Adopted law on grace period for borrowers in response to coronavirus pandemic
The law guarantees the right for an up to six month grace period for credit and loan payments of citizens and SMEs facing a difficult life situation or suffering from a decrease in income caused by the coronavirus pandemic.
The Government decree establishes the following maximum loan amounts that allow the borrower to apply for a change in the contract terms:
250 thousand rubles – for individuals’ consumer credits (loans)
300 thousand rubles – for sole entrepreneurs’ consumer credits (loans)
100 thousand rubles – for individuals’ consumer credits (loans) with a credit limit
600 thousand rubles – for consumer vehicle loans secured by the vehicle as collateral
1.5 million rubles – for mortgage credits (loans) issued for purposes not related to the entrepreneurial activity.
Source: the Bank of Russia, the Cabinet of Ministers