Refinancing at VTB: conditions and reviews

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

Modern society can hardly imagine its existence without financial support from banks. And the more banks offer, the more demand from consumers. After all, the very possibility of taking a thing and not paying for it is of genuine interest. But, unfortunately, needs and opportunities may not always intersect.

When it is not possible to repay the debt to the bank, you can use the services of refinancing. Refinancing at VTB 24 is a great way to solve your problems.

About the bank

VTB 24 is one of the largest representatives of financial organizations operating in the economic market. It is a member of the international VTB Group and considers working with individuals, entrepreneurs and small business owners a priority in its activities. The bank covers about 72 regions of our state,offering consumers basic financial products: lending, corporate services, money transfers, opening deposits, as well as a refinancing program. Refinancing at VTB is a great way to recombine several loans and reduce your interest rate. Let's take a closer look at this issue.

The concept of refinancing

The very essence of refinancing is to obtain a new loan in order to close credit obligations to other banks. Each bank, when refinancing, tries to create comfortable conditions for its client: change the amount of the monthly payment, the loan period and the date of making payments. Refinancing by VTB 24 is carried out exclusively in the interests of the borrower, helping him to avoid fines and at the same time maintaining a good credit history.

But every bank client who wants to conclude a refinancing agreement should understand that with a decrease in payments, the loan term increases, and in some cases the interest rate on the loan, which entails a significant overpayment.

Basic Requirements

When does refinancing take place? Banks (including VTB 24) carry out this operation only if the borrowers meet the requirements of the organization. These include:

• Age restrictions: the bank provides services to persons from 21 to 70 years old.
• Having Russian citizenship.
• Having a steady income.
• Positive credit history.
• Working experience lastmust be at least a year.
• Presence of guarantors.
• Full package of documents.
• VTB-Bank refinances loans only if the financial institutions where the loans were taken do not belong to the VTB group.

Documents

If the borrower meets all of the above requirements, he will need to collect and provide the following package of documents:

• Passport of a citizen of the Russian Federation with a note of permanent registration in the lending region, a copy of this document.
• Income certificate, which must be issued within a month before contacting the bank.
• Insurance certificate.
• Statement of the guarantor and a copy of his passport.
• Document confirming ownership of real estate.
• Copy of work book (employment contract) in case the loan exceeds half a million.
• Direct loan agreement.
• Borrower Application.

Refinancing in VTB 24 will be issued only when the bank employee checks all the documents and information about the borrower. Persons who are payroll clients of the organization can refinance with the provision of a minimum package of documents.

Applying Methods

An application for refinancing at VTB 24 can be submitted in several ways:

1. Visit the bank office, where the manager will directly tell you how to fill out the application form and what documents you need to provide.
2. Fill out the online form. To do this, go to the official website of the bank, find the appropriate tab and enter the necessary data.

The Borrower will be required to provide:

• data on the current loan: type, loan period, interest rate, debt balance on the current date, BIC of the creditor bank and current account;
• contact details;
• main job;
• seniority at last job.

Usually, it takes one day to consider an online application, after which a bank employee calls back to clarify emerging issues and announce the decision of a financial institution.

Types of refinancing: mortgage

VTB 24 Bank will help re-register a mortgage loan. Refinancing is carried out in several stages:

• A new loan agreement is being drawn up secured by real estate or the purchase of an apartment.
• The obligations to the creditor bank are closed, and the property is pledged to VTB 24.

You can refinance in the amount of half a million to 90 million rubles. for a period of 5 to 50 years. The interest rate varies from 12.95 to 17.4%. Everything will depend on the loan product. Either it will be a mortgage for the purchase of real estate, or a general purpose loan secured by an apartment. Salary customers can count on minimum rates and easier loan processing.

Consumer credit

VTB 24 guarantees almost 100% approval for consumer loans and reissuance of credit cards. Loan refinancing can combine up to nine agreements from different banks outside the VTB Group.

The main conditions for on-lending are:

• The amount of the principal debt on a loan or credit card varies from 100 thousand to 3 million rubles.
• The loan period is from six months to 60 months.
• Interest rate is 15%.

It is believed that this type of refinancing is the most common and simplest.

Car loans

If you need to reissue a car loan, you can also contact VTB Bank. Refinancing in this case occurs under other conditions:

• The loan amount varies from 30,000 to a million rubles.
• The rate is from 13.95%.
• The contract is concluded for up to 60 months.
• Motor transport becomes collateral for a financial institution.
• The borrower is obliged to issue CASCO.
• Monthly payments are made in equal amounts.

In this case, the bank offers its customers quite favorable conditions that allow them to avoid problems with the law.

Action algorithm

VTB financial institution refinances loans from other banks according to a very clear and consistent algorithm that the borrower must follow. Consider it in more detail:

• The bank client must independently find out the amount of debt on the current loan and the number of payments paid.
• With available informationthe borrower can apply to VTB 24 Bank by personally visiting any convenient office or by filling out an online form on the organization's website.
• The bank manager, based on the data provided, determines the format of refinancing, leads the process of considering the application, and also reports on the results.
• If the bank gave a positive answer, the borrower must collect and provide the entire list of required documents and transfer it to the manager for processing. Based on these documents, a loan agreement is drawn up, which must be signed by both parties.
• Funds that are transferred to the borrower to the specified account must be contributed to repay the existing credit debt to a third-party bank. During the relevant period, the borrower begins to pay funds in favor of VTB in accordance with the new terms of the agreement.

Based on all of the above, we can conclude that the proposed transparent and favorable conditions, a simple list of documents, a simple algorithm of actions make the VTB 24 refinancing program accessible to most citizens and quite competitive in the financial sector.

Reviews

As in any financial sector, there are both positive and negative sides to the issue of refinancing at VTB 24.

According to a number of borrowers in this financial institution, it is quite difficult to achieve refinancing of loan products of other banks. VTB sets very strict conditions. What causes obvious indignation of citizens who want toreduce your headache. In addition, there are clients who complain about the refusal to refinance even with an impeccable credit history. Bank employees argue that the approval of on-lending is not the responsibility of the organization, but just a service provided. And the final decision depends only on the bank itself. Some borrowers complain about constant problems in the VTB online system, payments are also lost, or it is impossible to send money to its destination at all.

Naturally, the negative reaction is connected with personal experience, and it turns out that such borrowers are not lucky, because there are also positive aspects. Bank clients who have successfully completed the refinancing program note the reduction in monthly payments and the quality of the service provided. In addition, it is pleasing to be able to write off funds directly from the current account. This saves the borrower from having to stand in queues and make payments in advance. The result of all the reviews about the work of the bank and the refinancing program can be the words: "How many people, so many opinions."

Here are some testimonials from borrowers:

• VTB, for example, like Sberbank, offers some of the most optimal conditions. But it is advisable not to bring the situation to the point of collecting a bunch of loans, and then look for opportunities to combine them into one.
• In case of loss of work, the bank rarely meets the client halfway. As a rule, he is denied a refinancing service even if he has a good credit history and unofficial income.
• Often, after filling out an online application, the manager calls back, asks clarifying questions and says that the application has been approved. A few days later, information comes from the bank that they cannot provide you with a loan. However, nothing is explained. Who is this program for then?