In October in Russia, the increase in the number of rejections for car loan applications amounted to 82.9%. This is higher than the figures for September, when the rejection rate was 77.2%. For comparison, in October last year, the number of rejections was 77.4%.
According to the National Bureau of Credit Histories (NBKI), the highest rejection rates are observed in the Novosibirsk Region (85.2%), the Krasnodar Territory (85.0%) and the Kemerovo Region (84.4%).
The lowest shares were recorded in the Udmurt Republic (76.3%) and the Republic of Tatarstan (77%). In Moscow and St. Petersburg, this figure is 81.5% and 79.5%, respectively.
The highest rates of rejection growth were recorded in Moscow (+8.5 pp), St. Petersburg (+7.9 pp) and the Moscow Region (+7.5 pp).
According to Alexey Volkov, Marketing Director at NBKI, the approval rate for car loans remains low, with a tendency to further decline. The expert attributes this to the high requirements of banks for the quality of borrowers' credit histories in order to reduce risks.
