Official: 85% of applicants unable to use state loan grace period

MOSCOW, Jun 2 (PRIME) – Only 15% of 1.8 million Russians who used their right for a loan grace period as of the end of May used it under new state rules, Senator Vladimir Kravchenko said on Tuesday at a plenary session of the Federation Council. 

"We have analyzed the data -- 1.8 million people used loan grace period as of the end of May, and only 15% of them under the new rules. This means that 85% of Russians could not use the legal framework suggested by the government," the official said.

He said that banks are unable to use the new requirements and offer restructuring on their terms, which deteriorate the credit histories of borrowers.

End %%mk/jst%%