11:01, 7 April 2020 Page views 574 views

Adopted law on grace period for borrowers in response to coronavirus pandemic

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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

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