When issuing a loan, the bank informs the client about the interest rate for using the loan. Often, trying to attract customers, credit institutions declare an attractive interest rate for using a loan, but not all borrowers pay attention to additional fees and payments to the bank, which significantly increase its cost. At the same time, credit institutions receive their financial benefit from these fees.

According to the adopted Directive of the Central Bank of Russia No. 2008-U, banks are required to indicate in the agreement the full cost of the loan, including payments in their favor made by the borrower once. This document states that when calculating the full cost of the loan, the credit institution is obliged to inform the borrower about all types of payments that he will have to pay in its favor, including indicating the calculation of the following operations:

Repayment of the principal amount of the loan;
- repayment of interest for using the loan;
- payment of the commission amount for execution of the contract;
- payment of a commission for issuing a loan;
- commissions for opening an account and maintaining it;
- fees for settlement and cash services, for servicing a credit card.

Also included in the full cost of the loan are mandatory payments to insurance companies, fees for the services of notaries and lawyers when drawing up various necessary documents for pledging the property pledged as collateral for the loan.

The total cost of the loan does not include insurance payments from compulsory motor liability insurance, fees for obtaining and repaying the loan in cash, including payments through ATMs (sometimes these interests can reach 3-5% of the total amount). The possible payment of a fine for a late payment on a loan, for blocking a card, withholding a commission for crediting funds to a credit card by third-party credit organizations, etc. is also not taken into account.

Concept of effective interest rate and opportunity cost

All of the above payments significantly increase the cost of the loan for the borrower. However, in conditions of fierce competition in the lending market, in an effort to attract customers, banks in most cases refuse to charge most commissions, but even in this case, the cost of the loan will be higher than stated in the agreement. This is because there is the concept of effective interest rate and compound interest. In this case, the calculation of the total cost of the loan takes into account the amount of lost profit of the borrower, which he could have extracted from his finances if he had not paid interest on the loan with it, but deposited it on an interest-bearing deposit.

To find out the full amount of the loan cost, the borrower must carefully read the document under which he will sign before signing the agreement.

The loan price is the main criterion for a borrower to select a loan offer. This is the monetary expression of the fee for using borrowed money, which reflects the amount of overpayment for the loan.

What determines the price of a loan?

The price of a loan is closely related to the principle of remuneration of credit relations, because The bank receives income when issuing a loan. The loan rate is determined as the ratio of the bank's income for issuing a loan to the loan amount. For example, with a loan amount of 100 thousand rubles. and the loan price is 25 thousand rubles. the annual rate will be 25%.

The price of the loan is directly determined by the level of the interest rate. The latter is formed under the influence of the relationship between supply and demand for various types of credit. It depends on a number of factors:

Dynamics of attracting household deposits, as well as the average interest rate on deposits;

Economic situation in the country (inflation rate, etc.) - the loan rate must cover the inflation rate;

Credit policy of the Central Bank of the Russian Federation, the refinancing rate at which the Central Bank of the Russian Federation lends to other banks;

Average interest rate on the interbank lending market;

The structure of the bank's assets, the greater the share of attracted funds, the more expensive the loan;

The level of competition in the market, which affects the demand for loans from borrowers; the less it is, the cheaper the loan;

Duration and type of loan;

The degree of risk of the loan - unsecured loans without guarantors have a higher degree of risk and are issued at a higher interest rate.

How the real price of a loan is formed

It would seem that calculating the real price of a loan, knowing the annual interest rate and the loan term, is quite simple. But in this case there are pitfalls, and the actual price of the loan can be several times higher than the fixed interest rate.

Loan payments are made up of payments for repayment of the principal debt, interest on the loan, and commissions. The latter are often hidden from the eyes of users at the stage of concluding a contract. These may include fees for processing and issuing a loan, for opening and maintaining an account, and for its maintenance.

Some banks charge an additional fee for cash withdrawals (usually when using credit cards).

The agreement may also establish payments to third parties at the expense of the borrower. As a rule, this applies to mortgage loans that require payment for the services of appraisers, insurers, notaries, etc., or car loans (payment of CASCO). All this can lead to the fact that the rate of 20% per year, taking into account all commissions, can turn into 50%.

Separately, fines and penalties for late monthly payments can be included in the cost of the loan. They are individual for each bank.

Recently, laws have appeared in Russian law that protect borrowers from hidden fees and interest. The bank is obliged to inform the borrower about all types and terms of loan payments.

Thus, according to Russian law, banks must notify the borrower of the total cost of the loan (FCC), which is expressed as a percentage. It must include all payments established by the contract. Also courts

It is difficult to even imagine how widespread lending to both individuals and legal entities is in Russia. Most clients of banking organizations have no idea how the total cost of a loan is calculated. There are those who suspect the existence of hidden payments; others pay absolutely no attention to the term PSC. But there are also those who understand that overpayment on a loan, which bank managers often talk about, is a completely different concept.

Most often, the consumer pays attention to the interest rate that the bank sets as its remuneration. But the choice of the optimal option may also depend on various fees, commissions, insurance, etc. It is recommended that these factors be taken into account when analyzing existing loan products.

Full cost of loan - what is it?

We must strive to ensure that every borrower understands what the full cost of a loan is. The stated rate on a loan product that requires monthly repayment is always less than its full cost. These parameters can be equal to each other, but only in a situation where the borrower, under the terms of the agreement concluded with the bank, is obliged to repay the entire debt at the end of the loan term in a lump sum.

The total cost of the loan is the most important indicator that is strongly recommended to be taken into account when choosing a financial product. PSK is the real cost of the loan, which is expressed as a percentage per annum. This term has been known in our country for quite a long time. And in the Law on Consumer Lending you can find the formula by which the PSC is calculated, and the requirements for indicating this value in the body of the loan agreement. Previously, this concept was replaced by another - "effective loan rate".

Banking organizations consciously distinguish between the concepts of PSC and interest rate. Additional commissions and insurance are deliberately not taken into account in the stated percentages. This is a specific marketing decision to attract consumers. And it really works!

Formula for calculating the total cost of the loan

A clear understanding of what the PSC in a loan is, as well as the method for calculating this indicator, allows the borrower to compare loan offers with each other. This means that the consumer will be able to choose the most profitable financial product for himself.

The digital value of the PSC is calculated by adding all accrued commissions, the loan amount, and the amount of the accrued annual rate. So that the client can independently and accurately calculate this indicator, credit organizations offer a variety of loan calculators for use.

Indicators that are taken into account when calculating the PSC

The indicator under consideration is the percentage of the total loan amount, that is PSK is the price for using credit funds.

According to the law, all information about the PSK must be indicated in the loan agreement. Data on UCI ranges should also be available at the point of origination of loans.

In the process of calculating the total cost of the loan must be taken into account:

1. Payments made under the loan body.
2. Interest payments.
3. All types of commissions, fees for opening accounts and other payments to the bank specified in the loan agreement. It should be noted that the final decision on the application may depend on these payments.
4. Payment for servicing credit cards on which the borrower will make loan payments.
5. Payments to third parties, if provided for in the loan agreement.
6. Mandatory insurance payments and payments under a voluntary insurance agreement.

How does the figure for the total cost of the loan change after the introduction of the new formula?

In addition, the Law on Consumer Lending clearly establishes the parameters that In no case should be taken into account in the process of calculating the total cost:

1. Payments that are made based on requirements specified in the law and not in the loan agreement (for example, such a payment is collateral insurance).
2. Fines and penalties paid by a borrower due to failure to comply with loan obligations.
3. Fee for repaying the loan earlier than specified in the agreement.
4. Payment for providing information regarding loan debt.

If you receive a loan on a card, then in the calculation of the PSK Also not taken into account:

1. Commissions received by the bank for replenishing the account with third-party lenders.
2. Fees charged for transactions that require conversion (that is, in a currency other than the account currency).
3. Payments for suspension of card transactions.
4. Payments for exceeding overdraft limits on the card.
5. Fee for withdrawing cash from third-party ATMs.
6. Payment for reissue of a bank card.
7. Commission for stop lists.

In addition, there are a number of payments that are considered illegal, but some banks continue to charge their customers (for example, fee for maintaining a loan account or for early repayment of a loan). In this case, the consumer can apply to Rospotrebnadzor to protect his interests.

In addition, the consumer of the credit market needs to understand that the value of the UCI can be influenced by himself. This does not happen during registration, but during the process of repaying the loan. This can be explained by the fact that this indicator is calculated by banks, taking into account the entire loan period.

In case of early repayment, the debtor has an impact on the full cost. After all, the lower all the borrower’s expenses are, the faster he pays off the entire amount of the debt. In these cases, the bank client saves on the interest rate, and sometimes also on insurance.

Special attention should be paid

The publication of the already mentioned Law on Consumer Lending was intended to stop manipulations by banking organizations related to the low financial literacy of Russians.

But the very existence of payments that are not included in the calculation of the full cost of the loan makes it possible for credit institutions to set large commissions. There is a caveat to this: the client himself chooses whether or not to use this or that service. But banks always strive to make sure that the borrower is actually forced to use a specific service. And it is here that financial organizations can include all those payments that previously bore other names.

Therefore, it is very difficult to accuse the bank of charging unnecessary commissions. The contract must indicate each item that entails an overpayment. And if the bank demands an unreasonable overpayment, then The consumer always has the right not to use banking services. That is, this is an independent decision of the borrower.

To prevent the bank from gaining its benefits from the ignorance of the citizens turning to them, the population is recommended to at least superficially study the basic fundamentals of the economy in order to increase the level of their financial intelligence. If a citizen independently analyzes loan offers in the process of choosing a suitable loan, then it is recommended not to hesitate to conduct a detailed interrogation of the manager on each clause of the concluded agreement. And only in this case will the consumer receive a reliable answer to the question of how much all this will cost.

Banks, private and public, are trying to attract customers with their loan offers. For this reason, you can often see attractive loan rates in advertisements, but in reality the overpayment is a large amount. The total cost of the loan is a formula, the decoding of which includes, in addition to the interest rate, all additional payments on a consumer or any other loan.

What is the total cost of the loan?

Having taken advantage of a bank’s offer to borrow money from it, you should always know that interest is just a fee for using money. In addition, there are additional commissions, which are also added to the monthly payments. The entire sum of these components is called the full interest rate. PSK, an abbreviation for this indicator, is the main value that you need to focus on when choosing a loan. Information on the full cost of the loan is provided in annual percentages and is indicated in the upper right corner of the bank loan agreement.

Previously, the concept of effective interest rate was used. It was calculated using the compound interest formula, which included the borrower’s lost income from the possible investment of the amount of interest payments on the loan during the loan period at the same interest rate as on the loan. For this reason, even in the absence of additional payments, the rate was higher than the nominal rate. It did not reflect the borrower’s real costs of servicing the debt, which the bank client learned about only when it came time to pay for the loan.

Legal regulation

Seeing this state of affairs, the Central Bank took the side of ordinary people and obliged all financial institutions to inform clients of the full cost of the loan. In 2008, the Bank of Russia issued an instruction “On the procedure for calculating and communicating to the individual borrower the full cost of the loan.” After the federal law “On Consumer Credit (Loan)” came into force, and this happened on July 1, 2014, the value of the full cost of borrowed funds is determined depending on the average market value of the loan established by the Central Bank.

How to find out the loan price

It is noteworthy that in microfinance companies the full cost of the loan is always indicated, and all other payments relate only to penalties and fines for delays and failure to fulfill obligations. In a bank, the main indicator is the interest rate for using a loan; additional payments that relate to the loan are indicated in separate clauses in the contract and additional agreements to it.

Notification of the full cost of the loan

Previously, the PSC indicator could be indicated in the contract, but the value was written there in small print, which was not immediately noticeable. According to federal law, the loan agreement is divided into 2 parts: general and individual conditions. So, in the second part, which has a tabular form, the PSC number must be written in the largest font, which is used for registration. The information is indicated in a frame that must cover at least 5% of the area of ​​the entire sheet on which individual lending conditions are written.

What does the full cost of the loan include?

The maximum possible value of the PSC should not exceed one third of the average market value and is communicated to the borrower without fail. In order to understand where the final PSC figure comes from and why it can sometimes differ from the value in advertising or on the credit institution’s website, you need to know all its components. These include:

• the body of the loan and interest on it;
• application processing fee;
• commissions for processing loan agreements and issuing them;
• interest for opening and annual servicing of a (loan) account or credit card;
• borrower liability insurance;
• collateral assessment and insurance;
• voluntary insurance;
• notarization.

What expenses do not increase the cost of the loan?

In addition to the mandatory payments that are included in the PSC, the borrower may be charged other payments that do not in any way affect the calculation of the effective payment, i.e. full rate:

• fee for non-fulfillment of the contract. This includes all kinds of fines and penalties accrued in connection with late payment of the next payment.
• voluntary payments. These include bank commissions for early repayment of a loan, payments for statements and certificates, restoration of a lost credit card, etc.
• additional fees. Here we are talking about payments that are not related to the contract in any way, but may be mandatory in connection with Russian legislation (for example, an MTPL policy) or initiated by the borrower himself (additional insurance).

How to calculate the total cost of a loan

You can inquire about the PSK formula even before concluding an agreement at a bank branch. It must be provided before signing the agreement. You can calculate it yourself. However, in this case, it is necessary to carefully approach the calculation and not miss a single moment, as this may lead to inaccuracies. Very often, borrowers make serious mistakes by inattentively reading the agreement and omitting certain data.

PSK formula

The full cost of the loan is calculated based on the standards established by the Central Bank of Russia. The formula itself and the calculation algorithm are constantly being improved, therefore, when determining the PSC yourself, you need to apply for the latest relevant data, which are published on the regulator’s website. The latest changes in the methodology were made in connection with the adoption of the law on consumer lending. The UCS size is calculated as follows:

PSC = i × NBP × 100, where

PSK – the total cost of the loan, expressed as a percentage accurate to the third decimal place;

NBP – the number of base periods during a calendar year (according to the Central Bank methodology, one year is equal to 365 days);

i is the interest rate of the base period, which is expressed in decimal form.

(FORMULA)

Σ is “sigma”, which means summation (in this formula - from the first payment to the m-th).

DPk – the amount of the kth monetary payment under the agreement. The loan amount provided to the borrower is indicated with a “-” sign, and repayment payments with a “+” sign.

qk is the number of complete base periods from the moment the loan is issued to the date of the kth payment.

ek – period, which is expressed in shares of the base period, from the end of the qk-th base period to the date of the k-th payment. If the debt is paid strictly according to the repayment schedule, then the value will be zero. In this case, the formula has a simplified form.

m – number of payments.

i is the interest rate of the base period, expressed not as a percentage, but in decimal form.

Calculation algorithm

As can be seen from the calculation formula above, loan rates are calculated simply, with the exception of an indicator called the base period interest rate. This is the most difficult indicator to calculate, which not everyone can cope with. It is physically impossible to calculate multi-year loans. To simplify calculations, you can use online calculators or contact your bank directly. In addition, if you believe that the rate given in the agreement is not accurate, you can send a copy of the agreement to the Central Bank with a request to calculate the correct value.

Full cost of a consumer loan

Before concluding a consumer loan agreement, a bank employee is obliged to inform the borrower about the real cost of the loan, which is often confused with the interest rate. Banks may impose payment for services, for example, Internet banking or SMS notifications, fees for which are charged only with the permission of the borrower. The full cost includes not only the amount of overpayment resulting from accrued interest, but also payment for the following operations:

• consideration of the application;
• issuing a loan;
• issue of a bank card;
• cash withdrawal from the cash register;
• life insurance (optional).

Loan price when buying a car

When buying a car on credit, you should know that four parties are involved in the transaction. Firstly, it is the buyer himself and the bank that finances the purchase, and secondly, the seller, which can be a car dealership or a private person, and the insurance company. It’s worth saying right away that car insurance under the CASCO system is mandatory if the vehicle is transferred to the bank as collateral. Otherwise, the requirement to purchase an insurance policy is illegal.

The full cost of a car loan is calculated taking into account payments on the following items:

• accrued interest;
• commissions for transferring funds to the seller’s account;
• collateral insurance;
• additional costs for the borrower associated with notarization of documents.

Cost of mortgage lending

Becoming the owner of your own meters has become easier with the advent of mortgages. Banks offer various lending options - with or without a down payment, with government subsidies or the use of maternity capital - all this will affect the total cost of the loan. In addition to paying interest, the following list of payments must be added to the PSC for the purchase of real estate:

• insurance of collateral (payments by the borrower for insurance of the collateral are included in the calculation of the PIC in an amount proportional to the price of the real estate paid for by the loan, as well as the ratio of the lending period and the insurance period, if the borrowing period is less than the insurance period);
• real estate valuation;
• notarization of the transaction;
• fee for processing a mortgage loan and transferring funds to the account.

All payments to third parties (notary, insurance and other companies) are made using the tariffs of these organizations. If the agreement provides for a minimum monthly payment, the full cost of the consumer loan is calculated based on this condition.

Example of UCS calculation

• principal loan amount – 340,000 rubles;
• loan term – 24 months;
• rate – 13% per annum;
• loan fee – 2.8% of the total amount;
• commission for issuing cash from the bank’s cash desk is 2.5%.

Below is a system with monthly equal payments. The amount of interest accrued for the period will be 72,414 rubles (it can be viewed in the agreement or payment schedule).

Then we calculate the amount of the commission for issuing a loan and cashing out funds:

340,000 × 2.8% = 9,520 rubles;

340,000 × 2.5% = 8,500 rubles.

After this, we sum up all the indicators and get:

340000 + 72414 + 9520 + 8500 = 430434 rubles.

Online calculator

There are a large number of credit calculators available on the Internet that will help you calculate the PSC of standard loans, microloans and even overdrafts. However, you need to understand that due to the fact that each bank uses its own version of rate calculation, the data may differ. In addition, it is necessary to take into account the date of issuance of the loan and its repayment, as well as methods of returning the debt amount: annuity, differentiated or bullet.

Maximum and weighted average value of the total cost of consumer loans

The Central Bank quarterly calculates and publishes the average market value of the PSC for various types of consumer loans. The main thing is that the maximum loan rate does not exceed the weighted average rate by more than a third. Below are the values ​​for the 3rd quarter of 2019, taken from official sources:

	Average market values ​​of the total cost of consumer loans, %	Limit values ​​of the total cost of consumer loans, %
Consumer loans for the purpose of purchasing vehicles while pledging them as collateral
vehicles with a mileage of 0–1000 km
vehicles with a mileage of more than 1000 km
Consumer loans with a borrowing limit (according to the amount of the borrowing limit on the day of signing the agreement)
30,000–100,000 rub.
100,000–300,000 rub.
Over 300,000 rub.
Targeted consumer loans, which are issued by transferring credit funds to a trade and service enterprise as payment for goods (services), if there is a corresponding agreement (POS loans) without collateral
30,000–100,000 rub.
Over 100,000 rub.
More than a year:
30,000–100,000 rub.
Over 100,000 rub.
Non-targeted consumer loans, targeted consumer loans without collateral, consumer loans for debt refinancing (except POS loans)
30,000–100,000 rub.
100,000–300,000 rub.
Over 300,000 rub.
More than a year:
30,000–100,000 rub.
100,000–300,000 rub.
Over 300,000 rub.

What does PSC analysis give to the borrower?

For most people, knowing the APR means understanding how much it will cost them to borrow money, because sometimes an interest-only loan will end up costing the same amount as a loan with a lower interest rate but with additional fees. This even occurs in the same bank, and is created in order to attract more customers. When receiving a loan agreement where the PSC is indicated, or having calculated the indicator yourself, you need to understand that certain nuances may not always be taken into account, such as, for example, early repayment of the principal debt.

How to reduce the cost of a loan

Having received information about the full cost of the loan, sometimes the desire to borrow money disappears. However, if you approach this issue wisely, you can ultimately reduce the figure offered by the bank. There are different ways to do this:

• Early loan repayment. If you partially or completely repay the debt outside of the schedule, this will help reduce the loan burden in the form of unaccrued interest. However, you need to carefully read the contract for penalties, which, on the contrary, can make the loan expensive.
• Issuing money to a bank card. Many lenders offer cash loans, but do not advertise that you will have to pay a certain percentage for issuing them from the cash register. You can ask if it is possible to transfer money to an existing card or account (it can be opened for free) and whether there will be a fee for this. Most likely, this option will be cheaper.
• Read the terms of the loan agreement carefully. Sometimes bank managers do not act entirely correctly by not announcing all additional contributions. In some cases, the agreement includes payments for SMS information, voluntary life insurance, Internet banking and similar services. If you know that you don’t need them, feel free to refuse, thereby saving money.

Video

Found an error in the text? Select it, press Ctrl + Enter and we will fix everything!

The legislator indicated the formula for calculating the full cost of the loan in the second part of the sixth article of Law No. 353-FZ. She looks like this:

PSK– the total cost of the loan, indicated accurate to the third decimal place;

i– interest rate of the base period, expressed in decimal form (for monthly payments, the base period is a month);

ChBP– the number of base periods in a calendar year (the length of a calendar year is 365 days).

You probably noticed that the concept of “base period” appears in this formula. Let's find out what it is. So:

Base period under a loan agreement, the time interval that occurs most often in the payment schedule under the agreement is considered.

The base period is determined as follows:

• If the payment schedule does not have intervals less than or equal to one year, then the base period is one year.
• If several time intervals occur more than once in a payment schedule with equal greatest frequency (that is, most often), then the smallest of these intervals is considered the base period.
• If there are no recurring time intervals in the payment schedule and a different procedure is not established by the Bank of Russia, then the base period is recognized as a time interval that is the arithmetic average for all periods, rounded to the nearest standard time interval.

  Standard time interval a day, a month, a year, as well as a certain number of days or months, not exceeding one year in duration, are recognized. For the purposes of calculating the full cost of the loan, the duration of all months is considered equal.

We've sorted out the base period. Now let's return to our formula. It is both simple and complex. On the one hand, everything is clear: the interest rate of the base period is taken ( i), which includes not only interest on the loan, but also hidden fees, and is multiplied by the total number of base periods per year ( ChBP). Then we multiply the result by 100 and get the full cost of the loan ( PSK), expressed as a percentage per annum. On the other hand, the question arises: “Why did they insert the interest rate of the base period into this formula ( i), and how to calculate it?”

And really, why? Isn’t it easier to calculate the PSC without this indicator, using the total amount of all payments on the loan and the amount of the loan itself? Alas, our legislator is not looking for easy ways, and therefore in response to the question “How to calculate the interest rate of the base period ( i)? proposes to solve a “simple” equation:

Σ – this is “sigma”, which means summation (in this formula - from the first payment to the m-th).

DP k– the amount of the kth monetary payment under the agreement (the provision of a loan to the borrower on the date of its issuance is included in the calculation with a “minus” sign, and the return of the loan by the borrower and the payment of interest on the loan are included in the calculation with a “plus” sign).

q k– the number of complete base periods from the moment the loan is issued to the date of the kth cash flow (payment). For example, if the base period is one month, and payments are made strictly monthly after the loan is issued, then this indicator will be equal to the serial number of the base period. That is, the first payment is 1, the second is 2, the third is 3, etc. By the way, please note that in the case where the payment is made before the expiration of the base period, then q k will be equal to the serial number of the previous base period. For example, the base period is one month, the loan is received on January 25, and the first payment is made on February 15. In that case q k will be equal to “0”, since the first full base period has not yet passed.

e k– period, expressed in shares of the base period, from the moment of completion q k th base period before the kth cash flow date. When making payments strictly in accordance with the dates of the base periods, this indicator will be equal to zero and, accordingly, the calculation formula is simplified. If the scheduled payment dates deviate from the base periods, then e k shows the degree of this deviation with the corresponding sign (“plus” or “minus”). For example, the base period is 30 days, the loan was received on April 15, the first payment is scheduled for May 6. If it were scheduled for 15.05, there would be no deviation from the base period, and e k would be equal to "0". However, in our situation, payment will be made 9 days earlier, and therefore e k equals: –9/30=–0.3. This value has a minus sign, since the payment date occurs earlier than the date of the base period (not 15.05, but 06.05). If this payment was scheduled for a later date, for example on 21.05, then e k would have a positive value: +6/30=0.2.

m– the number of cash flows (payments).

i– interest rate of the base period, expressed in decimal form.

Looking at this equation, borrowers begin to think: “I wonder what mushrooms they fed the person who compiled it?” The bankers happily rub their sweaty little hands and say: “Cool! This equation is difficult to solve, which means it will be difficult to check the accuracy of the UCS calculation!”

Well, what can I say?! “Difficult” does not mean “impossible”, and in some cases, for example, when the loan is repaid in one payment (for short-term lending), this equation can be solved easily and simply. All in all, .

1. The full cost of a consumer loan (loan) is determined both as a percentage per annum and in monetary terms and is calculated in the manner established by this Federal Law. The full cost of the consumer loan (loan) is placed in square frames in the upper right corner of the first page of the consumer loan (loan) agreement in front of the table containing the individual terms of the consumer loan (loan) agreement, and is printed in numbers and capital letters in black on a white background in a clear, clear manner in a readable font of the largest font size used on this page. The full cost of a consumer loan (loan) in monetary terms is placed to the right of the full cost of a consumer loan (loan), determined as a percentage per annum. The area of ​​each square frame must be at least 5 percent of the area of ​​the first page of the consumer credit (loan) agreement.

2. The full cost of a consumer loan (loan), determined as a percentage per annum, is calculated using the formula:

(see text in the previous edition)

PSK = i x NBP x 100,

where PSK is the total cost of the loan in percent per annum accurate to the third decimal place;

NBP is the number of base periods in a calendar year. The length of the calendar year is recognized as three hundred sixty-five days;

(see text in the previous edition)

2.1. The interest rate of the base period is determined as the smallest positive solution of the equation:

where is the amount of the kth cash flow (payment) under the consumer credit (loan) agreement. Multidirectional cash flows (payments) (inflow and outflow of funds) are included in the calculation with opposite mathematical signs - the provision of a loan to the borrower on the date of its issuance is included in the calculation with a minus sign, the return of the loan by the borrower, the payment of interest on the loan are included in the calculation with a minus sign "plus";

The number of complete base periods from the moment the loan is issued to the date of the kth cash flow (payment);

The period, expressed in shares of the base period, from the end of the th base period to the date of the k-th cash flow;

m is the number of cash flows (payments);

i is the interest rate of the base period, expressed in decimal form.

2.2. The base period under a consumer credit (loan) agreement is the standard time interval that occurs with the greatest frequency in the payment schedule under a consumer credit (loan) agreement. If the payment schedule under a consumer credit (loan) agreement does not contain time intervals between payments lasting less than one year or equal to one year, one year is recognized as the base period. For consumer credit (loan) agreements with a credit limit, the procedure for calculating the full cost of the loan (loan) established by part 7 of this article is used. If two or more time intervals occur in the payment schedule under a consumer credit (loan) agreement more than once with equal frequency, the smallest of these intervals is recognized as the base period. If the payment schedule under a consumer credit (loan) agreement does not contain recurring time intervals and a different procedure is not established by the Bank of Russia, the base period is recognized as a time interval that is the arithmetic average for all periods, rounded to the nearest standard time interval. A standard time interval is a day, a month, a year, as well as a certain number of days or months not exceeding one year in duration. For the purposes of calculating the full cost of the loan, the duration of all months is considered equal.

3. When determining the full cost of a consumer loan (loan), all payments preceding the date of transfer of funds to the borrower are included in the payments made by the borrower on the date of the initial cash flow (payment) ().

4. The following payments by the borrower are included in the calculation of the full cost of a consumer loan (loan), taking into account the specifics established by this article:

1) to repay the principal amount of debt under a consumer credit (loan) agreement;

2) on payment of interest under a consumer credit (loan) agreement;

3) payments by the borrower in favor of the lender, if the borrower’s obligation to make such payments follows from the terms of the consumer loan (loan) agreement and (or) if the issuance of a consumer loan (loan) is made dependent on the making of such payments;

4) fee for issuing and servicing an electronic means of payment when concluding and executing a consumer credit (loan) agreement;

5) payments in favor of third parties, if the borrower’s obligation to make such payments follows from the terms of the consumer credit (loan) agreement, which defines such third parties, and (or) if the issuance of a consumer credit (loan) is made dependent on the conclusion of an agreement with by a third party. If the terms of the consumer credit (loan) agreement specify a third party, the tariffs applied by this person are used to calculate the full cost of the consumer credit (loan). The tariffs used to calculate the full cost of a consumer loan (loan) may not take into account the individual characteristics of the borrower. If the lender does not take such features into account, the borrower should be informed about this. If, when calculating the full cost of a consumer loan (loan), payments in favor of third parties cannot be unambiguously determined for the entire loan term, payments in favor of third parties for the entire loan term are included in the calculation of the full cost of the consumer loan (loan) based on tariffs determined on the day of calculating the full cost of a consumer loan (loan). If the consumer credit (loan) agreement specifies several third parties, the full cost of the consumer loan (loan) can be calculated using the tariffs applied by any of them and indicating information about the person whose tariffs were used in calculating the full cost of the consumer loan. credit (loan), as well as information that when the borrower applies to another person, the full cost of the consumer loan (loan) may differ from the calculated one;

6) the amount of the insurance premium under the insurance agreement if the beneficiary under such an agreement is not the borrower or a person recognized as his close relative;

7) the amount of the insurance premium under a voluntary insurance agreement if, depending on the conclusion by the borrower of a voluntary insurance agreement, the lender offers different terms of the consumer loan (loan) agreement, including regarding the repayment period of the consumer loan (loan) and (or) the full cost credit (loan) in terms of interest rates and other payments.

4.1. The calculation of the full cost of a consumer loan (loan) as a percentage per annum includes the borrower's payments specified in parts 3 and this article. The full cost of a consumer loan (loan) in monetary terms means the sum of all payments by the borrower specified in Part 3 and paragraphs 2 - 7 of Part 4 of this article.

5. The calculation of the full cost of a consumer loan (loan) does not include:

1) payments by the borrower, the obligation of which by the borrower follows not from the terms of the consumer credit (loan) agreement, but from the requirements of federal law;

2) payments related to the borrower’s failure to fulfill or improper fulfillment of the terms of the consumer credit (loan) agreement;

3) payments by the borrower for loan servicing, which are provided for in the consumer loan (loan) agreement and the amount and (or) terms of payment of which depend on the decision of the borrower and (or) his behavior;

4) payments by the borrower in favor of insurance organizations when insuring the collateral under a collateral agreement securing claims against the borrower under a consumer credit (loan) agreement;

5) payments by the borrower for services, the provision of which does not determine the possibility of obtaining a consumer loan (loan) and does not affect the full cost of the consumer loan (loan) in terms of interest rates and other payments, provided that the borrower is provided with additional benefits compared to the provision of such services are subject to a public offer and the borrower has the right to refuse the service within fourteen calendar days with a refund of part of the payment in proportion to the cost of the part of the service provided before notification of refusal.

6. When providing a consumer loan (loan) with a credit limit, the calculation of the full cost of the consumer loan (loan) does not include the borrower’s fee for carrying out transactions in a currency other than the currency stipulated by the agreement (the currency in which the consumer loan (loan) was provided, fee for the suspension of transactions carried out using an electronic means of payment, and other expenses of the borrower associated with the use of an electronic means of payment.

7. If the terms of the consumer loan (loan) agreement require the borrower to pay various payments to the borrower depending on his decision, the full cost of the consumer loan (loan) is calculated based on the maximum possible amount of the consumer loan (loan) and the terms of repayment of the consumer loan ( loan), equal payments under a consumer credit (loan) agreement (repayment of the principal amount, payment of interest and other payments determined by the terms of the consumer credit (loan) agreement. If the consumer credit (loan) agreement provides for a minimum monthly payment, calculation of the full the cost of a consumer loan (loan) is made based on this condition.

8. The Bank of Russia, in accordance with the procedure established by it, quarterly calculates and publishes the average market value of the total cost of a consumer loan (loan) in percentage per annum for categories of consumer loans (loans) determined by the Bank of Russia, no later than forty-five calendar days before the start of the quarter in which the average market value of the total cost of a consumer loan (loan) as a percentage per annum is subject to application.

(see text in the previous edition)

9. Categories of consumer credits (loans) are determined by the Bank of Russia in the manner established by it, taking into account the following indicators (their ranges) - amount of the credit (loan), repayment period of the consumer credit (loan), availability of collateral for the credit (loan), type of lender, purpose loan, the use of an electronic means of payment, the presence of a lending limit, the borrower receiving into his bank account opened with the lender, wages, other regular payments accrued in connection with the performance of labor duties, and (or) pensions, benefits and other social or compensation payments .(see text in the previous edition)