MOSCOW, May 3. /TASS/. The average term of consumer loans extended by Russian banks increased by six months in March 2023 against last March and totaled 4.9 years, the Russian national credit reporting agency said.

According to the agency, the longest average consumer credit term across Russian regions was registered in Moscow, St. Petersburg, Perm and Irkutsk Region (5.2 years in each) in March 2023. The credit period was the lowest in the Krasnodar Region (4.5 years).

"The average period of consumer loans is growing almost continuously over the last year. The lending period extension is driven by the desire of banks and citizens to reduce the debt burden by lowering the monthly installment payments under consumer loans. In other words, the longer is the period of the consumer loan, the smaller is the monthly installment paid by the borrower," marketing director of the credit agency Aleksey Volkov said.