Credit holidays can become indefinite for everyone

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AK&M 09 December 2022 11:08

Credit holidays may become indefinite. The corresponding bill was adopted by the State Duma in the first reading.

A borrower who has concluded a consumer loan agreement will be able to apply to the lender with a request for a grace period.

This is possible with a decrease in income by more than 30% compared to the average monthly income for the previous year.

Up to six months, the borrower will have the right not to make payments, while penalties will not be accrued, and the collateral will not be able to recover. Interest will be accrued on the current debt of the borrower.

The limit on the amount of credit that you can count on for a vacation will be set by the Government.

It will be possible to use the grace period once during the validity of the loan agreement.

Information about the granting of a grace period will be reflected in the credit history, but will not worsen it.

It should be noted that earlier credit holidays were temporarily valid in connection with the pandemic and in the conditions of sanctions. Now they can only be used by the mobilized and their family members. In addition, there is a permanent mortgage loan vacation program, but it does not apply to consumer loans.