The restructuring of credit obligations provides for the change in the conditions in the loan agreement. For example, it can be a change in the period of payment in favor of the increase, and therefore the loan amount stretches and the monthly payment is reduced. At the same time, the bank may refuse the loan restructuring, even if the borrower has a lot of income fell. That is, the restructuring service can be asked to the bank, but not to demand.
In accordance with Federal Law No. 106 of 03.04.2020, credit holidays can take advantage of: individuals, individual entrepreneurs, as well as small and medium business. Depending on the category there will be different conditions for granting.
Credit holidays are not provided by any loans, but only if the amount does not exceed the fixed limit:
For all credit products that are listed in the list, in addition to credit cards, it is precisely that amount that is indicated in the loan agreement, and not the balance on the loan at the time of contacting the service.
Despite the fact that the balance of credit obligations does not exceed the maximum limit, the bank will still refuse you, as it will rely on the remaining debt, but on the initial amount of the loan, and it is just above the limit
Because it is much more complicated to determine the loan amount. Some will assume that the loan amount is actually used by the funds that the borrower spent. And others will assume that the loan amount is the limit on the map. It is already better to clarify in the financial institution where the map was obtained.
The term of the loan for any option does not matter.
Credit holidays can take advantage of borrowers who simultaneously coincide the conditions as:
Credit holidays are provided by borrowers for a period of not more than 6 months. The beginning of the grace period can be calculated both by default and the selection of the borrower itself.
This can be done in several ways: contact the Bank’s Office with a written application, apply through an online application or contact bank operators by phone. Financial institution will be needed to 5 days to consider the application, after which it will decide.
As we said above, the bank is not entitled to refuse the requirement of the borrower. However, if it turns out that the conditions for income or limit were not complied with, the Bank has the right to refuse.
Credit holidays are not an interest-free delay. If this is a mortgage loan, then interest will be accrued at the rate, which is indicated in the Agreement. If these are other credit products, then interest will be accrued as 2/3 of the average rates at the date of appeal.
Interest during the preferential period will accumulate, and then they will have to be repayed, which, in turn, increases the overpayment of the loan.
For example, a citizen has a consumer loan of 200 thousand rubles, and wants to use credit holidays. After approval, the lender will continue to accrue interest, on a preferential basis, for example 11%. As a result, during the vacation, the citizen will not make any ruble, but according to the result, overpays about 11 thousand rubles in the form of interest.
For the entire period of the loan agreement, you can use only 1 time on each contract.
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