Central Bank of the Russian Federation (CBR) recommends banks and microfinance organizations (MFO) to inform borrowers of their debt burden index (DBI).
Since the 1st of October in cases of granting 10 000 rubles and higher loans credit institutions and MFO are obliged to calculate DBI of borrowers-individuals. Therefore CBR recommends such organizations both to inform borrowers of abovementioned liability and to disclose them the values of DBI.
Moreover, CBR recommends to request documents for calculation average monthly income from the individuals who plan to receive the above sum of money. In such case CBR informs that clients may set a list of documents by themselves. If the documents are not provided the individuals are informed of CBR’s opportunity to use Rosstat data of regional average income determined in the borrower’s place of actual location. The situation when DBI is more than 50% may affect negatively on the loan conditions.
Document: CBR Information letter dated October 02, 2019 № IN-05-35/76
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