Credit holidays for the mobilized

The law on credit holidays for mobilized citizens

After the start of partial mobilization in Russia, the introduction of benefits for those called up for service and their family members was announced. To date, three laws have been passed:

• the right to credit holidays;
• labor guarantees, namely the preservation of employment for the period of mobilization, accumulation of work seniority, and the right to priority leave after mobilization ends;
• a ban on the accrual of late fees for overdue utility payments.

The bill specifically concerning credit holidays for mobilized citizens was adopted on September 28, approved on October 4, and signed on October 7, taking effect from that date. The law specifies the conditions under which mobilized individuals can qualify for a loan deferral. To obtain it, citizens must submit an application no later than October 31 of the following year. The deferral period is determined by the borrower and may include the mobilization period plus an additional month after its completion.

Who is eligible for credit holidays

The right to use credit holidays belongs directly to the reservists themselves and their family members.

Military personnel from the following categories can exercise this right:

• contract servicemen serving in Rosgvardia and other units and troops;
• employees of the military prosecutor's office;
• persons serving in the Ministry of Emergency Situations;
• border guards engaged in protecting the country's state border;
• persons who have concluded a contract on a voluntary basis;
• reserve military personnel called up as part of partial mobilization.

In addition to the mobilized individuals themselves, members of their families can also obtain a loan deferral, namely:

• spouses and minor children;
• disabled children, provided this status was obtained before reaching adulthood;
• children of military personnel studying full-time;
• other dependents of the military serviceman or mobilized person.

If the loan is issued in the name of a family member of a military serviceman participating in the in the special operation, they have the right to use credit holidays. 

Which loans are eligible for credit holidays

Mobilized citizens can obtain a payment deferral for loans issued by credit institutions under Federal Law No. 335 "On Consumer Credit". According to the document, credit holidays cover:

• all consumer loans issued in cash or for goods;
• mortgages;
• credit card debts.

Since there are no additional restrictions, credit holidays also apply to loans taken from microfinance organizations. 

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How to apply for credit holidays: detailed instructions

Credit holidays are not granted to mobilized citizens automatically. To postpone payments, one must visit the bank and submit an application. This is because banks are not obligated to track the status of their borrowers in real time.

Credit holidays can be granted to the mobilized person themselves and their family members. There is plenty of time to apply to the bank. The law specifies a deadline of December 31, 2023. Today, applications are accepted by many banks: VTB, Sberbank, Pochta Bank.

What documents are required

To obtain a loan deferral, the mobilized person must notify the bank of their intention and provide documentary proof of their status. The application can be written at the bank, accompanied by a document confirming the fact of mobilization, which can be a concluded contract or a draft notice.

If the application for credit holidays is submitted by a family member of the mobilized person, they must provide a document confirming their entitlement and family relation. The list of required documents is as follows:

• marriage registration certificate;
• children's birth certificates;
• disability certificate for children and dependents;
• certificate from an educational institution for a child studying full-time.

Upon receiving the application, the bank will issue a notification. However, it should be noted that the situation with mobilization is quite complex, so relatives may not have documents on hand confirming the mobilized person's participation in the special operation. One can contact the credit institution even without this document. In this case, the bank independently requests information from the Ministry of Defense and obtains the required proof.

Decision-making timeframes

MFIs and banks have 10 days to review the application. If a decision on the request is not made within this period, credit holidays are granted automatically, provided the bank does not issue an official refusal stating the reason.

After the decision is made, the applicant receives a new schedule of regular payments, drawn up taking into account the deadlines indicated in the application.

When a bank can refuse and what to do in such cases

The main reason for refusal is unconfirmed status of a mobilized citizen. The law states that the bank is obliged to notify the borrower of the refusal. If the notification is not received within 15 days from the date of application, credit holidays are granted automatically.

If the credit institution has refused to grant holidays, the applicant should file a complaint with the Central Bank, contact the prosecutor's office, Rospotrebnadzor, or the President's Administration. 

Duration of credit holidays

The duration of credit holidays differs for borrowers from various categories:

• mobilized citizens and their family members can count on holidays equal to the duration of mobilization plus one additional month;
• contract servicemen — the term of the contract plus 30 days after it.

Credit holidays can also be extended for the period necessary for treatment of wounds, injuries, and concussions received during military service.

Complete termination of loan obligations

The debt will be written off by banks in full in the following cases:

• death of a serviceman;
• injuries sustained during military service resulting in death;
• injuries and mutilations that caused group I disability.

Notably, this also applies to family members of military personnel. They can count on the complete write-off of the loan or mortgage debt in the listed cases. 

The debt is written off at the bank's expense, the pledged property is released from such status, and the owner has the right to freely dispose of it.

Also, it is still unknown for how long partial mobilization has been announced. For now, banks provide holidays for a period of 3-6 months with the possibility of further extension.