On the brakes: why did the Central Bank set macroprudential limits on car loans
The Bank of Russia has introduced new macroprudential limits on car loans and consumer loans secured by a car. The restriction came into effect on July 1. It has spread to banks and microfinance organizations. The measure is necessary to "cool" the lending market and stabilize the situation, experts say. Banks and MFIs will reduce the issuance of loans to Russians with a high debt burden, which will reduce the risks of non-repayment of funds. Izvestia found out whether it will become more difficult to get a car loan after the introduction of limits.
Risk reduction
Since July 1, the Bank of Russia has introduced macroprudential limits on car loans and consumer loans secured by a car. The measure will affect banks and microfinance organizations. This is expected to limit the share of high-risk loans in disbursements. The regulator told about it.
"Macroprudential limits are aimed at reducing the share of high-risk loans, especially among borrowers with a debt burden above 50%. We take into account the current lending structure, and the new measures will not affect the ability of Russians to obtain a targeted car loan," the Central Bank said in a statement. The imposed limits will apply to the third quarter of 2025.
According to the new measure, the share of loans for borrowers with a debt burden (PD) from 50 to 80% should not exceed 20%. If the PD exceeds 80%, the volume of disbursements should not exceed 5%. The restriction, according to the regulator, is set with a margin for targeted car loans.
The decision on macroprudential limits was made by the Board of Directors of the Central Bank in April 2025 against the background of an active increase in the issuance of loans secured by microfinance institutions in the form of vehicle collateral.
Part of the tightening of PREP
The Bank of Russia has been practicing the introduction of macroprudential limits (MPL) for a long time to "cool" the retail lending market as part of a tightening monetary policy, recalls Alexey Volkov, Marketing Director of the National Bureau of Credit Histories (NBKI). The previous MPas for car loans and consumer loans secured by cars were introduced on July 1, 2024 and, according to the regulator, showed good results.
— The current MPas are more concerned with non—targeted car loans secured by cars, the share of which has significantly decreased, but is still quite significant, - the expert draws attention.
Macroprudential limits are a way to combat the issuance of high-risk loans and the over-creditworthiness of the population, explains Evgeny Bodnar, an individual bankruptcy lawyer at Financial and Legal Alliance, head of the customer support department for loans and debts. The regulator seeks, on the one hand, to prevent the accumulation of potentially problematic assets in the banking sector, and on the other, to protect customers from an uncontrolled increase in debt burden, adds the analyst "Banks.<url>" by Erania Bochkina.
The Central Bank consistently "instills" the principle of "responsible lending" to individuals to domestic credit institutions in order to avoid financial and social complications in the event of a deterioration in the macroeconomic situation, emphasizes Alexander Chernov, Director of the Risk Management Department at Svoi Bank JSC.
"The personal income tax indicator, which will be used as a limiter, includes payments on existing loan obligations of a potential individual borrower and an estimated payment on a new car loan," he explains.
Setting limits is aimed at cooling risky lending activity and reducing the likelihood of increased delinquency, especially in conditions of a high key refinancing rate, says Vladimir Chernov, analyst at Freedom Finance Global.
The limits will be mandatory for both banks with a universal license and microfinance organizations, the expert clarifies. The mechanism will operate by analogy with the existing restrictions on unsecured loans.
— In particular, accounting will be carried out on a quarterly basis. Exceeding the shares may be followed by measures from the regulator, — the interlocutor of Izvestia does not exclude.
The maximum debt burden will be calculated taking into account the macroprudential limits introduced by the regulator. In order to increase the chances of obtaining a car loan in this case, it is advisable to repay the existing debt obligations at least partially, reducing the existing debt burden, Bodnar recommends. An increase in income will also work, he believes.
The introduction of restrictions will be a positive change for the financial market, says Arkady Bakushin, director of the online car loan service Caranga. Reducing the issuance of loans to Russians with a high debt burden will really reduce the risks of non-repayment of funds.
Strengthening financial discipline
The task of credit institutions in the light of new macroprudential limits is not just to implement rules, but to protect themselves from "bad" loans, says Evgeny Bodnar. It is expected that the new restriction will help strengthen the financial discipline of borrowers.
The main purpose of the limits is to reduce systemic risks in the credit sector and prevent the formation of consumer debt bubbles, Vladimir Chernov believes. This is especially true for microfinance organizations that actively use the model of issuing loans secured by vehicles.
The collateral sector of MFIs began to prepare for changes back in April 2025, when it became known about the approval of limits by the Bank of Russia, Arkady Bakushkin notes. For MFIs, such a measure will become another point of growth. Companies are now reconfiguring and improving scoring policies to adapt to market changes.
Small banks with volatile lending volumes, in turn, will be forced to refuse to issue car loans and loans secured by a vehicle to customers with a personal income of more than 50%, warns Alexander Chernov. They will be able to provide them on an individual basis at the end of the reporting quarter, when the bank has accumulated a sufficient limit for such disbursements.
The new restrictions are another step by the regulator to curb lending, which is necessary to maintain the trend towards a steady decline in inflation, Bodnar is convinced.
To verify the trustworthiness of a potential car owner, banks can more scrupulously study documents and request more evidence of income confirmation, he admits.
A step towards stability
According to Evgeny Bodnar, the availability of car loans will not technically change. For the majority of conscientious borrowers with a moderate debt burden, the situation will remain the same, they will be able to get a car loan, as before, confirms Vladimir Chernov.
The limits, as the regulator emphasizes, are set with a sufficient margin, recalls Erania Bochkina. Therefore, most potential borrowers who are just about to take out a loan will be able to maintain access to lending.
However, it should be borne in mind that the price of loans may increase, which will also affect bona fide citizens, warns Daria Petrova, Candidate of Law, legal adviser for business.
— This will be due to the fact that the volume of loans issued will decrease. In order to ensure the profitability of lending, banks and MFIs will be forced to raise interest rates on them, the expert does not exclude. However, credit institutions will inevitably try to find ways to finance potential customers so as not to lose them.
Clients with an already high debt burden will face more restrictions, Bodnar is sure.
— If a citizen already has several loans, payments for which exceed half of his earnings, he will not be able to get a loan even secured by his car. This is exactly the essence of macroprudential limits," explains Petrova.
First of all, the restriction will affect citizens who are inclined to constantly borrow money, she believes. The risk of default on such loans is increased, so today there is a need to actually "block" their issuance.
In some cases, the practice of oversupply may be reduced, in which borrowers take out inappropriate loans secured by cars, receiving cash in their hands, admits Vladimir Chernov. As a result, the market will become more stable, and the approach to assessing the borrower will be more rigorous.
— The introduction of macroprudential limits on car loans and consumer loans secured by a car for the mass consumer will be a step towards greater financial stability, and for banks — increased control over the quality of their loan portfolio, — summarizes the interlocutor of Izvestia.
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