How to get a credit holiday at Promsvyazbank?

What is a credit holiday at Promsvyazbank?

Promsvyazbank, like many other credit institutions, has its own borrower support programs. But today we are going to talk not about them, but about the state support measure launched this March to help people who have lost their jobs or a significant part of their wages and are unable to fulfill their obligations to banks.

Under what terms does Promsvyazbank provide credit holidays in 2024?

Since the program is designed only for needy categories of citizens, it has a number of restrictions:

1. You have made at least 6 monthly loan payments
2. You made the last 6 payments without delays of more than
   7 calendar days
3. At least 3 payments remain until full loan repayment, including the final one
4. No overdue debt on all obligations at PSB
5. You have not restructured your loan debt
6. You have not taken a credit holiday within the last 12 months
7. The agreement was concluded after 05.09.2011

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Who can apply for a credit holiday?

To begin with, applications for a deferral on monthly payments can only be submitted by individuals whose income has dropped by at least 30% compared to 2023.

In addition, this relief is only available for loans whose amount does not exceed the limits established by law:

• for consumer loans to individuals in the amount of up to 450 thousand RUB;
• for secured loans in the amount of up to 1.6 million RUB;
• for credit cards with an actual credit limit of up to 150 thousand RUB.

What documents are required to obtain a credit holiday?

Since the state program is intended for people in financial hardship, borrowers must confirm their eligibility to receive a payment deferral. This can be done using one of the following documents:

• a 2-NDFL income certificate;
• a certificate of registration as unemployed;
• a copy of the labor book with a dismissal record;
• a sick leave certificate;
• a copy of the salary reduction order;
• a copy of the employer's business suspension order.

How to apply for a credit holiday at Promsvyazbank in 2024?

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

• directly at a bank branch;
• online on the official PSB website or via the mobile app.

In both cases, the borrower will need to provide documents confirming their right to receive a deferral.

Answering frequent questions

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

I have several loans with Promsvyazbank, can I get a credit holiday for each of them?

Yes, you can request a deferral for each loan product. However, please note that you will need to submit multiple applications to the bank.

For what period can I apply for a credit holiday?

You can get a deferral for a period of one to six months.

What should I do if I cannot confirm my income because I worked informally?

You will not be able to arrange a payment deferral without supporting documents.

Why did the bank refuse to grant me a credit holiday?

The most frequent reason for refusal is non-compliance with the program requirements.

Can I appeal the bank’s decision?

Yes, you can file a complaint on the official website of the Bank of Russia.

Do I need to pay interest on the loan during the grace period?

No. During the deferral period, your loan will be calculated at ⅔ of the Central Bank of the Russian Federation's average market rate. Interest will be accrued after the credit holiday ends and evenly distributed across several monthly payments.