Credit Holiday for Individuals: What Banks Offer


Main proposal from banks during quarantine

Credit holidays for individuals: Ukrainian banks offering. Photo:

More and more Ukrainian financial institutions are beginning credit holidays for individual customers. Below is a selection of offers from PrivatBank, Tascombank, Pravex Bank, Kredobank, Raiffeisen Bank Aval, FUIB, Alfa-Bank, Oschadbank, Ukrgasbank and monobank.

Privatbank On 14 April, he introduced a credit holiday for up to 31 July for individuals experiencing financial difficulties due to quarantine restrictions under auto installation, credit housing and real estate loan lending programs. To create a holiday, simply fill an application on the bank’s website. Earlier, PrivatBank announced the terms of credit leave for SMEs.

Taskombank Introduced credit holidays for individuals working on unsecured loans and cash loans for three months. Customers are required to pay interest and a monthly commission, loan repayment is delayed until July of this year.

“For the duration of a credit holiday, mandatory payments include interest and monthly commissions determined by the loan agreement. The repayment of the bank’s loan has been postponed to July 2020 and is part of the payment.

In addition, TaskCombank automatically deferred minimum credit card payments until the end of May.

Credit leave from Proficient bank They are aimed at individual customers who were not due to the previous loan until 1 March, but faced financial difficulties due to quarantine. The programs provide several options: repayment of loan body (interest is paid only), as well as deferred interest and loan body, increase in its repayment period, etc.

For the quarantine period, the bank revoked the penalties and interest on existing credit agreements of individual customers from March 1, 2020, but does not introduce new penalties on customer loan agreements until May 31 of this year. Also, from March 1 to May 31, the interest rate will not increase. If the customer has been fined since March 1 and has already been paid, it will automatically be returned to the current account. No new interest will be charged till April 30, 2020.

To apply for deferred payment of loans, you need to send a letter to PRAVEX ONLINE, email address: [email protected], call the bank’s contact center by phone: 0800 500 450 (Free in Ukraine ) Or contact your own personal manager.

Kredobank Provides differential to customers based on the type of loan.

For mortgage loans:

  • Exclusion of payments for principal amount of loan in 3 months
  • 3 months principal payment and 30% classic repayment plan and 40%
  • Monthly payment for annual payment plan

For auto loan:

  • Exclusion of payments for principal amount of loan in 3 months
  • Deferred payment of 40% of the monthly annuity payment for 3 months

For Cash Loans:

  • Deferred payment of 40% of mandatory monthly loan payments for a period of 1 to 3 months

For credit cards, Crabdank continued the grace period to use the credit fund (without interest) for 92 days out of the current 55 and 62 days.

Those programs can be used by customers who have a positive credit history and who do not have a bank loan. To do this, you need to submit an application on Kredobank’s website, call the bank’s hotline, send a request by post or to someone in the office (for a car loan – also for a car loan manager). The leave conditions apply after the client signs an additional agreement. The extension of grace period for credit cards is provided automatically and there is no need to contact the bank.

Raisen Bank AvalFrom April 7, canceled monthly payments (5% of the amount of credit card debt) in April and May 2020. Customers can repay the loan in any order. The bank also canceled account maintenance fees for credit cards 100 days, Projora, Fishback, Fishka, Platinum and Elite for the period of 6 April to 6 May. It is reported that changes to the card and credit services will be implemented automatically, the customer will receive a Viber / SMS message related to the bank.

According to the bank’s press service, credit leave will not affect the credit history of customers. The bank reduced the interest rate on cash loans to 0.01% per annum for 2 months and automatically set interest holidays from April 4 to June 4, 2020.

This offer is available to customers who have:

  1. Bank has cash loan
  2. There was no late payment until the quarantine restrictions were enforced.
  3. Temporary difficulties in lending may arise

The above customers will not be required to pay interest on the loan, only the body of loan specified in the bank.

FUIB Offers credit holidays on the following terms:

  • Cash holidays and / or credit holidays are granted to owners of goods for the purchase of goods.
  • Credit leave period – 3 months
  • 4 months or more left before the loan period ends
  • Actual interest rate, loan deadline and mandatory payment date are not changed
  • For loans without arrears or arrears, the period up to March 1, 2020 did not exceed 30 days

If the customer has two or more loan agreements, only one application needs to be registered. According to the bank’s website, holidays will be applied to all contracts.

Credit holidays for individuals from FUIB. Source:

Credit leave from Alpha bank ukraine Customers present in the bank can get:

  1. Credit Card
  2. Unsecured cash loans
  3. Unsecured loan for purchase of goods

Credit holidays are available to customers who did not have an overdue loan as of March 1, 2020. For those customers who were outstanding as of March 1, 2020, the bank will offer a set of existing debt restructuring programs.

To get a credit holiday, the customer needs to contact Alpha-Bank Ukraine through online channels: Mobile Bank Chat in Alpha-Mobile Ukraine, the bank’s contact center by phone (044) 494 0101. Alpha-Bank emphasized that you do not need to get credit leave. Attend a bank branch.

Key terms for obtaining and availing credit leave at Alpha Bank:

  1. After submitting the application, the customer is required to confirm acceptance of the terms of the credit leave by answering an SMS message from the bank. Without this confirmation, the loan would be serviced under current circumstances without the use of holiday holidays.
  2. The terms of the loan provide for the extension of a two-month loan agreement for the purchase of goods and for unsecured cash loans. The customer will be able to see the updated loan repayment terms, including the amount of the next monthly payment, after fully processing the loan holiday application by Mobile Bank Alpha-Mobile Ukraine and My Alpha-Bank Bank in Internet Banking
  3. Alpha-Bank Ukraine, according to the requirements of current law, will not impose fines and penalties from March 1 to April 30, 2020, as well as increase the interest rate in case of loan delays.

After availing credit leave, customers will be able to continue their loan to the bank “on occasion”.

Oschadbank Canceled mandatory payment of 5% of the amount of the credit limit used on the credit card. The relief will be valid for the quarantine period from April and 30 days after its completion. Cancellation of such payments happens automatically for all credit cards. Customers do not need to contact the bank separately for this. According to the bank’s website, payment of interest on the loan is mandatory.

Ukrgasbank Canceled penalties and overdue interest rate calculations on overdue loans for failure to meet the terms of loan agreements in the period 1 March to 30 April 2020.

The bank has expanded the list of potential loyalists to individual customers on term loans with the provision of several options for possible restructuring of loans as per the recommendations of the National Bank. Such loyalty is only possible for customers who faithfully fulfill their obligations under loan agreements, the bank emphasized.

Earlier we wrote about how credit holidays in Ukraine work on an example monobank. Therefore, the bank does not impose fines and penalties for ineffective obligations on the credit limit. However, monthly interest on the loan in the amount of 3.2% will be given to the customers. Bank support recommended minimum payments, so that the credit history was not impaired.

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According to Yekaterina Rozhkova, the first deputy head of the National Bank of Ukraine, a credit is not an amnesty for holiday loans, but a delay in time to pay obligations. The bank has not forgiven the debt to the borrower, continuing to meet obligations to other customers on payments and interest on deposits and current accounts, Rozhkova emphasized.

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