April 21 10:49
VTB analyzed the goals of clients who took out cash loans.
The most popular of them was repairs – every third loan is issued for it. Among the leaders are refinancing previously taken loans (20%), buying a car and paying for medical services (9% each). The top five is spent on vacations (5%).
Men are more likely to take out loans for repairs, construction and car purchases. Women, on the contrary, are more focused on health and recreation – they are 1.5 times more likely than men to take out loans for medical services and vacations. At the same time, family clients apply for loans twice as often as single clients.
Residents of Moscow and St. Petersburg more often reduce their financial burden thanks to the refinancing program – the share of such loans here reaches 24%, which is 4 percentage points higher than the Russian average. In the regions, the share of loans for the purchase of a car is 12%, which is 3 percentage points higher than the Russian average.
“This year we are seeing a recovery in demand for cash loans against the background of easing the monetary policy of the Bank of Russia and a consistent reduction in rates. At the same time, borrowers demonstrate a more conscious approach: consumer lending becomes a tool for long-term investments – in housing, transport, health. An additional driver is refinancing, which allows bank clients to optimize their debt burden and redistribute freed-up funds for new purposes,” commented Alexey Okhorzin, Senior Vice President, Head of VTB Retail Business Products Department.
Related links:
- The Russian car lending market noticeably accelerated growth in March
