In plain words
In adverts the bank quotes the interest rate. But on top of interest a borrower often pays for insurance, card servicing, services and fees. The full cost of credit (полная стоимость кредита, ПСК, PSK) puts all these mandatory payments into one number. It is the honest price of the loan as an annual percentage.
The PSK is shown in two ways: as an annual percentage and in roubles. In roubles it is the sum of all payments above the money you received, i.e. your overpayment.
What the PSK includes and what it doesn't
- Included: interest, fees for issuing and servicing the loan, the card issue fee, insurance if the bank will not lend without it or lends on different terms, and paid services imposed by a condition of the contract.
- Not included: fines and late-payment penalties, payments that depend on your choices after the loan is issued (for example, a transfer to another bank), and voluntary services you can decline without consequences.
If insurance benefits the bank and the loan terms are worse without it, it is usually counted in the PSK. That is why two offers with the same rate can have different PSKs.
Where to find it and how high it can be
Under Law No. 353-FZ the PSK is printed in a box in the top right corner of the first page of the contract, in large clear type. Every quarter the Bank of Russia publishes average market PSK values for each type of loan. A bank may not issue a loan with a PSK much higher than the average: the law limits the excess.
Worked example
You borrow 300,000 ₽ for 12 months at 16% a year. The annuity payment is 27,219.26 ₽, and over the year you repay 326,631.09 ₽ in total. With no extra payments the PSK equals the rate — 16%.
Now the bank requires insurance of 15,000 ₽, which you pay on the day the loan is issued. You actually end up with 285,000 ₽, but the payments are the same. The PSK is calculated using the formula in the law: you find the rate at which all your payments “balance” the money you received.
PSK ≈ 25.95% a year; in roubles — 26,631.09 + 15,000 = 41,631.09 ₽
The rate is 16%, but the real price of the loan is almost 26%. That is why offers should be compared by PSK. You can estimate the payment and overpayment at a given rate in the loan calculator.
Calculate it yourself
Change the numbers and the step-by-step calculation updates instantly. Russian rules for 2026.
Common mistakes
- Comparing loans by the advertised rate. “From 9.9%” can turn into a PSK of 20% or more.
- Confusing the PSK with the overpayment. The PSK as a percentage is an annual price; in roubles it is the overpayment for the whole term. For a long loan the rouble amount can exceed the loan itself, and that is normal.
- Cancelling insurance without reading the contract. You can cancel during the “cooling-off period” (usually 30 days), but if the insurance lowered the rate, the bank may raise it.
- Not re-reading the contract after changes. When the terms change, the bank must recalculate the PSK and tell you the new value.
In Russia, Kazakhstan and Belarus
Russia
The full cost of credit (ПСК, PSK) must be printed in a box in the top right corner of the first page of the contract, as a percentage and in roubles (Law No. 353-FZ). The Bank of Russia caps it: the PSK cannot be much higher than the market average for that type of loan.
Kazakhstan
The equivalent is the annual effective interest rate (ГЭСВ, GESV). The bank must state it in the contract and in adverts next to the nominal rate.
Belarus
The equivalent is the effective interest rate: the bank must calculate it including the borrower's payments and disclose it before the contract is signed.
Sources: Federal Law No. 353-FZ on Consumer Credit (Loans) («О потребительском кредите (займе)»), Bank of Russia financial literacy website «Финансовая культура» (Financial Culture)