Banks cancel applications for credit vacations

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Russian banks canceled in August of this year about 15 thousand applications for credit holidays, which were envisaged by the government due to the economic consequences of the pandemic. Bank representatives claim that borrowers did not confirm eligibility for the benefit within 120 days, as prescribed in the relevant law.

According to Izvestia’s information, as of August 26, more than 370 thousand clients have applied to credit institutions with an application for credit vacations. By the last summer month, the total amount of loans for canceled requests reached 6.8 billion rubles. The Central Bank writes that only 4% of clients received a refusal. The total loan amount for which the holidays were received is 81 billion rubles. Bank of Russia claims that this is about 57.9% of all reviewed applications.

Clients of financial institutions applying must submit a 30% reduction in their income in 2020 relative to their 2019 income.

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