The State Duma has extended the deadline for individuals and SMEs to apply for credit holidays

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The State Duma has extended the deadline for individuals and SMEs to apply for credit holidays

The State Duma has extended the deadline for individuals and SMEs to apply for credit holidays – RIA Novosti, 04/11/2023

The State Duma has extended the deadline for individuals and SMEs to apply for credit holidays

The State Duma adopted a law extending until the end of 2023 the deadline for applications for individuals, individual entrepreneurs (IE) and small and medium-sized entities … RIA Novosti, 11/04/2023

2023-04-11T15:14

2023-04-11T15:14

2023-04-11T15:14

economy

Anatoly Aksakov

Mikhail Mamuta

association of russian banks

State Duma of the Russian Federation

Central Bank of the Russian Federation (CBR)

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MOSCOW, April 11 – RIA Novosti. The State Duma passed a law extending until the end of 2023 the period for individuals, individual entrepreneurs (IE) and small and medium-sized enterprises (SMEs) to apply for credit holidays. According to the legislation in force, in the period from March 1, 2022 to March 31, 2023, individuals, individual entrepreneurs and SMEs could ask their lender for a loan holiday under agreements entered into before March 1, 2022. The law extends until December 31, 2023 the deadline for these borrowers to apply for holiday credit. It will enter into force on the day of its official publication. Anatoly Aksakov, chairman of the State Duma commission on the financial market, told RIA Novosti that the law extends until the end of the year the credit holidays, initially introduced in 2020 as “anti-covid “. At the same time, in parallel, the State Duma will work on the “eternal” law and strive to pass it before the end of the spring session, and if it does not work out, then in the autumn session has he added. The bill, which permanently guarantees the right of citizens to vacation on consumer loans, was adopted by the State Duma in the first reading in December 2022. Since April 1, 2020, citizens, individual entrepreneurs and SMEs have the possibility to apply for credit holidays in the event of a drop in revenue of 30% or more in the context of the coronavirus epidemic. Credit holidays are provided for a period of up to six months. Later, this measure was extended until March 31, 2023, with the right to a grace period also granted to citizens and SMEs operating in the sectors most affected by international sanctions. Mikhail Mamuta, head of the Bank of Russia’s consumer rights protection and financial inclusion department, told the ARB congress in early April that the population, as well as small and medium-sized businesses, have benefited from close of 2 trillion rubles in vacation credits since March 2022. At the same time, the effectiveness of credit vacations as a support tool is very high, he noted. According to the Central Bank, about 80-85% of borrowers, and for some types of loans – 75% and more, after the holidays are over, they return to the normal payment schedule.

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economy, anatoliy aksakov, mikhail mamuta, association of russian banks, russian state duma, central bank of the russian federation (cbr)

The State Duma has extended the deadline for individuals and SMEs to apply for credit holidays