Banks have sharply reduced the issuance of car loans

In total, banks in Russia issued 86.5 thousand car loans in May, while in April there were almost 20% more - 107 thousand.

"At the same time, compared to May 2020, the number of car loans issued increased by 101.5%", - Kommersant reports, citing data from the National Bureau of Credit Histories (NBCH).

More than others, residents of Moscow and the region (7.6 thousand and 5.6 thousand, respectively), St. Petersburg (5.1 thousand), Krasnodar Territory (3.9 thousand), as well as Tatarstan (3. 6 thousand).

According to the general director of the NBKI Alexander Vikulin, a record drop in the number of issued car loans occurred against the background of the liquidation of state programs of preferential car loans.

At the same time, most manufacturers have raised prices for new cars. Following the primary market, the price of used cars also increased significantly. The drop in the rate of car lending in May affected all regions, the Samara, Saratov and Sverdlovsk regions, Tatarstan, and the Perm Territory were particularly affected.

This year, against the backdrop of galloping inflation and repeated adjustments to the Central Bank's base rate, banks raised interest rates on loans. In such conditions, borrowers began to refuse not only from car loans, but also from mortgages. In May, the number of such loans fell by more than a quarter compared to April.

The number of mortgage loans issued in May decreased by 27% compared to April - to 57.1 thousand loans, and their volume decreased by 28.2% - to 184 billion rubles. Oleg Lagutkin, director general of the Equifax credit bureau, noted that the decrease in the volume of mortgage loans is due to the fact that many retail lending players in April began to revise rates upward - due to the projected increase in the key rate of the Central Bank. “This affected the demand and, accordingly, the sales”, - explained is he.

According to the Central Bank, the average mortgage rate since the beginning of the year fluctuated around 7.2% per annum, but then began to grow. However, experts predict an increase in mortgage rates to 9.5% by the end of 2021. This may happen against the background of not only an increase in the key rate of the Central Bank, but also due to the transformation of the state program of preferential mortgages for new buildings and an increase in the cost of funding for banks.