Bank loans are classified by purpose, method of obtaining, interest rates and availability of collateral. When choosing suitable conditions, the terms, limits and the need to provide a full package of documents are taken into account. Rates often depend on the latter.
Loans are popular banking products that allow you to get funds for almost any purpose. They are issued to individuals and legal entities with the condition of return within a certain period and with interest.
A loan cannot be interest-free, it involves the transfer of exclusively cash. Any person cannot act as a creditor, only a credit organization.
Lending types
Today there is no uniform division of such banking products into types. Therefore, such classification features as the subject of the lending, term, availability of collateral, size, interest rate, method of repayment are used as a basis.
The most popular are:
- Consumer. They are provided to individuals to meet various needs. The borrower has the right not to report on what the money was spent on.
- Industrial. Money is provided to businesses and organizations. Their main goal is to develop production and cover the cost of purchasing materials.
- Mortgage. Issued on the security of real estate for the purchase, construction, reconstruction of a house or apartment.
- Car loans. It makes it possible to purchase a car, both new and used.
In recent years, banking products have become popular, which are characterized by an easier scheme for receiving money. These include proposals for which you can become the owner of the required amount only with a passport or with consideration of the application on the same day
Bank loan conditions
Before submitting an application, you should focus on the following points: credit limits, interest rate, timing, security and the need to make an initial payment. The latter is mandatory only when receiving funds to buy a car and concluding a real estate contract.
Other conditions also depend on the type of loan. For example, when receiving money for consumer needs, it is more often about a small amount of money, when the speed of receipt is an important indicator. Funds are issued to a bank card or in cash. The average lending amount is from 10 thousand to 1 million rubles. The time frame is rarely more than five years. Collateral is required only when a large-value contract is signed. In this case, a pledge or surety is required.
Car loans are expected to receive up to 5 million rubles. The interest rate is higher for used cars. When receiving large amounts, the loan term is determined individually, but for most loans it is no more than 5 years. The down payment is up to 30%, but there are institutions that are ready to help you buy a car without it.
The lowest interest rates on mortgage offers. There is an opportunity to take advantage of the offer with the support of the state. Special programs are being developed for civil servants, young families, young professionals, and the military. You can get money in up to 30 years. The amount of lending can be up to 15-30 million rubles. The acquired or existing real estate acts as collateral.
Features of loans
According to the rules established by the Central Bank of the Russian Federation, interest on loans is charged on the balance of the debt. But you can find institutions that use the original amount of issue in contracts as a base. The first method is more profitable, since it involves a decrease in the amount as payments are received.
The law stipulates that additional commissions cannot be assigned for lending. Opening an account, checking credit history, working with documents - these and other items are automatically included in the income that the bank will receive.
Attention should also be paid to the peculiarities of the interest rate. It can be fixed or floating. The first type assumes that the indicator will not change for the entire crediting period. The second type involves periodic revision of the indicator. In this case, it is influenced by the market conditions, various markups.
