Taking into account the requirements of the Law of Ukraine “On Consumer Crediting”, the National Bank of Ukraine approved new rules for calculating the total cost of credit for consumers and the real annual interest rate under a consumer loan agreement.
Also, the National Bank of Ukraine established a methodology for calculating the total cost of a loan for an individual borrower, according to the Law “On Consumer Crediting”, which regulates the issues of the components of the total cost of the loan. The specified components include payments for the services of the lender, the credit intermediary/agent (if any).
The methodology developed by the National Bank of Ukraine for calculating the real annual interest rate under a consumer loan agreement is based on the provisions of the EU Directive 2008/48 /EC on consumer credit agreements. Henceforth, the formula for calculating the real value of the annual interest rate under the consumer loan agreement meets the requirements of the legislation of the European Union.
The introduction and further application will give consumers the opportunity to choose the most suitable way of lending for themselves.