The Central Bank told about the situation with the agreements of microfinance organizations

© RIA Novosti / Natalia to Seliverstova in photobacteria the Central Bank of the Russian Federation. Archival photoThe Central Bank told about the situation with the agreements of microfinance organizations© RIA Novosti / Natalia to Seliverstova the image Bank

The Russians do not always understand some points of agreement with microfinance institutions (MFIs), which may require adjustments to individual conditions of the consumer loan agreement, said the head of control service for consumer rights protection and ensuring the availability of financial services of Bank of Russia Alexey Chirkov.

«Stitching 8.1 special conditions free way of execution of obligations of the borrower… When we began to show to the consumer and ask what we have in mind, we have some consumers — it was not one person — said it was a unique way of fulfillment of the obligations under which the borrower may return only the principal amount of the debt and not pay interest,» he said, speaking at the XVII National conference on microfinance and financial inclusion.

Chirkov noted that in practice, this means that the borrower MFIs are not aware of what amount of the obligations will arise for him, and that this can lead to delay of execution of obligations of payment of interest — not because the person is willful defaulter and does not want to repay the loan, and because the terms of the contract were not sufficiently clear.

Therefore, the Central Bank plans to conduct an additional assessment of how the Russians see a contract form, and come up with suggestions how to make the contract more understandable. «We will formulate proposals for revising the individual conditions of the consumer credit contract, loan, so that either the agreement was written in clear language, or it was given to additional comments and explanations», — said teals.

Currently, the consumer credit agreement or a loan has a tabular form. Item 8.1 contains options free way the obligations of the borrower in this agreement line, MFIs must specify at least one way of making the monthly loan payment without a fee.

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