In the case of non-secured consumer loans taken after 19 March 2020, the APR must not exceed the central bank base rate, plus five percentage points (currently 5,9%). Based on this rule several institution introduced unsecured loans having preferential interest rate.
We have made a non-exhaustive research about institutions have introduced these products as at on April 3. So far 4 out of the 11 institutions taken into account have come up with new products. According to our research, most of the institutions have not yet come out with preferential interest rate unsecured consumer loans, and all of the analysed institutions have temporarily suspended the sale of credit cards and overdrafts, typically until a new product is developed.
There are several questions about selling new consumer loans, including:
Based on the above, we believe it may be commercially viable to sell preferential interest rate unsecured consumer loans, and new customers (especially due to the small number of players) may be reached, but caution should be exercised to limit the risks. It is necessary to analyse its profitability with appropriate methods, and it is particularly important to identify the appropriate target group and conditions and to develop and apply effective credit assessment models in the current situation. In developing credit assessment models, particular emphasis should be placed not only on past data, but also on the debtor's future prospects, for example by assessing the labour market sector and other economic prospects.
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