Lowest interest on a loan - how to get it?

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The need for extra money appears in most citizens. One of the optimal solutions to the problem is a loan from a bank. However, no one wants to overpay, and the search begins for a place where they promise the lowest interest on the loan.

How is the loan rate formed?

The credit policy of banking institutions is formed in this way. The bank purchases funds from the Central Bank of the Russian Federation at best at the refinancing rate, at worst at the key rate.

Funds held on deposits can also be used to issue loans, but this money cannot be fully utilized. Theoretically, such funds can be issued at a percentage slightly higher than the deposit rate. It will still be beneficial. However, bankers prefer to form a single credit policy and not share the available resources. As a result, the lowest interest rate on the loan will still exceed the key interest rate of the Central Bank by 30-40 percent. This is reality.

What qualities of a borrower will help reduce interest?

The borrower goes through severalverification steps. The bank even created special programs that allow you to quickly set a preliminary interest rate on the basis of a questionnaire. As a result, in order to get a profitable loan, a small percentage must be “deserved.”

So, let's see what factors will reduce this indicator, and which, on the contrary, will increase it.

Start with the positives:

• Successful repayment of a loan taken from the same bank will allow you to "bargain" a few percent.
• Successful repayment of a loan taken from another bank is not so significant, but it will also help.
• A deposit in a bank for a decent amount certainly speaks in favor of the borrower. Its presence is almost a 100% guarantee of a loan.
• Property property, especially if it is issued only to the applicant.
• The car is owned. It all depends on what kind of car it is, what condition it is in.
• A positive factor is official employment, especially if the work experience is quite long.
• Providing a certificate in the form 2-NDFL.

What qualities of a borrower can affect the increase in interest?

Negative indicators are also enough. Let's start with those that completely exclude the possibility of obtaining a loan:

• Bad credit history.
• Having an outstanding criminal record.
• No income (no job, no business).
• The presence of a person arrested by the courtproperty.

Another list of circumstances may not be an obstacle to getting the desired borrowed funds, but it will definitely not allow you to take a loan at the lowest interest rate:

• Small reported income from employment or business.
• Lack of real estate ownership.
• Not owning a car.
• Obligation to pay child support.
• The borrower is young, i.e. a little over 21 years old.
• There were delays in repaying a previous loan.
• I reported on income not in the form of the Federal Tax Service, but according to a bank certificate filled in in the absence of official income.

Of course, the above methodology is very schematic. In fact, there are many more options.

How do they check the future borrower?

To get the lowest interest on a loan, sometimes you have to pass a multilateral test. To begin with, the manager of the credit department will enter all the data from the questionnaire into a computer, where a special program will analyze the data. If we talk about microfinance organizations, then usually everything ends at this stage. For more resources of such institutions are not pulled. But the stakes there are impressive.

If, for example, we are talking about the desire to obtain a consumer loan, banks can provide the lowest interest rate quickly so as not to delay the buyer. In the online mode, the submitted documents are first checked for authenticity, and then the credit history. Managermay even call the enterprise where, according to the information provided, the applicant works. But such actions quite often led to errors due to collusion. It is much more efficient to simply go to the database of the Pension Fund and see all the accruals that were made on the official salary. This is how it is done now.

How much should I get?

To count on the lowest interest on a loan, the borrower must have an income that meets certain social criteria. Reputable banks proceed from the fact that loan payments should not be more than 40 percent of the salary. Otherwise, the borrower will not have enough to live on, and he will start to delay payments.

It turns out such a kind of dependence: convenient conditions for loans will be provided only to financially prosperous citizens. Even though they might pay more. But that's how it is.

How to choose a bank?

We have given the factors by which banks select their "convenient" clients. But there are also criteria by which you should choose a credit institution that can provide a cash loan with the lowest interest rate.

First, you should be patient, this task is not too easy and requires enough time. An approximate scheme of actions is as follows:

1. The situation in the consumer lending market is analyzed.
2. Proposals of banks are being studied. Institutions with state participation have lower interest rates, but the conditions are tougher.
3. Online applications are sent to the banks you like.
4. The received proposals are first studied at home, and then in the offices.

It remains to make a choice, collect documents and start processing.