Banks may require proof of income when applying for a car loan of more than 1 million rubles

“This does not mean that the granting of a loan in the absence of such documents will be prohibited, but this will be reflected in the amount of the loan reserve,” the press service of the Central Bank of the Russian Federation explained to Rossiyskaya Gazeta. That is, the measure will not be mandatory: the credit institutions themselves will decide on the need for the certificates.

These measures will affect the majority of borrowers, since the average car loan is about 1.5 million rubles. But, on the other hand, “they will contribute to a more accurate risk assessment”, which will reduce the likelihood of exposure to debt and “create incentives for the use of electronic services” (since it will be possible to obtain a certificate, including through of “Government Services”).

Instead of the “bank form”, data about the borrower can now be submitted using a 2-NDFL certificate. The draft changes assume that they will take effect on October 1, 2025.

Market experts point to an increase in the popularity of auto loans from January to September 2024, with a peak in August-September. But in 2025 analysts do not expect much activity in the market, since due to the recycling rate and exchange rates car prices will increase and, with them, loan rates (up to 30% in the scenario of “stress”).

Some market players also believe that up to 10% of the car loan market could shift to the retail car leasing segment.