On June 21, in the State Duma, in the final hearing, they adopted an amendment to the law on MFIs, in which they determined the maximum percentage of microloans issued to individuals for one calendar year.
The amendment states that microfinance organizations have the right to charge interest on microloans for one year only until the amount of interest increases and reaches three times the size of the loan itself.
If the borrower does not have time to cope with the next payment on time, the MFI is entitled to charge a penalty percentage only on the amount of the unpaid part of the principal debt. In this situation, according to the new amendments, the amount of such interest on the loan should not exceed two sizes of the outstanding part of the loan. As long as the borrower does not pay all or part of the debt or does not pay off the interest due, the lender cannot charge new interest on arrears.
Such rules will apply to contracts concluded from January 1 of the following year.
Percent on microloans at the moment
Similar limits on interest on microloans have already been introduced since March of this year. We are talking about the common form of the loan “To paycheck”, such loans are issued for 30 days for an amount no higher than 30,000 rubles. Having issued such a microloan, a microfinance organization does not have the right to demand from the borrower an amount four times greater than the size of the principal debt.
A microloan from companies Money on house. Always favorable conditions!