Russian banks will start issuing loans online

Now a resident of any village, where there is no bank, but there is internet, will be able to get a loan.

The Ministry of Communications and Mass Media of Russia has begun to develop a mechanism for online lending. After its implementation, it will be possible to get a loan without leaving your home using a simple algorithm.

1. The application is submitted through the Internet bank (there is now).
2. The bank requests data on income from the Pension Fund.
3. A citizen receives an SMS offering to consent to the request for information about the status of his personal account in the Pension Fund.
4. The bank receives data on income from the fund through the system of interagency electronic interaction (SMEV).
5. The bank approves the application.
6. Funds are credited to the client’s account or card.
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Thus, a physical visit to the bank is not required at all.

Now this practice is used by microfinance organizations, which distribute loans “before paycheck” at gigantic interest, driving people financially illiterate, dependent on gambling and alcohol into debt. Official banks also want to get this competitive advantage, Izvestia writes .

Reportedly, the Ministry of Communications and Mass Media will discuss the online lending procedure at a closed meeting with representatives of banks.

The press service of the Ministry of Communications and Mass Communications explained that for the implementation of the mechanism, amendments were made to the rules for applying a simple electronic signature, the provision on the use of the ESIA (Unified Identification and Authentication System created under the implementation of the law on public services), the provision on e-government infrastructure.

The mechanism for obtaining data from the FIU by banks using the public services portal has been tested since June 2015.

Banks will receive many benefits from the issuance of ondine loans: this is expansion in regions where the presence of banks is limited, the possibility of increasing the level of lending to loyal customers who do not apply for loans due to lack of time, as well as the ability to optimize staff by automating the process.

For the state, a new bank lending scheme is also beneficial, because it will allow massively registering Russians on the public services portal and in the ESIA system (Unified Identification and Authentication System). In the future, ESIA will become a universal means of identification and authentication of Russians, including on websites on the Internet .