Russian President Vladimir Putin has signed a law that permanently guarantees the right of Russian citizens to take a credit holiday on consumer loans (loans). The document has been officially published portal legal information.
The credit holiday regime was valid for a limited time (until September 30, 2020) for borrowers. Also, the credit holidays under the sanctions were valid from March 8, 2022 to September 30, 2022.
From 1 January 2024, this rule will be in effect permanently. The law aims to protect the rights of Russians who find themselves in a difficult life situation.
The law provides the borrower with the opportunity to request from the lender a grace period of six months for a loan (loan) on a permanent basis, the amount of which does not exceed the value established by the government of the Russian Federation.
Until the Council of Ministers determines the loan amount, the limit values established by law will apply: for car loans – 1.6 million rubles, for the rest – 450 thousand rubles and for credit cards – 150 thousand rubles.
Previously in the State Duma suggested prohibiting the granting of loans to foreign agents.