Alfa-Bank will launch the “Credit Quarantine” program for those affected by coronavirus

In mid-April 2020, Alfa-Bank will launch a program to help clients who have lost the ability to pay their loans on time due to the coronavirus epidemic.

The program provides a free deferral of loan payments and is valid for private clients who have lost income or temporarily lost the ability to make payments for reasons related to the coronavirus pandemic: COVID-19 disease, dismissal from work or loss of side income, going on unpaid leave, quarantine.

“We are assessing not only the direct damage from the spread of the virus, but also its long-term, broader economic impact. Therefore, we are proactive and develop a whole range of measures to support our clients,” said Vladimir Verkhoshinsky, Chief Executive Officer of Alfa-Bank.

Customers will be able to receive a deferral of loan payments for mortgages and cash loans for a period of one to two months. Also, up to two months it will be possible not to pay debt on a credit card, but with the condition of monthly repayment of interest. To receive a deferment on a cash loan, it will be enough to click the "Credit Quarantine" button in the Alfa-Bank mobile application, and in the case of a mortgage, write to the chat or simply call the bank's contact center.

The Credit Quarantine program will be available to customers who do not have overdue payments on current loans.