How to get credit holidays at OTP in 2024?

What are credit holidays in 2024?

A credit holiday is a payment deferral ranging from one to six months. This measure is only available to those in need—specifically, those whose income has dropped by more than 30% or who have faced an emergency situation.

Under what conditions are credit holidays provided in 2024?

A borrower can obtain a credit holiday under Federal Law No. 353-FZ only if a number of conditions are met:

1. If you have experienced one of the following situations and can provide documentary proof:

   — Your official taxable income for the two months prior to applying for the credit holiday decreased by more than 30% compared to your average monthly income over the preceding 12 months.

   — You reside in living quarters located in an emergency zone, resulting in the loss of property and a deterioration of your living conditions.

2. You have not previously been granted a credit holiday for this loan in accordance with Federal Law No. 106-FZ of 03.04.2020.
3. You have not previously been granted a credit holiday for this loan and the same life situation in accordance with Article 6.1-2 of Federal Law No. 353-FZ of 21.12.2013.
4. At the time of application, you do not have an active credit holiday for military personnel under Federal Law No. 377-FZ of 07.10.2022 or Federal Law No. 106-FZ of 03.04.2020.
5. There is no effective judicial act in force for this loan, and no enforcement measures are being applied.
6. You have not been declared bankrupt in the manner established by law.

If a borrower has several loan products with OTP Bank, they can apply for a grace period for each of them.

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Under what circumstances can you get a credit holiday under Federal Law No. 353-FZ?

As mentioned above, this support measure is available to borrowers experiencing financial hardship—people whose income has dropped by more than 30% compared to the previous year.

A salary reduction is not the only condition for obtaining a credit holiday. The loan for which the support measure is being issued must fall within established limits:

• the maximum initial debt amount for consumer loans for individuals is 300,000 RUB;
• for consumer loans — 450,000 RUB;
• for credit cards — 150,000 RUB;
• for loans secured by a vehicle — 1.6 million RUB;

Answering frequent questions

Finally, we will answer the most frequently asked questions on the topic of the article.

I want to apply for a credit holiday. What documents do I need for this?

To provide the service, you will need the application itself and a document confirming your right to a deferral. This may include: an income certificate, a certificate of registration with the Employment Center, a copy of your work record book with a dismissal record, a sick leave certificate, a copy of a salary reduction order, and so on.

Can I use a credit holiday again if I already took one in April?

No, in 2024 you can use the service no more than once.

Can I close a credit holiday ahead of schedule?

Yes, you can start making monthly payments earlier than your scheduled date. To do this, you need to notify a bank employee of your intention via an application or by calling the hotline.

How can I apply for a credit holiday at OTP Bank?

You can do this by calling the hotline or directly on the bank's website.

What should I do if the bank refused to grant me a deferral?

If the bank did not grant you a deferral, it means you do not qualify for the program. If you believe OTP Bank's actions are unlawful, you can file a complaint against the credit institution on the Central Bank's website.