The gradual rise in inflation, as well as the subsidence of the ruble, lead to the fact that family incomes are decreasing. Apart from many other problems, low incomes do not allow servicing loan products. And those who have loans are trying to find a solution to the problem of paying them. Which is better - to reduce the payment or the size of the loan?
How to optimize payment correctly?
It is good that the ban on early repayment of loan obligations was removed at the level of state legislation. Therefore, anyone who wants to make more of the monthly installment or close the loan as soon as possible may no longer ask for permission. However, a statement will still need to be written.
What the repayment process looks like:
- A citizen applies to the bank and writes a corresponding statement on the repayment of the loan product;
- The manager, in agreement with the client, appoints the time and a specific day of the transaction;
- Next, you need to sign an updated payment schedule. After the amount is deposited, the person will be given a package of documents, including a certificate of closing the loan product.
At the same time, there are 2 methods of partially early repayment of a loan product:
- Reducing the time for servicing the loan (that is, reducing the term and number of payments);
- Decrease in payment (you will have to pay the same amount on time, but the amount of monthly payments will be less).
Professional financial experts point out that both transactions are beneficial for clients. But which option should you choose?
Term or amount?
Regardless of how the partial early repayment will be implemented, this allows you to save on insurance, interest and commissions. However, you need to act depending on the situation:
- If it is clear that the income in the family will decrease very soon, it is best to reduce the amount of the payment;
- And in order to ultimately reduce the amount of overpayment, it is best to shorten the period. Suitable for those who have a stable income and confidence in the future.
It is important to pay attention to the documents, because in some banks you can only reduce the payment.
