Most people now deal with bank loans in one way or another. This can be either a loan for the purchase of household appliances, or a loan of more serious amounts, for example, a mortgage or a loan for business development. At the same time, it is necessary to choose the most suitable offer from the many existing in the banking services market. This can be done if you know how to correctly calculate the interest and the amount you will eventually have to pay.
It is necessary
- - a computer;
- - access to the Internet.
Instructions
Step 1
Select the loan offer you are interested in. You can find information about the terms of lending both in the branches of banks and on their Internet sites. If you need a loan for one specific business, such as buying a car or financing training, stop your attention on targeted loans. You will be limited in your ability to spend funds, but the interest on such loans is usually lower.
Step 2
Carefully study the terms of the loan you have chosen: term; list of documents to be provided to the bank; restrictions on the borrower's age and length of service. Calculate interest only on the loan that suits you in all respects.
Step 3
Calculate the interest on the loan you have chosen. There are two important indicators - the interest rate on the loan and the total cost of the loan (CPL). Their difference is that the PSI is calculated according to the formula of the Bank of Russia and should show the real overpayment of the loan, taking into account all interest and commissions. You can use various online calculators to calculate the CPM, or the effective interest rate.
Step 4
But in some cases, this indicator is unreliable, for example, in the case of credit cards, the UCS can reach huge values due to the peculiarity of the formula for calculating it. Therefore, in the case of a credit card, be guided by the interest rate indicated by the bank, adding to it an annual service fee and a cash withdrawal fee if you use this service.
Step 5
Having found the interest on the loan, calculate the amount to be repaid for the entire period. To do this, go to the website of the bank you have chosen, open the "Loan calculator" section. Select the type of loan, enter in the appropriate fields the loan amount, interest rate, commissions for issuing a loan and other commissions, loan term and type of payments - annuity (equal amounts) or differentiated. After that, the system will give you the amount of monthly payments and the total amount to be repaid for the entire loan period. Based on this data, you can conclude whether this loan offer is right for you.
