The State Duma of the Russian Federation plans to extend credit holidays for citizens, individual entrepreneurs and representatives of small and medium-sized enterprises in Russia until the end of 2023, until a permanent law is adopted. About this RIA Novosti knowledgeable Anatoly Aksakov, Chairman of the State Duma Financial Market Committee.
The deputy clarified that the period during which individuals, individual entrepreneurs and small and medium-sized enterprises have the right to apply to the creditor for a credit holiday for contracts concluded before March 1, 2022 expires on March 31, 2023.
Aksakov said, “We will extend the Kovid holidays… Now a change has been prepared that extends the current Covid holidays until the end of the year until we enact this permanent law.”
On February 10, the Chairman of the Central Bank of the Russian Federation Elvira Nabiullina consistently supported the introduction of credit holidays for Russians in Russia. He also urged the Russians to assess the risks of increasing their debt burden as part of the implementation of this initiative.
In December 2022, the State Duma Committee on the Financial Market approved amendments to the law “On Consumer Credit”, under which credit holidays can be taken on a continuous basis on consumer loans. Bank customers whose income has decreased by more than 30% compared to the previous month (annual basis) will be able to apply for a credit holiday. The consumer loan or loan amount to which this applies should be determined by the government. The deputies proposed the following levels: for a loan secured by a car, the limit will be 1.6 million rubles, for other loans – 450 thousand rubles.