September 25, 2022

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Will there be another increase in interest rates and the interest rate on loans will go up to 22.5%?  How do you pay interest on loans now: 12/03/2022

Will there be another increase in interest rates and the interest rate on loans will go up to 22.5%? How do you pay interest on loans now: 12/03/2022

The Banking Supervision Committee, on the eve of the next meeting of the Monetary Policy Council, suggested to banks that when determining the creditworthiness of potential borrowers, they assume that interest rates may rise by 5%. A reference rate of 2.75% would have it 7.75 percent. What does this mean for practically all those who pay off their debts now – from credit card loans to several hundred thousand mortgage loans? Currently, on Tuesday, March 8, 2022, the Monetary Policy Council will raise interest rates by another 0.75 percent, but loan rates will reach 14 percent as of tomorrow.

Breaking news. The Monetary Policy Council had raised interest rates today, March 8, by 0.75 percent. The reference rate, important to borrowers, has been at 3.5 percent since March 9, and the maximum interest rate on loans is 14 percent.

But this is not the end. After raising the interest rate and holding a special conference for the governor of the National National Bank, which announced the increase in interest rates until the end of inflation, analysts began to address the possibility of interest rates at the level of 5 percent. And even higher in the near term as usual, not horrific. what do you mean? People planning to get consumer loans in the near future should take into account the real possibility that they will pay them back in a few months at an interest rate of more than 20%, or maybe even 30%. annually. This means that taking a certain amount of the loan for a period of four years, you will have to return the amount borrowed during these 48 months, plus 75% of it. as the sum of interest.

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