TRENDS IN CONSUMER LOAN INTEREST RATES IN RUSSIA 

Litvinov Evgeniy Olegovich, Candidate of economical sciences, associate professor, sub-department of economics and management, Volzhsky Institute of Humanities (branch) of Volgograd State University
(11 40 let Pobedy street, Volzhsky, Volgograd region, Russia), polaris_ltd@mail.ru, litvinova_av@mail.ru

 336

Background. Loan interest rates greatly influence the RF population’s creditability. As experience has shown, it is an excessive credit burden that may bring about a financial crisis in a separate country, as well as in the whole world. The purpose of the paper is to trace the dynamics of consumer loan interest rates, to
reveal the factors influencing the population’ decision to apply for loans, and at the same time increasing the efficiency of banks’ loan performance.
Materials and methods. To accomplish goals we analyzed the dynamics of average consumer loan credit interest rates during the period from 01.01.1998 to 01.01.2013. We referred to the «Bulletin of banking statistics of the Russian Federation Central Bank» (section «Average Weighted Interest Rates on Ruble-Denominated Loans and Foreign Currency-Denominated Loans Extended to Nonfinancial Organizations and Individuals »). We obtained information and analytical materials on the data portal «Banki.ru» and the official websites of Russian commercial banks. To extract and process the information we used comparative, structural, factor, economic and statistic analyses.
Results. We proposed measures to improve the attractiveness and availability of consumer loans for borrowers (reducing financial burden, simplifying the procedure of receiving and paying off loans), and to increase Russian commercial banks’ efficiency on the highly competitive market of consumer loans.
Conclusions. Having analyzed consumer loan interest rates in Russia we made a conclusion that it is necessary to look for an optimal value of consumer loan interest rates, make them more stimulating.

consumer loans, interest rates, stimulating effect of interest rates

1. Tikhomirova E. V. Organizatsiya kratkosrochnogo kreditovaniya i ee vliyanie na kreditnyy risk banka: dis. kand. ekon. nauk [Organization of short-term crediting and itsimpact on bank’s credit risk: dissertation to apply for the degree of the candidate of economical sciences]. Saint Petersburg, 2000, 186 p.
2. Litvinov E. O. Kreditnoe bremya naseleniya Rossii: voprosy teorii i metodologii [Credit burden of Russian people: problems of theory and methodology]. Volgograd: Volgogradskoe nauch. izd-vo, 2012, 148 p.
3. Chernaya E. G. Vliyanie roznichnogo kreditovaniya na proizvodstvo i realizatsiyu obshchestvennogo
produkta v Rossii: avtoref. dis. kand. ekon. nauk [Impact of retail crediting on production and realization of public products in Russia: author’s abstract of dissertation to apply for the degree of the candidate of economical sciences]. Volgograd, 2011, 26 p.
4. Litvinova A. V., Chernaya E. G. Vestnik Severo-Kavkazskogo federal'nogo universiteta [Bulletin of North Caucasus Federal University]. 2013, no. 1 (34), pp. 228–233.