The deputies of the State Duma approved in the second and third reading a law that forever guarantees the right of residents of the country to credit vacations.
As reported on the website of the lower house of parliament, the document will enter into force on January 1, 2024. This will protect the rights of borrowers who are in a difficult life situation. By taking advantage of credit holidays, borrowers will be able to avoid bankruptcy and the risk of loan default for lenders will be reduced. As the speaker of the State Duma Vyacheslav Volodin noted, all information about credit holidays will be indicated in the credit history, but it will not make it worse.
Under the law, a borrower can request a grace period of up to 6 months for loans of RUB 150,000 for credit cards, RUB 1.5 million for car loans, and RUB 450,000 for other loans.
Borrowers whose income has decreased by more than 30%, as well as those who live in a residential building located in an emergency zone, can count on credit holidays. It should be noted that such vacations are allowed to be used once during the term of the loan contract.
While the credit moratorium period lasts, it is prohibited to charge penalties (fines, sanctions), execute on collateral, apply to the borrower’s guarantor. However, interest will continue to be charged on the debt.