The desire to get even with debts and repay loans as quickly as possible is understandable, perhaps, to everyone. Borrowers who monthly make payments that exceed the planned ones, or close the loan before the due date, as a rule, pursue the same goals, which are to reduce their overpayment and get rid of the status of the so-called debtor. How simple is the procedure for partial early repayment of a loan today, and does it allow you to significantly reduce loan costs? We will tell about this, and at the same time about the technical side of this process, in more detail.
Types of partial repayments
With this type of repayment, the term or amount of the monthly payment may change. In most banks, only partial repayment with a reduction in transfer is possible (we are talking about Sberbank, Renaissance Credit, Probusiness Bank, Home Credit, Bank"Soviet" and so on). In this case, customers receive new payment schedules, where the terms remain the same.
In the case of partial repayment with a reduction in the term, the amount of the partial early repayment loan is used to pay for the last credit months. Early payments extinguish the main debts in them, and interest is written off (for example, this is what happens in Leto Bank). In both situations, customers benefit. And the larger the amount, the better for the borrower.
What should I pay attention to?
A bank client who decides to repay the loan in installments must specify the following points without fail:
- Is it required to write an application to a banking organization? If necessary, how many days before the write-off should this be done.
- What types of repayments are available at the bank?
- How do I change the monthly payment or loan terms?
- How can I check that the partial early repayment of a bank loan has been completed?
To get rid of the loan early, the client will need a passport and papers concluded with a banking organization (agreement, insurance, and so on). As part of the partial early repayment, the loan agreement does not change in any way. A documented loan can only change in the payment schedule. When repaying with a reduction in the transfer, customers are given a new scheme. As for the reduction of the period, in this situation the loan will simply close before the deadlines specified in the document.
Features of partial repayment
Often, in case of early repayment, clients intend to repay not only a certain amount of debt, but also the amount of additional services from the bank used. Disputes mainly arise against the background of recalculation of insurance. Many banks calculate this amount when signing a loan agreement. That is, even when clients close the loan in a month, they pay the policy for the entire period specified in the agreement (this happens in HomeCredit and Renaissance Credit).
In this regard, as part of the registration of the service, it is worth clarifying which commissions are charged and for what. That is, when insurance is charged monthly for the amount of the underlying debt, then such a service will be recalculated upon partial repayment.
Procedure of actions
Most banking organizations approve the following scheme for early repayment of part of the loan:
- At least one month before the scheduled date of repayment of funds, borrowers visit the branch of the bank where their loan was issued and draw up a notice of their intention, while indicating the expected amount of payment.
- Typically, you need to call the manager to get a response. In most banking organizations, "tacit consent" can be obtained immediately, but sometimes it takes up to five days.
- Financiers name the deadline by which payment must be made. Usually we are talking about the date of making the planned mandatory payment. Man is not at allBe sure to come to the bank on that particular day. You can deposit funds into the account in advance, however, the schedule will be recalculated on the day that is set for making the planned transfer.
- Against the background of a partial refund, after the day that is set for making a payment, the client must go to the branch of a financial institution to receive a modified payment schedule.
- As part of a full refund, the borrower must go to the branch, and then receive a written notification that his loan agreement is closed (usually the bank issues a letter that is issued on a letterhead with a seal and signature from the head of the territorial division).
It is important to note that receiving a notification is required at a minimum in order to feel confident that the banking institution has no more claims, and that there is no outstanding debt (if we are talking about full repayment), which will be further accrued pen alties and interest. Also, such letters may be required in case of obtaining a loan from another organization and in case of disputes with a client's credit history. Lending organizations may simply forget to provide information to the BKI that the client has partially or completely closed his loan in advance.
Alternative methods of partial repayment
The scheme described above is the most common. But there are other variations, for example:
- Some banks may recalculate charts inany day, in connection with this, you can repay the loan ahead of schedule at any time convenient for the client.
- Changed schedules may be issued before payment is made, but will take effect after the early partial payment of the debt.
- In some credit institutions, the process of early repayment is as simplified as possible. The client can, without notifying the bank, independently, for example, using Internet banking, deposit into the account an amount that exceeds the planned transfer, and then re-print the generated payment scheme. In this case, with full early repayment, it is still recommended to contact the branch and receive a letter on closing the loan.
Calculate the amount
It is known that within the framework of a differentiated repayment method, early repayment of the loan is always beneficial, since interest is charged on the balance of the debt. With annuities, the situation is somewhat different. Many borrowers mistakenly assume that early repayment is beneficial only at the beginning of the term of the agreement.
It is believed that at the end only the “body” is actually paid, and the principal amount of interest is repaid in the first months (in other words, it will not be possible to save money). In fact, this is not true at all. In fact, with the annuity method of repayment, the main interest is paid directly in the first half of the contract term. True, speaking of a consumer loan issued for an amount of up to half a million rubles and for a period of up to sixty months, it makes sense to pay off the debt even two or six months ahead of schedule.period. It is worth illustrating this with an example where the partial early repayment is calculated using a loan calculator.
Let's say a citizen has issued a loan for three hundred thousand rubles at thirty percent per annum for a period of forty-eight months. His annuity planned payment will be 10,802 rubles. After forty-two months, he decides to pay off all his debt ahead of schedule. By this time, the balance of the loan on the “body” will be 59,498 rubles, in this case it will be possible to save 5,312 rubles on interest.
If, under the same conditions, partial early repayment of the loan is calculated according to a differentiated scheme, then the balance after forty-two months will be 37,500 rubles, and the actual debt savings at this time will be 3,282 rubles. In order to calculate the payment schedule and interest for specific conditions, it is best to use a special calculator. As you can see, by repaying the debt six months ahead of schedule, contrary to popular belief, customers can save more with the annuity scheme.
Thus, you can make sure that early full, exactly, as well as partial early repayment, is absolutely always profitable. Even despite the fact that financial institutions are trying in every possible way to complicate this procedure. By accumulating funds and not sparing their time, clients can significantly reduce the amount of overpayment on their loans. In addition, getting rid of the unpleasant status of a debtor always has a fruitful effect on a person, becausefinancial freedom is an important aspect that should not be forgotten.
Partial early repayment of a loan at Sberbank
Such a strategy in this organization is carried out without prior notice, in the branch directly on the current date on an application that contains the amount and account from which the funds will be transferred. The minimum share of the loan required for partial early repayment at Sberbank, as a rule, is not limited.
The date of execution of the application for early repayment can fall on any day (that is, it does not matter if it is a working day, weekend, holiday, and so on). At the same time, interest is paid for the actual period of use of the money. It should be noted that early repayment is possible, among other things, in the Sberbank Online system. This bank does not charge a fee for such a repayment.
Partial early repayment of a loan at VTB
First of all, it is necessary to deposit into the account the amount that the client wishes to deposit ahead of schedule. If early partial repayment is made on the day of the monthly payment, the deposited money should be sufficient for the planned elimination of debt. Against the background of a partial refund on another day, the payment must also be made on the next date according to the scheme.
VTB account replenishment methods
There are many ways to replenish your account, for example:
- Through ATM and payment terminal "VTB 24" in cash or by bank card.
- Through the electronic system "VTB Online".
- With a transfer from another bank.
- Through the checkout with cash.
- With the help of a service called Golden Crown.
It is worth paying attention to the fact that when depositing funds using the last three methods, including through the cash desk in a bank branch, a certain commission will be charged from customers. You also need to take into account the timing of the transfer of material resources.
Among other things, it is required to notify the banking organization in advance of the intention to make an increased payment for partial early repayment. In VTB, this can be done through the VTB Online system or, if you leave a request, by calling the customer service. Clients can leave an application on any date, however, if a person wishes to make such a repayment on the payment day according to their schedule, then they must submit an application no less than a day before the write-off.
Application of this kind is not accepted in this bank on the day the loan is issued, as well as on the date of the monthly payment according to the schedule, in addition, from the first to the third of January. Immediately before filling out the application, it is necessary to pay off the fully overdue debt, if any.
In the event that the client does not fulfill these requirements, then the amount that exceeds the mandatory main payment will not be debited and will remain on the account until the next month. There are no restrictions on early cash repayment in this financial institution:the minimum amount is not limited, there is no moratorium. Commissions with pen alties are not provided. After early partial repayment of the loan, this bank will reduce the amount of the mandatory transfer, or shorten the loan payment period, according to what the client will choose as part of filling out the corresponding application.