Rus News Journal

The Savings Bank has essentially raised interest rates under currency credits

Savings bank of Russia from now on essentially raises interest rates under credits in foreign currency for physical persons. So, the rate on one of the most popular categories of credit - for urgent needs - makes now from 15,5 to 17,5 % (under credits without maintenance - 17,5 %). Earlier it equaled 11 % a year.
rates for all other kinds of currency credits have undergone to increase also. Making out the credit for real estate in dollars and euro, besides the money listed directly on repayment of the credit, it is necessary to give still from 13,5 to 15,5 % a year from an amount of debt. The rate on a mortgage loan makes henceforth 13,5 - 15,5 % instead of 11 %, after registration of a mortgage of real estate - 12,5 - 13,5 % (there were 10,8 %). Changes have concerned the autocredit (the rate under the credit for purchase of the new car has increased from 11,5 % to 12 - 13,5 %, second-hand - to 12,5 - 14 %), pension, educational and of some other credits.
at the same time SB the Russian Federation has made decision to lower interest rates of crediting of physical persons in roubles. According to innovations, the rate under the rouble credit for real estate varies from now on from 13 to 15 %, on a mortgage loan - from 13 to 15 % (after registration of a mortgage of real estate - from 12 to 13 %), under the credit for urgent needs - from 15 to 17 % (under credits without maintenance of 17 %), on autocrediting - from 11,5 to 13 % at purchase of the new car and from 12 to 13,5 % - at purchase second-hand. Rates on to the Corporate credit in roubles are lowered with 15 - 18 % to 11,5 - 13 %, on to the Pension credit - with 16 - 18 % to 15 - 17 % (under credits without maintenance - from 19 % to 17 %). The commodity credit also has fallen in price with 16 - 18,5 % to 15 - 17 %.
Changes concern only again given out credits. For the citizens who have issued credits earlier, the former tariff rate will operate.
as they say in the message a press - Savings Bank services, promoted an establishment of new interest rates the current macroeconomic conditions characterised by decrease of inflation. Besides, in bank mark stability of rouble in relation to leading world currencies, and also transition to free convertibility of rouble.
it is remarkable that on the threshold of change of credit rates the Savings Bank has suspended delivery of currency credits to physical persons. Experts have connected at once freezing programs of crediting with bank intention to raise interest rates under credits in foreign currency, however the source in SB has categorically denied similar conclusions, having declared that the true reason is covered in shortage of resources . After renewal of delivery of credits interest rates remain at former level - have promised then in one of bank representations.
according to analysts, the actions the Savings Bank can lose a part of the clients, not adjusted to take credits in roubles. As analyst IK " has told; BrokerKreditServis Denis Mukhin: it is favourable to Bank to give rouble credits, and it is favourable to clients to take them in currency, especially that from them who gets wages in roubles. I think that such clients can pass in other banks. Anyway, many banks look at this event with optimism . Other experts also divide its point of view.
meanwhile of the Savings Bank are convinced that new interest rates will make credits to physical persons even more accessible, will reduce currency risks of clients of bank, and also will accelerate the housing problem decision in the country.
the Savings Bank of the Russian Federation is the largest bank in Central and the Eastern Europe. The total sum of its actives makes 87,3 mlrd dollars the Majority shareholder of the Savings Bank the Central bank of the Russian Federation is. As of July, 1st 2006. The bank has 17 territorial banks and 902 branches. According to reporting SB the Russian Federation, the rests of means on contributions of physical persons for July, 1st of this year have made 1 trln 700,7 mlrd rbl. (growth on 13,4 % in comparison with 1 trln 500,1 mlrd rbl. for January, 1st 2006.), volume of a credit portfolio of physical persons for the same date - 561,6 mlrd rbl. (growth from the beginning of year - 19,1 %).