Russian Government sets maximum loan amount for repayment holidays approval
MOSCOW, April 6 (RAPSI) – Russia’s Cabinet of Ministers on Monday approved maximum consumer loan values falling under the repayment holidays set due the coronavirus outbreak, according to the Government’s website.
The maximum amount is:
- 250,000 rubles ($3,300) for consumer credits taken by individuals;
- 300,000 rubles (about $4,000) for loans taken by individual entrepreneurs;
- 100,000 rubles ($1,300) for consumer loans with individual credit limits;
- 600,000 rubles ($7,800) for autolons;
- 1.5 million rubles (about $20,000) for mortgages and loans granted for non-business purposes.
On April 3, President Vladimir Putin signed a bill on repayment holidays amid the coronavirus epidemic into law.
The document gives citizens and individual entrepreneurs found themselves in reduced circumstances due to the coronavirus epidemic a right to repayment holidays if their income for a previous month reduced by 30% or more as compared to the average monthly income for a previous year. The holidays for maximum 6 months would apply to mortgage and consumer loans.
The law also stipulates a possibility of repayment holidays for small and medium-sized business entities from the most suffered economic sectors. A list of such fields is to be determined by the government.