How do credit holidays work in Ukraine?


Is it not possible to pay for the loan and is the grace period extended? We answer the most popular questions from users.

How loans work during quarantine in Ukraine: analysis. Photo:

the version Payspace magazine At the example of a mobile bank, Monobank explores how credit holidays declared by the National Bank of Ukraine occur for the duration of national quarantine work. In particular, we tried to find the answers to the most pressing questions from users of banking services: if you do not pay interest on the loan and the grace period is extended to a period of self-alienation in general. what will happen.

What does credit holidays mean?


Therefore, on Wednesday 1 April, our editor received a message about writing interest on the loan for March. In addition, a regular message about the minimum payment appeared in the Monobank application – the amount that must be paid before the end of the month to repay the loan. PaySpace magazine, with the bank’s support, clarified how a “credit holiday” works in a financial institution.

What will happen if There is no way to make minimum payments on time.

As Monobuck later said, “Wasted Credit History” This means that overdue data will be recorded in your credit limit history. In the future, it may affect loans for taking loans from other banks and purchasing goods.

like this Credit holidays in Ukraine:

  1. Do not introduce a grace period (ability to use bank funds without interest) for the quarantine period
  2. No exempt from interest on base rate
  3. Allow non-payment of minimums: Fines and penalties will not be levied
  4. Do not help maintain a good credit history: if you do not make the minimum payment, it can ruin it.

How to pay off a loan if you lose your job


Credit holidays do not provide for an automatic mode for customers of Ukrainian banks, and to obtain preferential services on loans, the borrower needs to contact the bank. Transmits as UNIAN The user should contact the bank, clarify the situation and confirm that lost income temporarily or completely due to quarantine measures, citing the first deputy head of the National Bank of Ukraine Yekaterina Rozhkova. Also, you can contact the bank remotely, you do not need to go to the office for this, Rozhkova said.

The first deputy head of the NBU reminded that a credit holiday loan is not a waiver, but a delay in time for payment of obligations, as the bank cannot simply waive the loan to the customer, while calculating interest on deposits and current accounts and Continues to fulfill obligations to other customers upon payment.

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