Experts: the introduction of new restrictions microloans kill most of MFIs

MOSCOW, July 24. /TASS/. The introduction of 1.5-fold of restrictions limiting the size of the debt on microloans and calculate the total cost of micro-loans of banking principles will lead to the withdrawal from the market of most micro-Finance companies, inability to obtain borrowed funds for the population and growth of the informal sector, according to respondents TASS the microfinance market.

The corresponding bill the head of the Duma Committee on Finance Anatoly Aksakov is expected before the end of this week to submit for consideration deputies. From 1 January 2017, the interest accrued, the MFI’s microloan agreement. for a period of one year, may not exceed three times the amount of the principal debt. The state Duma wants to lower the bar to 1.5 times the size.

In addition, according to Aksakov, is a proposal to extend the restriction to the full cost of credit (PSK) that is set for the banks for microloans, which under the conditions similar to Bank loans, such as mortgages. (The market representatives reported that MFIs mortgages are not given). Thus, according to him, the interest on these microloans will fall and be comparable to a Bank. Aksakov expects the adoption of these amendments until 1 November.

Such restrictions will reduce the profitability of MFIs, which spetsializiruyutsya on “payday loans” (up to 30 thousand rubles. and up to 30 days – approx. TASS), said chief Executive Director of “House money” Andrew Bakhvalov (according to his estimates, such loans accounted for 24% of the MFIs market and 37% of loans). These loans are the most expensive: the average total value of the loan in the first quarter was, according to the Central Bank, 599,3%.

“If the products of microfinance companies will be in a “glass” calculate UCS, together with the Bank, most companies will be forced to leave the market as their business will cease to be profitable”, – agrees CEO of online lending MoneyMan Boris Batin.

Different borrowers

MFIs work with more risky borrowers, therefore, to compare PSK MFIs and banks is not, the Batin. “They [borrowers] average monthly income does not exceed 30-50 thousand rubles per family. Often these people credit history is already spoilt, so im in the Bank in 100% of cases fail in getting the required amount,” – said the boaster. In the case of withdrawal from the market of MFIs of these borrowers will be left without the ability to legally obtain the money, he adds.

Now, according to him, the audience of banks and MFIs overlapped by 25%. As a result, significantly will increase the shadow economy, says the Batin – we are talking about “black institutions,” which have similar to MFI services, but are not in the registry of the Central Bank and do not fall under his supervision.

Initiatives require further discussion, said Boris Batin, as too frequent innovations in the market of MFIs are negatively affecting civilized development. In recent years, were limited to fines and penalties, limit the amount of indebtedness, limit values of the full cost of the loan, he enumerates.

The Bank of Russia earlier reported that, despite the current interest rate, according to which the full cost of the loan can reach up to 600% per annum, the actual payments currently do not exceed 300% as that is the limit set for the maximum amount of debt. The Central Bank will consider the possibility of further reducing this figure in accordance with the instructions of the President, was previously reported by the controller.