Banks offered to extend credit vacation

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www.vsyako.netPhoto: Igor Zarembo / RIA Novosti

The Central Bank offered commercial banks to extend credit vacation for their clients, even if they cannot provide documentary evidence of a sharp decline in revenues. About the regulator said in a letter circulated to banks and published on its website.

The document notes that vacation credit should be extended to conscientious borrowers. The inability to provide documentary evidence should not become an obstacle and “result in painful consequences.”

According to the Central Bank, the extension of holiday will allow borrowers to keep a quality credit history for future relationships with the banks. Preferential terms are offered to save clients not providing documents about the income decline, and those whose earnings have decreased too.

In such cases, to defer the payment of the loan does not allow passed in April, the Federal law, however, banks may apply their own programme, said the Central Bank.

Amendments to the Federal law on the Central Bank, introducing the possibility of delay on the loan or restructuring in the event of a borrower’s financial difficulties in connection with the coronavirus, was adopted in early April. By its terms, applying for benefits, the client must meet one of the criteria: losing their jobs or 30 percent of ordinary income. Deferred maintenance credit is provided for six months.

According to the law prescribed in the scheme, the Bank may request documents confirming the income drop. The term of the grant is 90 days and expires in early July for those who apply one of the first.

Video, photo All from Russia.

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