The debt burden of Russians is steadily growing, and this is happening both due to an increase in the number of borrowers and the number of loans issued to them. So, every 14 borrower has three or more loans.
Why do you need to combine several loans into one
You can combine several loans into one by using the refinancing service. It allows you to get more favorable lending terms or help borrowers who find themselves in a difficult financial situation. In the latter case, refinancing will involve the issuance of a loan for a longer period in order to reduce the monthly payment. Refinancing is also possible for those who have one of the loans in foreign currency, which, due to the devaluation of the ruble, makes payments on such a loan unprofitable.
Also, the combination allows you to make the loan repayment more convenient. So, if the borrower has several loans, then they need to be paid at different times and in different banks, which is not very comfortable.
This service can be especially relevant for those who took out consumer loans at an ultra-high interest rate - 30-70% per annum. At the same time, a loan can be refinanced at a rate of 14-17%, which will significantly reduce the overpayment.
How to combine multiple loans into one
To combine several loans into one, you can use special refinancing programs. To do this, you need to contact the bank offering such loans with an application form. You will also need to provide documents confirming income and loan agreements with other banks (including a payment schedule, a certificate of the balance of debt).
If the loan is approved, the new creditor bank will transfer the required amount to the account of the previous bank and provide a new loan agreement. You will first need to write an application for full early repayment of old loans.
Most banks have refinancing programs for large loans such as mortgages or car loans. Thus, they seek to lure conscientious customers to themselves. But there are banks that allow you to refinance several small consumer loans. For example, there are such proposals in VTB24, Sberbank and Petrokommerts. The total amount of refinanced loans should not exceed 1 million rubles. In the "Bank of Moscow" the maximum amount is 3 million rubles.
The second option assumes that you yourself will calculate the balance of the principal debt on all loans. Then take a regular consumer loan for this amount from the bank and repay old loans ahead of schedule. It will remain to make payments according to the new schedule. The disadvantage of this option is that the bank will take into account loan obligations for old loans when approving the maximum loan amount. And the borrower's income may well be insufficient to issue him another loan.
