Consumer loans, credit cards and mortgages could cost the Russians are cheaper, but many borrowers will have to pay the maximum. To such conclusion the “mystery shoppers” International Confederation of societies of consumers (Konfop).
In November 2019 Konfop has completed a major study of the market for banking products in 16 regions (conducted on order of the Ministry of Finance). “Secret shoppers” applied to the 26 largest by assets banks for mortgage, cash loan, credit card. “Mystery shoppers” had to learn about all the client’s expenses.
Trust but verify
in preparation for the visit to the Department, the buyers learned 21 the website of the banks and only 10 samples found standard mortgage contract. To model mortgage contracts in the Department succeeded in only eight out of 19 of the visited banks. Contract for loan cash management provided in four offices of the 17, and another three referred to the Bank’s website.
the Deputies proposed to expand the range of contenders for increased compensation on deposits In special cases, the sum insured want to increase to 10 million rubles Finance
“by Signing the agreement, the client is under stress and may not appreciate the importance of certain provisions, especially fees and penalties. For example, VTB in the mortgage agreement prescribes that the right to demand from the borrower early repayment in case of default of payment to 15 days and to impose a penalty on the refusal of early repayment”, – cites the example of the Chairman of the Board Konfop Dmitry Yanin. The press service of VTB told Vedomosti that the client in a difficult situation, the Bank will first propose to reduce the time of the payment burden – for example, to restructure the loan.
the Complete calculation of mortgage payments in cash in an unsealed form of “secret shoppers” were given in eight out of 17 banks, mortgage – ten of the 19 banks. Racescouple of credit calculators on the websites did not coincide with numbers named in the squad. For instance, loan calculator Sovcombank promised to the buyer of the Volgograd region credit repair (300 000 RUB. for two years) at a rate of 14.5% per annum with a monthly payment 14 532 rbl., and managers in the Department was offered a rate of 22.5% and a payment of 19 541 RUB./month. The office of the Bank, the client learned about the necessity of insurance for almost 43 000 RUB., which the Bank will include in the body of the loan, according to the study of Konfop. “All the parameters of the borrower are counted only in the Department. Depending on the credit load of the customer it can be available for different terms and conditions,” – commented the press service of the Sovcombank.
Maximum loan rates on sites sought with difficulty. For example, the rate for using a credit card on the main page of the section with the proposals maps do not indicate 19 out of 26 of the studied banks. The other seven were limited to the lowest possible percent. “Instead of betting on the loan, banks often put information about the percentage of cashback is desorientiert the consumer,” – said Janine.
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the loan Term affect the final overpayment on the loan. Thus, the overpayment on the loan in the amount of 250,000 rubles., issued at 14% per annum for two years will be 38 077 rubles., and for five years – 99 023 RUB, says Janine.
Banks willing to make loans for the maximum period and minimum problems may arise, concludes Konfop. On loan calculators on the websites of the banks by default set the maximum loan term on a “runner” or post the same text proposal, have drawn the attention of researchers Konfop. The offices are also trying to stretch the loan terms. For example, an employee of ROSBANK advised to request a five-year loan – so the likelihood of approval BUchildren above. In the “Mail Bank” future of the borrower proposed to take a three-year loan (two years, as requested, the Bank did not issue) and to repay the loan. Representatives of banks assure that the preferences for borrowers with no long-term loans and long term lending offices suggest only to reduce the monthly load.
How to protect the borrower
the Main problem of the borrowers of additional paid services, which the banks are surrounded by their products. That insurance to consumer credits is optional and does not affect the interest rate, the “secret shopper” was told in only two of the investigated list of banks. In the rest of the managers argued that it is necessary to insure, and did not mention the “cooling period” during which you can cancel the policy without penalty. The sum insured could range from 4% to 12.5% of the loan amount depending on the Bank, and the refusal led to an increase in interest rates. “Employees of several banks gave figures of the increase: “UniCredit Bank” by 1 percentage point (PP), PSB – 2 p. p., Raiffeisenbank – 4 percentage points, the agricultural Bank by 4.5 p. p. Alfa-Bank – 4 to 5 p. p., “FC Opening” at 5 p. p., Gazprombank – on 6 PP, ROSBANK – 6.6 p. p.,” says Janine. In the case of a mortgage the majority of the studied Konfop banks also promised to raise the rate by 0.5–4 percentage points for lack of insurance. All these banks claim that the decision to insure the client accepts voluntarily. Insurance availability reduces the risks of banks, this is reflected in the rate, says a representative of Alfa Bank.
the Inclusion of insurance in the body of the consumer credits is another practice. In this case, the customer buys the insurance with a loan and pays interest. “In 13 of the 26 banks insurance is imposed on the service that is purchased at a higher price on credit,” says Janine.
some banks, the word “insurance” is replaced with tthe term “financial protection”. As well it is hard to refuse, says Janine. For example, in Sovcombank Konfop, the researchers found out that the programme of “Financial protection” can be discarded only after the first year of mortgage lending.
in Addition to insurance managers in departments impose other services that can affect the value of the loan. So, in Sovcombank customers to reduce the rates chargeable service “is the Guarantee of the minimum bet” which requires you to participate in the program “Financial protection”, to prevent full or partial repayment of the loan, to use the card installment “Paste”. And the employees of VTB suggest to open an additional debit card that will cost 249 rubles per month, which will be free only when the turnover of the card more than 5000 RUB per month. If to connect to a bonus option of “Borrower”, then the rate may be reduced to 0,5–3% per annum, depending on turnover. “Managers always offer customers a debit card but it is issued at the request of the borrower,” – says the press service of VTB. The representative of Sovcombank says that conducts a telephone survey of all customers “to understand the conditions” of the loan and of the VAS, and in the case of violations will be fined by Manager.
To borrowers not erred in the assessment of future expenses, Konfop recommends legislation to establish standards for informing consumers about the loans, to require banks to issue contracts with General and individual conditions, and strengthen the supervision of insurance services give customers the opportunity to decide whether to buy the insurance on the loan.
