Low interest rate is one of the most important criteria for choosing a loan and the first thing borrowers pay attention to. The smaller it is, the more profitable the loan offer and the lower the amount of overpayment.
It is difficult to say unequivocally which bank has the lowest interest on a loan, because as a rule, banks set a floating rate. It is determined for each borrower on an individual basis. Most banks have a rule - the higher the requirements for the borrower, the lower the interest rate. It depends on proof of income, the availability of collateral and guarantors, the borrower's credit history. Also, the term and amount of the loan, as well as the availability of insurance, can affect the interest rate.
Often, low interest rates on a loan are accompanied by additional conditions that make lending less profitable - for example, the availability of insurance, collateral assessment fees and loan issuance fees.
In order to take out a loan at a low interest rate, you can consider the following options:
- take advantage of preferential lending programs with government subsidies;
- use joint credit programs of banks and manufacturers of goods (for example, car loans) or retail outlets;
- take a loan from the bank where you receive your salary;
- take a credit card with a grace period and use borrowed money without paying interest.
Concessional loans with state participation
If you need a loan for higher education, then it is possible to get a concessional loan with government subsidies. This opportunity is provided by Sberbank and Bank Soyuz. The rate under the program today is 5.06%. But the borrower should study only well and perfectly, otherwise the state stops subsidizing the loan.
Earlier in Russia there was a program of preferential car loans, but now it has ceased to operate.
Joint credit programs of banks and manufacturers of goods
Some banks offer loans with low interest rates in conjunction with car manufacturers. Thus, under the Rusfinance Bank program, you can buy a Fiat car with a rate of 6.9%, and Raiffeisenbank offers preferential loans with a rate of 9.9% or more for Cadillac, Chevrolet, Opel brands.
Some banks provide preferential rates on targeted loans for the purchase of equipment, travel packages, and treatment. For example, under the Avtovazbank program, you can buy a tour with a credit rate of 8%. In Bank Center-Invest, you can take out a loan for treatment at a rate of 12% per year.
Loans for payroll clients
As a rule, the most advantageous loan offers can be obtained from the bank where you receive a salary or have previously taken out a loan and have a good credit history. Banks reduce the rate for such clients by 2-4% and require a minimum package of documents.
For salary clients of Sberbank, the rate ranges from 15.5%, for others - 17.5% -22% per year.
In some banks, state employees and military personnel can take out a loan at a low interest rate. The latter have the opportunity to get a loan at 13% in Gazprombank, and civil servants can be credited with a rate of 11.9% in Ak Bars Bank.
Grace credit cards
In order to get a loan and not pay interest at all, you can apply for a credit card with a grace period. The main thing is to meet the grace period. As a rule, it is 55 days (in Alfa-Bank - up to 100 days).
The benefit of such a loan is also that after it is repaid, the borrowed funds can be used repeatedly, i.e. the credit limit is renewed.
