Average consumer loan term has increased in Tatarstan in the last year
The average consumer loan term in Tatarstan in March 2023 was 4.7 years. In the last year, it has risen by 0.5%, calculated the National Credit History Bureau.
In the average loan term, Tatarstan ranks 25th among 30 leading Russian regions in this type of loans. The number is lower in Udmurtia, Khanty-Mansi Autonomous District, Bashkiria, Altai Krai (4.6 years) and Krasnodar Krai (4.5 years) than in the republic.
Perm Krai, Irkutsk Oblast, Saint Petersburg and Moscow — 5.2 years — take the lead in the average consumer loan term. They are followed by Moscow, Belgorod and Leningrad oblasts — 5.1 years.
According to 4,000 creditors sending information to the National Credit History Bureau, the average consumer loan term in Russia was 4.9 years. Compared to the same month last year, it rose by 0.5%.
“The expansion of the loan term is conditioned by the willingness of both banks and citizens themselves to reduce the debt burden by reducing the monthly pay in consumer loans. In other words, the longer the consumer loan term, the less a borrower pays every month,” Marketing Director of the bureau Alexey Volkov explained.
In number of consumer loans issued during the first three months of 2023, Tatarstan is fifth among 30 leading Russian regions. 95,384 consumer loans were granted in the republic from January to March — 5.4% less than during the same period of 2022.