The National Bank of Ukraine (NBU) clarified the Rules for Ukrainian Banks for Calculating Total Cost of the Credit to the Consumer and Real Annual Interest Rate Charged under a Consumer Loan Agreement.

Specifically, the regulator added a provision to the Rules prescribed in the Law of Ukraine On Consumer Lending stating that any bank when issuing a loan or a line of credit has the option not to provide the customer with repayment schedule.

Respective amendments  introduced by NBU Board Resolution No. 15 On Amendments to the Rules for Ukrainian Banks for Calculating Total Cost of the Credit to the Consumer and Real Annual Interest Rate Charged under a Consumer Loan Agreement enters into effect on 4 March 2018.