Non-earmarked loan is a type of consumer loan. It differs from a targeted loan (for example, a mortgage) in that the borrower can spend funds for any purpose.
Conditions for non-targeted loans
The purpose of taking such a loan can be any - it is an apartment renovation, and vacation, and treatment. The bank usually asks to indicate in the questionnaire what the borrower plans to spend his own funds on, but does not verify this information. The amount of consumer loans is from 15 thousand rubles. up to 1 million rubles Loan terms rarely exceed 5 years.
Non-earmarked loans are collateralized and unsecured. As a rule, without collateral, the maximum amount that is approved by the bank is lower. An apartment or a car is most often used as collateral. The credit limit in this case does not exceed 50-80% of the appraised value of the collateral.
The advantage of a loan with collateral is a lower interest rate than an unsecured loan. Nevertheless, the rate on non-targeted loans in most banks is higher than on mortgages or car loans.
The lower limit of the interest rate for tax-free consumer loans is from 15%, collateral - from 13%.
If there are guarantors and, if possible, provide documentary evidence of income, the borrower can count on a preferential rate and a higher credit limit. The most favorable lending conditions are provided in banks in which the borrower is a salary client - the size of such a discount can reach 2-3 pp. to the base rate.
The procedure for issuing non-targeted loans
An inappropriate loan can be obtained at any branch of the bank by filling out a loan application form and providing the necessary package of documents. Many banks provide the ability to fill out a preliminary application online.
To obtain a loan, borrowers must provide documents that confirm the identity and solvency of the borrower. If the borrower is a payroll client of the bank, then sometimes just a passport is enough.
In most cases, banks impose the following requirements - age from 21 to 65 years, work experience - from 6 months, registration in the region of obtaining a loan.
The application is considered from several minutes to 5 days. At this time, the bank checks the borrower's credit history, and also evaluates his solvency. The main reasons for refusal to grant a loan are:
- bad credit history;
- insufficient level of income (as a rule, the bank assumes that the amount of loan payments cannot exceed 30-50% of total earnings);
- the presence of a criminal record;
- inaccurate information provided in the loan application form.
In case of a positive decision of the lender to provide a loan, it will be enough to come to the bank to sign the agreement and receive the loan payment schedule.
