Currently, banks offer a wide range of loan products depending on the purpose, availability of collateral, application processing time, loan terms, etc. How to choose such a product and not overpay on interest rates? Consider a bank loan and its types.
The main principle of lending: the higher the risk of non-repayment of the debt, the higher the interest on the loan. The risks are the borrower's loss of earnings, source of income, loss, theft, damage to the collateral, the absence of a guarantor, a long loan term, advanced or too young age of the borrower, and so on. Therefore, before issuing a bank loan, the bank seeks to minimize its risks by requiring a certificate of income, a copy of the work book, registration of collateral, involvement of one or more guarantors, life and he alth insurance of the borrower (especially when issuing long-term loans), insurance of the collateral.
The most common bank loan is a loan for consumer needs. Issued onpurchase of household appliances, building materials, electronics, cars, etc. It is divided into target and non-target. A targeted consumer loan is issued exclusively for the purchase of a certain product or property, for example, a car, a house, for home repairs, for education. For targeted loans, the interest rate is set lower than for non-targeted ones, since the risks of the bank can be reduced by pledging property being purchased or repaired.
If you need money for education, pay attention to such a direction of lending as loans for education with state subsidies (general rate - 11.25%, of which the borrower pays only 5.06% for a period of study up to 10 years) and without subsidizing (12% per annum for up to 11 years). The list of universities participating in the program for subsidizing loans for education is approved by the Ministry of Education. Educational rates are much lower than other consumer loans. In addition, there is a grace period for repayment of principal and interest.
A bank loan for the purchase of a car (car loan) differs from a consumer target loan for the purchase of a car in that it requires the registration of a car as a pledge. To minimize the risks of losing the collateral, banks require that the car be insured not only under OSAGO, but also under CASCO. Title and a copy of the certificate of registration of the purchased car remains with the bank until the debt is fully repaid. Minimizing bank risks in this way allows you to set lowerinterest rates on car loans (from 14.5% per annum). In my opinion, if you buy a new car from an authorized dealer, you should choose a car loan with a subsequent pledge. The main reasons: a lower interest rate on a loan and low CASCO rates for a new car. In the first year of using this CASCO car, you need to buy it not only because this is a prerequisite for the bank, but also for the sake of a peaceful sleep and ride. If the car is purchased second-hand, the seller is a neighbor or acquaintance, you should apply for a consumer loan to buy a car without collateral. The interest rate will be slightly higher than that of a car loan with collateral. Under this bank loan, requirements are set for the year of manufacture of the car: it must be “not older than” 5-8 years (each bank has its own lending conditions, I give the most common ones). After the purchase, the bank will need to prove that you purchased the car and did not spend the money on something else. Bring the vehicle registration certificate and vehicle registration certificate to the bank, the bank employees make a copy of the documents, the originals will be returned to you. If you buy a car that does not fall under the above requirements, there is nothing left but to issue a regular consumer loan or a loan for urgent needs. The interest rate on this loan product starts from 17-18% per annum, subject to the presence of a guarantor.
The most demanded and hard-to-reach for the majority of Russian residents is a secured bank loanreal estate (mortgage). This is due to the fact that interest rates on them do not differ so much from consumer targeted loans (from 12% per annum). Mortgages are provided for a long period, there are strict requirements for the solvency and age of the borrower. According to the Agency for Mortgage Lending (AHML), on average, Russians take out a mortgage for 17 years, and repay it in 10 years. But even with early closing of the loan, the overpayment is astronomical. Obligatory conditions for a mortgage: the presence of a permanent job, a pledge of acquired real estate, property assessment and insurance, an initial payment of 10-15%.
If you want to save on bank interest, you should take care of your credit history, pay monthly payments on time, try to apply for a loan in one or two banks where your credit reputation will be formed. Banks provide preferential rates on loans and softer lending conditions to regular and reliable borrowers. You can start your credit history by opening a credit card of a reliable bank with open lending conditions, without hidden fees. With such a card, you can periodically pay for current purchases and repay debts during the grace period, without paying interest for up to 50 days. Many banks "gift" the first year of card service for free.
One more piece of advice for those who want to save money on bank loans - try to take them from the bank to which your salary is transferred. salary statement andThe bank will definitely not demand a work book from you and, moreover, will offer a preferential interest rate on many loans.