Deviation of the norm: banks massively refuse to ease credit conditions for Russians
Banks are massively denying Russians credit holidays and debt restructuring. 80% of appeals remain unsatisfied, the press service of the Central Bank told Izvestia. At the same time, the number of applications for changing conditions has increased dramatically. But banks do not meet borrowers halfway, despite the fact that the authorities have softened the criteria for obtaining support for a number of categories of citizens, experts say. What options remain for borrowers if they are unable to pay off their debts — in the Izvestia article.
What is debt restructuring and how does it work?
In April–June 2025, banks rejected the vast majority of Russians' applications for debt restructuring and credit holidays. Financial organizations approved only 20%, the press service of the Central Bank told Izvestia. They clarified that a year earlier, the share of loans for which market participants agreed to ease conditions was higher — 31%.
At the same time, in 2025, citizens began to apply for loan relief much more often. The number of applications for vacations in the second quarter increased 2.2 times compared to the same period in 2024, to 233.8 thousand. For mortgage holidays, the indicator jumped by 30% (to 6.5 thousand), and the number of applications for restructuring under banks' own programs increased by 87%, to 1.5 million, the Central Bank said.
Debt restructuring is a relaxation of the terms of the agreement for the borrower. One of the options is credit holidays. The authorities have launched this mechanism for consumer loans since 2024. According to it, the borrower can apply for a delay in repayment of the debt for up to six months. No fines are charged during this time, and the bank is not entitled to collect the collateral.
The borrower can request such relief once if he has suffered in an emergency, and once if his income has decreased. In the latter case, the client must prove that his income has decreased by more than 30% in the last two months compared to the average level of the previous year. However, there is another limitation — the loan amount should not exceed the level established by law (for example, for a cash loan — no more than 450 thousand).
A similar government mechanism has been operating in Russia since 2019 for mortgages. The list of difficult life situations in which a borrower can apply for such a postponement is prescribed in the law. Among them is the loss of a job and temporary disability for a period of more than two months. In addition, the loan amount at the time of issue should not exceed 15 million rubles.
Banks also provide their own debt restructuring programs. The most popular option is to extend the loan term to reduce the monthly payment. Borrowers can also apply for a lower interest rate. This is possible, for example, if the Central Bank lowered the key rate during the loan period and market participants also lowered interest rates on loans.
Today, the growth trend in the number of restructuring applications is associated with an increase in the general level of household debt and the personal debt burden of citizens, said Alexander Kulinich, director of the Department for dealing with problem loans at Renaissance Bank.
In April – June, the ability of Russians to service debts significantly narrowed, independent expert Andrey Barkhota added. First, the share of consumer spending in the family budget has increased. Secondly, interest rates on loans have increased, which means an increase in household costs for servicing new loans. And thirdly, people are likely to have overestimated their loan servicing capabilities.
In particular, such a demand for restructuring is associated with the overdue loans that citizens have received this year at high rates, said Igor Dodonov, an analyst at Finam Financial Group.
Other reasons for the growing demand for credit easing include the termination of preferential mortgages from July 1, 2024 and uneven wage growth in the regions, said Natalia Milchakova, a leading analyst at Freedom Finance Global. In addition, the increase in the debt burden of the average borrower has had an impact. All this has contributed to the fact that Russians have increased their debt burden and income problems.
By refusing to restructure debts en masse, banks are condemning borrowers to debt bondage and bankruptcy, she believes. Thus, in the first half of 2025, almost 260 thousand individuals were declared bankrupt in court, which is 36% more than in the same period of 2024.
Banks do not meet individual borrowers halfway, despite the fact that the authorities have softened the criteria for obtaining support for a number of categories of citizens. So, in December 2024, Russian President Vladimir Putin signed a law according to which the participants of the CBR and their family members have the right to apply to the creditor with a request for vacation by the end of 2025. The grace period is calculated as the mobilization period or the period for which the contract was concluded, extended by 180 days.
Why banks refuse to restructure
The main reason for refusals to provide credit and mortgage holidays is the lack of legally established documents confirming the deterioration of the living situation, the Central Bank replied. The Director of Customer Service and Collection at Dom Bank called a similar problem.Russian Federation" Kirill Malinovsky.
Previously, market participants also often rejected applications due to non-compliance with the formal criterion of exceeding the maximum loan amount established by law, Izvestia wrote. The authorities have considered raising this threshold for consumer loans, but a decision has not yet been made.
According to the Postbank, the main reasons for vacation refusals are exceeding the threshold for the credit limit, the inability to confirm a decrease in income, and a previously used deferral.
When deciding whether to grant vacations, the lender takes into account many factors, including economic feasibility and the stage of delay, said Alexander Kulinich from Renaissance Bank.
— To increase the likelihood of restructuring approval, it is worth contacting the lender before the delay occurs. The sooner the client applies for restructuring, the higher the chances of a positive decision," he advised.
If the bank is not accommodating, it is more reasonable to consider whether there is an opportunity to take part-time jobs or reduce current expenses to cover the mandatory payment, said Anna Gondusova, head of Product development at Alfa Capital Management Company.
There remains another, extreme method — to file for bankruptcy, Igor Dodonov from Finam added.
This is a way of debt relief for those who find themselves in a difficult financial situation. There are two mechanisms in Russia: extrajudicial and judicial. The first scheme is free and runs through the MFC. People with debts from 25 thousand to 1 million rubles, as well as pensioners and recipients of social benefits are allowed to use this mechanism. The second allows citizens to declare themselves insolvent through the court if they have a debt of over 500 thousand. Citizens can resort to bankruptcy once every five years. During this period, the client is not entitled to assume obligations on loans and borrowings without indicating the fact of bankruptcy. And financial institutions most often refuse such borrowers.
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