How to get credit holidays at Raiffeisenbank

What are credit holidays at Raiffeisenbank?

Raiffeisenbank offers several support options for borrowers who find themselves in a difficult financial situation:

• deferral of principal payment for up to six months while continuing to pay interest;
• deferral of principal and accrued interest repayment for up to three months with an increase in the loan term by five months;
• increase in the loan term by no more than three years and a reduction in the monthly payment amount;
• change in the payment schedule by transferring overdue debt to future payments while maintaining the order of loan repayment and interest payment without increasing the term.

In 2022, borrowers who decide to use the service can apply not only for debt restructuring from Raiffeisenbank itself, but also for credit holidays from the state. We will talk about them.

How to get credit holidays by law?

If Raiffeisenbank's own programs are designed for all types of loans and for any borrowers, then in the case of credit holidays under 353-FZ there are some restrictions:

1. Only those borrowers whose income has fallen by more than 30% compared to the previous year can count on a deferral.
2. The loan for which credit holidays are being arranged must not exceed the established limits (we will discuss these below).

You can apply for a grace period only if:

• No holidays have previously been granted for this same loan under Federal Law No. 106-FZ of 03.04.2020.

• No credit holidays have previously been granted for this same loan and due to the same life situation under Article 6.1-2 of Federal Law No. 353-FZ of 21.12.2013.

• At the time of applying for credit holidays, there are no active military personnel holidays under Federal Law No. 377-FZ of 07.10.2022 or holidays under Federal Law No. 106-FZ of 03.04.2020.

• There is no court act that has entered into force regarding the loan, and enforcement measures are not being applied.

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Who can get credit holidays under 353-FZ?

As we mentioned above, only borrowers whose income has dropped by 30% or more compared to the previous year can count on the benefit. You can calculate your eligibility for a grace period as follows:

1. Calculate your average monthly income for 2023.
2. Compare it with the income for the month preceding the date of application for the benefit.
3. If the income difference is 30% or more, you can apply for credit holidays.

What requirements does the law impose on loans?

In order to obtain a statutory payment deferral at Raiffeisenbank, the loan for which the benefit is being arranged must not exceed the established limits:

1. The amount of a consumer loan for an individual must not exceed 450,000 RUB;
2. A secured auto loan must not exceed 1.6 million RUB;
3. An unsecured auto loan must not exceed 450,000 RUB;
4. The actual credit card limit must not exceed 150,000 RUB.

When arranging credit holidays, the loan amount specified in the agreement is taken into account. For example, if a borrower took out a loan of 300,000 RUB and repaid half, they can qualify for the benefit. But if they took out a loan of 400,000 RUB and paid off two-thirds of the debt, they are not eligible for credit holidays. 

How do credit holidays work at Raiffeisenbank?

When arranging credit holidays for consumer loans, auto loans, and mortgages, the following conditions are met:

• the amount of interest and penalties is fixed as of the start date of the credit holiday and is paid after it ends;
• interest continues to accrue during the credit holiday and is paid after it ends;
• if credit cards are available, they will be temporarily blocked for outgoing transactions.

Credit card conditions are slightly different:

• the grace period on the credit card ceases to be valid during the credit holiday;
• the amount of interest and penalties is fixed as of the start date of the credit holiday and is paid after it ends;
• interest continues to accrue during the credit holiday and is paid after it ends;
• all credit cards will be temporarily blocked for outgoing transactions.

What documents are needed to apply for credit holidays?

Since the program is designed for borrowers who have fallen into a difficult financial situation, when applying for a payment deferral, you must confirm your right to receive the benefit.

Individuals can provide any one of the following documents:

• a certificate of income and amounts of personal income tax for 2023 and 2024;
• a bank account statement with data on systematic income receipts for 2023 and 2024;
• a certificate of pension income received for 2023 and 2024.

Individual entrepreneurs, advocates, notaries, appraisers, and auditors must provide a certificate of state registration of an individual entrepreneur, a Unified State Register of Legal Entities (YGRN) record sheet, an advocate's ID, an auditor's certificate, or another document, as well as any of the following documents of their choice:

• a copy of the tax return for 2023 and 2024;
• a copy of the tax return for 2023 and a current account turnover statement for 2024;
• a current account turnover statement for 2023 and 2024.

Self-employed individuals will need to provide a certificate of registration as a taxpayer of the professional income tax and a certificate of settlement status for 2023 and 2024.

In case of job loss or temporary disability, the supporting documents will be a disability certificate and an extract from the register of state employment services recipients..

How to apply for credit holidays at Raiffeisenbank?

You can apply for the benefit using one of the following methods:

1. Online on the official website of the credit institution via the link: https://www.raiffeisen.ru/retail/consumerloans/paying-off/restructuring_form/.
2. Through Raiffeisenbank's online banking or mobile application.
3. At any convenient branch.

Answering frequent questions

To conclude the article, we will answer the most frequently asked questions on the topic.

For what period can I apply for a credit holiday?

For a period of one to six months — you have the right to choose the duration of the deferral yourself.

Why did the bank refuse to grant credit holidays?

There are two options here: either your income level has decreased by less than 30%, or your loan amount exceeds the established limits.

Can I appeal the bank’s decision?

If you disagree with Raiffeisenbank's decision, you can file a complaint against the credit institution on the Central Bank of the Russian Federation website.

What interest rate will apply to my loan during the credit holidays?

Loans are calculated at ⅔ of the average market rate of the Central Bank of Russia.