Can I take a deferred loan? Tips and Ways

Loan obligations require payers to strictly adhere to the payment schedule. Untimely or partial payment threatens not only a deterioration in credit history, but also fines and forfeits. If the payer is experiencing financial difficulties, it is recommended to contact the bank. The manager of the company will determine whether it is possible to take a deferment on a loan, or in any other way to ease the client's obligations.

What is a deferred loan payment?

Upon receipt of a loan, a contract with a payment schedule is issued to the client. The postponement of the deposit period for a certain period is a deferral of the loan. If the debtor is exempted from payments for 3 months or more, such a change in the contract is called a "credit vacation".

The decision on whether it is possible to take a deferment on a loan is made by bank employees. Managers analyze the financial situation of the borrower, study the history of payments, relations with the bank and other credit organizations. If approved, the client receives a new payment schedule.

In what cases is a deferment of contributions under a loan agreement allowed?

When applying for a loan, customers do not think about whether it is possible to take a deferred loan, although many banks have the opportunity to resolve this issue at the stage of signing documents.

Depending on the financial institution, the types and conditions for changing planned payments vary. For example, in some banks the client is given a "vacation" without providing documents.

Others require you to write a statement even if you need to find out if you can take a deferred loan for maternity leave.

Clearance: reasons for the bank

In 90% of companies, the following situations are accepted for consideration:

1. Full or partial loss of solvency of the client. It may be associated with job loss, disability, wage cuts.
2. Loss of solvency of one of the family members. For example, one of the spouses took a consumer loan, and the second was reduced from work. Total family income declined markedly, making it difficult to meet loan obligations.
3. Departure on maternity leave.
4. The emergence of new mandatory expenses, for example, tuition, treatment.

How does the contract change?

Each case in the provision of "credit holidays" is considered individually by the company. Only after studying the circumstances, the special commission makes a decision on whether it is possible to take a deferment of payments on the loan.

The procedure takes place in several stages:

• Contacting a credit institution.
• Providing evidence of financial position. This can be account statements, checks from a medical institution, a disability certificate.
• Awaiting decision of the commission. The term for consideration of the application is up to 14 business days. Employees find out whether it is possible to take a deferment on a loan to a bank customer, consider options for easing credit conditions and other ways of paying off a debt by a payer.

If approved, the payer signs a new loan agreement. It can be valid from the next period or date prescribed in the document.

Types of deferred loans

Each organization has its own conditions for granting a "credit vacation".

The delay may be:

1. Extending the loan term with decreasing planned payment. This is called restructuring. For example, customers who want to know whether it is possible to take a loan deferment at Sberbank have the opportunity to apply only for this type of concession.
2. Transfer of the payment date.This is not a 100% delay, but can improve the financial position of the borrower. Some lenders (Sberbank, Svyazbank, VTB) offer customers to use the service for free 2 times or more.
3. "Credit holidays." This exemption of the borrower from the need to pay within 3 months or more. In 9 out of 10 cases, “holidays” are specified in the loan agreement or can be provided only to significant clients with a large amount of capital and a good credit history.
4. Change in loan conditions. Refinancing is an opportunity not only to transfer the planned payment, but also to reduce the interest rate. To issue a product can only customers with sufficient solvency.

How long does it take to apply for a loan deferral?

Changes in the terms of the loan agreement do not exceed 14 business days. In exceptional cases, the bank may extend the resolution of the issue for up to 30 days.

The process consists of several stages:

1. Collection of documents. The payer is obliged to bring certificates confirming the difficult financial condition. Without them, the bank has the right to refuse to provide services. The collection of documents takes from 1 to 5 days.
2. Filing an application. Depending on the complexity of the issue, the solution can be dealt with by support specialists on the Internet, in all branches of a credit institution or in several large branches. For example, to find out whether it is possible to take a loan deferment at the Post Bank, it is enough for the client to call the hotline indicated on the website of the financial institution. The term for making a decision is from 1 hour to 10 working days.
3. Getting a new schedule. To sign the documents, you should contact the office where the payer left the application. If the operation was carried out by phone or via the Internet, the client may require an electronic document by e-mail.

In what cases do creditors refuse to change the payment schedule?

The service of transferring the date of debiting is not always beneficial for the bank.

Despite the fact that in 90% of cases the delay is granted in the form of a restructuring of the contract with a subsequent increase in the interest rate, financial institutions do not guarantee approval for all clients.

1. The reason for the refusal may be the bad credit history of the payer. Repeated delays in payments indicate unfair performance of obligations. For such clients, banks in 77% of cases are denied restructuring and refinancing.
2. Repeated renewal of the contract is also impossible. For example, customers who have previously asked whether it is possible to take a loan deferment at VTB 24 do not have the right to rely on a secondary easing of lending conditions.
3. The absence of supporting documents is the main reason for the refusal to change the payment schedule. Some banks do not even accept verbal statements from customers by calling the hotline if payers cannot confirm their financial condition. Example: in order to find out whether it is possible to take a loan deferral at Caspian Bank, the payer must bring in account statements, a copy of an identity document, data on family composition and general solvency.

Alternative Credit Vacations

If banks refuse to grant a deferment, the payer may use other ways to extend the payment term.

1. Credit card with grace period. The easiest option to change the payment schedule is to issue a credit card. Some banks, for example, Russian Standard, Alfabank, Raiffeisen, offer products with an interest-free period of 100 days or more. A client can apply for a credit card, repay a valid loan with it and pay interest only at the end of the grace period. The disadvantage of this method is the high interest rate: credit cards are issued with a commission of 19.9% ​​per annum or more. In addition, not every borrower bank approves of receiving a plastic card.
   
2. Making a new loan.MFIs, or microloans, offer deferred payment services. The client can get a loan in microfinance, pay off existing obligations and postpone the payment term under the new agreement.
3. Delay within the "acceptable" value. A method that is used by payers only in emergency cases. It is believed that skipping a payment for a period not exceeding 5 days does not affect the credit history. Banks do not recommend periodically skipping payments even for a short time. A delay is not considered a lack of payment if the date falls on a day off. This condition is spelled out in the loan agreement.