Loan repayment holidays procedure for mobilised people and SMO participants: Bank of Russia explains
Applications for loan repayment holidays may be submitted not only by servicemen but also by other persons acting by proxy including that written in a free form.
Documents confirming the right to loan repayment holidays may also be submitted by other persons without a proxy. These documents may include extracts from the orders of military unit commanders or heads of military commissariats. This is stated in the Bank of Russia information letter.
Lenders are also advised not to request any confirming documents if there are grounds to believe that a borrower has the right to loan repayment holidays (for example, when a serviceman’s allowance is credited to his account). The fact that a person did not submit any documents, when required, should not be a reason for refusal — he can submit them within 30 days after his participation in the SMO ends, the Bank of Russia reminds.
The letter has a list of documents that, according to the regulator, are sufficient to complete the paperwork associated with loan repayment holidays for SMO participants’ and mobilised servicemen’s family members. Specifically, a marriage certificate is needed for a wife, an act of guardianship authority on the appointment of a serviceman as a guardian or trustee or a court decision on establishing the fact that a person is dependent on a serviceman is needed for dependants.
The Bank of Russia emphasises that volunteers who take part in the SMO and their family members also enjoy the right to loan repayment holidays.
The Bank of Russia has earlier asked banks and other lenders to post on their websites information covering the terms of loan repayment holidays for SMO participants and provide relevant training to their staff.