OREANDA-NEWS. December 30, 2013. Sviaz-Bank (Vnesheconombank Group) is going to waive penalties levied against individual borrowers on their overdue loan repayment obligations. The waiver applies to consumer credit, mortgages, and car purchase loans.

Between December 16, 2013 and January 31, 2014, the Bank’s borrowers who are in arrears for more than seven calendar days may come to any Sviaz-Bank office to repay their debts without paying any penalty.

After the outstanding loan debt has been repaid in full, the fines charged on overdue loan obligations will be canceled.

This will be the Bank’s third campaign, Debt-Free in the New Year, to be mounted during the year to waive penalties against defaulting borrowers.

The first stage of overdue debt repayment by individuals to the Bank without any penalties levied against them was launched in December 2012. The second stage began last May.

“We give our customers falling into arrears with payments to the Bank an opportunity to cut their loan servicing costs with penalties against them waived and go clean into the new year, in buoyed spirits, and without an extra burden of obligations,” said Sergey Akinin, Director of the Bank’s Problem Asset Management Department.