Banks have a number of restrictions when changing lending conditions, but everything else remains under the control of the financial institution. Petr Gusyatnikov, senior managing partner of the law firm PG Partners, spoke about this in an interview with the Prime agency.
By default, the bank does not have the right to change the interest rate on the loan and the size of the grace period. After all, the bank is obliged to warn its clients about such changes in advance, for example, on its website. However, not everyone notices or pays attention to such information. As a result, customers often learn about important changes only after they have taken effect.
But there are exceptions when the bank can still change the interest rate and grace period. This is only possible if such changes are specified in the agreement between the bank and the client. For example, we can talk about a floating rate or a fixed grace period.
The credit limit, conditions for cash withdrawal and cashback accrual, as well as fees for notifications – all this can be changed by the bank at any time.
Earlier it became known that the Cabinet of Ministers proposed increasing fines for banks for violations when advertising loans. More about this read the material Public News Service.
It was also reportedthat banks did not support the establishment of turnover fines for the leakage of personal data of clients, thus expressing their opinion regarding the bill under consideration.
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