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Banks will begin to inform borrowers of reasons for refusing a loan vacation

Banks will begin to inform borrowers of reasons for refusing a loan vacation
Photo: pixabay.com
Russian banks are advised to inform borrowers about the reasons for refusing credit vacations. The Central Bank sent the relevant information letter to all credit and financial institutions.

According to TASS, the recommendation also applies to microfinance organizations, credit and agricultural cooperatives, pawnshops. The Bank of Russia recalled that the response to the borrower's statement on the restructuring of the loan must be given no later than five days.

If the decision is positive, the regulator recommended that no penalty be charged from the moment the borrower applied for a change in the terms of the loan agreement. According to the law adopted on April 1, 2020, credit vacations can be issued for up to six months if income has fallen by 30% compared to last year and in a number of other cases. Application is submitted, including through the portal Government services. 
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