Banks provided the participants of the special operation with holidays on loans for 72.4 billion rubles
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From September 21, 2022 to March 31, 2023, Russian banks provided participants in the military operation in Ukraine and their families with 188 thousand credit holidays in the amount of 72.4 billion rubles. This is stated in the Bulletin of the Bank of Russia “Dynamics of restructuring of household and business loans”.
In total, from March of last year to March of the current year, Russian credit institutions received 2,850.9 thousand applications from individuals to change the terms of loan agreements, including 353.7 thousand for granting credit holidays.
According to the regulator, the share of approved loan holiday applications at the end of March 2023 was 34.8%. The main reasons for refusals in credit holidays were exceeding the maximum loan amount (over 42% of all refusals) and non-confirmation of a decrease in the borrower’s income (about 44% of all refusals).
April 19 State Duma in the third reading accepted a law allowing co-borrowers of participants in a military operation to issue credit holidays. Previously, only the spouse of a serviceman, his children and dependents could use this benefit. Credit holidays apply to loans issued before March 1, 2022. Under the terms of the program, borrowers are eligible to apply for a loan holiday subject to a 30% decrease in income compared to the average income in the previous year.
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