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Against the backdrop of a pandemic, microfinance institutions (MFIs) at the Federal level, legislation has been prescribed assisting clients whose financial situation has worsened in connection with the coronavirus — we are talking about giving a grace period for the payment of microloans in case the borrower's income declined 30% or more. A similar approach in respect of borrowers were also recommended by the Central Bank of the Russian Federation.
IDF Eurasia (brand Moneyman) records a steady trend in the decline of customer requests requesting exemptions for the above reason: if in April the number was 719 units, by the end of may was received 374 applications. Thus, it is possible to reduce by 50% the number of applications for "vacation" in may relative to April. The total volume of loans for the period from April to may 2020, which was approved relaxations in the framework of the program amounted to 26 million rubles.
the Director General IDF Eurasia in Russia Irina horoshko:
"I Note that in all these applications, the client requests have been satisfied, in full compliance with the requirements of legislation and recommendations of the regulator. In turn, our own approach as a creditor in General, always implies a willingness to make advances to borrowers in a difficult situation. The reduction in the number of applications by 50% month-to-month is definitely a positive dynamics. However, now there is an understanding that some clients from this pool for one reason or another are not able to provide documentary evidence of the deterioration of the financial situation — the first of them should do it by the end of June. With these clients we are proactive about solving the problem by pursuing the optimal repayment options on individual circumstances".
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