 14.

Since the beginning of February, real consumer loan rates have increased at six of the top 15 banks, including PSB, MKB, Uralsib and MTS Bank, according to data from their websites. The value of the increase step is 0.8-6.5 percentage points. At the same time, two financial organizations have reduced the average UCS — Alfa-Bank and Gazprombank.

Although the key rate remained unchanged in February (21%), market participants note that the Central Bank's actions still affected the rate increase. The representative of the PSB called the temporary lifting of restrictions on the full cost of all loans until March 31 the main reason for the increase in the cost of loans.

"Previously, the UCS restriction did not allow banks to compensate for high risks for certain categories of customers by raising rates. This caused a significant compression of market volumes," the VTB press service explained.

A lot of conditions affect the cost of loans and they are not always related to regulation, the press service of the Central Bank explained. First of all, the rates depend on the cost of financing attracted by banks in the form of deposits, but it is influenced by the operating costs of financial institutions and interest rate risks.

Nevertheless, the record increase in deposit rates in previous months really affects the cost of loans, market participants noted. At the end of 2024, their average level reached 22% and exceeded the key one, and there were even offers at 25% per annum. This is an unusual situation — it has developed not only because of expectations of further tightening of the Central Bank's policy, but also because of increased competition for depositors.

Read more in the exclusive Izvestia article:

The loan is coming: real consumer loan rates have risen to 37%