The National Bank of Georgia has increased the maximum maturity of consumer loans unsecured to 4 years.
According to a decision of the Financial Stability Committee of National Bank of Georgia on November 1st, consumers can now obtain consumer loans for a maximum of 4 years.
“The dynamics of the credit activity and the policy declared, the National Bank of Georgia increased the maximum maturity of unsecured consumers loans to four years. As the rate of growth of unsecured consumer loan in 2022 is now lower, and the activity level is still sustainable, the maximum term of this type of loan will increase from three years to four years as of November 1, this year. The National Bank of Georgia is committed to monitoring consumer lending trends for the foreseeable future. Healthy credit standards are a prerequisite for household debt stabilization in this segment.
In August last year, the National Bank initially reduced the maximum period for consumer loans from four to three years. At that time, this regulation was said to be in effect for one year. The decision has been extended beyond the initial timeframe.
The National Bank of Georgia has postponed twice the Financial Stability Committee Meeting, originally scheduled for September 27.
By Mariam Gorkhelashvili
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