Residents of the Kursk, Bryansk, and Belgorod regions who have been evacuated or have lost property due to recent events are entitled to apply for a deferral of payments under loan (microloan) agreements for up to six months. This information was detailed in an information letter from the Bank of Russia.
Banks and non-bank financial institutions are advised to consider applications for loan repayment holidays using a simplified procedure. The regulator suggests that lenders accept any documents available to borrowers that can confirm hardships, such as titles to residential property, residence registration (permanent or temporary), or certificates of temporary accommodation in emergency areas.
Borrowers may be granted loan repayment holidays if their outstanding mortgages do not exceed ₽15 million, car loans ₽1.6 million, credit cards ₽150,000, or other outstanding loans ₽450,000.
Additionally, the Bank of Russia recommends that lenders accommodate borrowers' needs and approve requests for restructuring loans even if they fail to meet legal requirements like exceeding established loan limits.
The letter states that those who have previously benefited from such measures but face new challenges (e.g., decreased incomes) are also eligible to apply for loan repayment holidays. During these holidays, no penalties or fines will be accrued. Lenders are further encouraged to consider specific life situations and potentially reduce interest rates down to zero.
In cases involving loss of labor capacity or permanent disability, lenders may fully or partially forgive debt. The restructuring should not negatively impact a borrower's credit history.
Furthermore, the Bank of Russia's recommendations for SME loan restructuring will remain effective until the end of 2024. Existing loan (microloan) agreements may be modified so that borrowers' obligations can be suspended for an agreed period without penalties or fines.
For inquiries regarding financial aid in servicing their loan agreements, residents of the Kursk, Bryansk, and Belgorod regions can contact the Bank of Russia hotline at +7 495 771 44 20 and +7 800 250 15 24.