Today the Russian market is replete with credit offers. With such a variety, it is important to make the right choice and decide on the most optimal loan offer.
What determines the conditions for the loan
The understanding of a profitable loan is different for each borrower. For some, this means a low interest on a loan, for others - a longer loan period, for others - loyal requirements of the bank and a minimum package of documents. Unfortunately, it is practically impossible to combine all these requirements in practice.
As a rule, the longer the loan term, the higher the interest on the loan. The only exception, perhaps, is the mortgage. But there are pitfalls here, because when applying for a home loan, you must pay commissions for consideration of the application, appraisal of the property and other payments.
Another regularity is that the more loyal requirements the bank makes to the borrower, the higher the interest rate will be offered. Therefore, more favorable offers require the availability of documents confirming income, and in some cases - a pledge (apartment, car) and surety. This rule has only one exception - when applying for loans to the bank's salary clients, they are required to have a minimum package of documents. Often, only a passport is sufficient. The financial position of salary clients is more transparent for the bank, therefore loans are issued to them at preferential rates.
To get a favorable rate, it is optimal to take a targeted loan. The interest on it will be less than on non-target. The difference in interest rates between them can reach 3-7%. The exception is the so-called pos-loans, which are issued directly in stores. Decisions to issue such loans are made by banks as soon as possible, so they cannot properly assess all the risks and compensate for this with increased rates on such loans.
Targeted loans are not handed out to the borrower, but are directly transferred to the company that sells goods or provides services. These include car loans or educational loans.
Rules for obtaining a profitable loan
Before applying for a loan, you must first carefully study the proposed loan programs. It is worth paying attention not only to the interest rate, but also to other parameters. In particular, commissions for reviewing a loan application, cash withdrawals, for maintaining a credit account, having insurance, etc.
You need to carefully assess your financial capabilities. It is not worth taking out a loan if the monthly payment exceeds 60% of the monthly income. In this case, it is worth increasing the loan term.
Of course, getting a good loan is impossible without a good credit history. As a rule, the loan rate is floating and is determined for each borrower on an individual basis. Therefore, clients with problems with payments on past loans are unlikely to count on lucrative loan offers.
