What do we know about overdraft? This is one of the forms of lending to the population, which is distinguished by its simplicity, ease of design and use. It can also be said that overdraft is an excellent option for those who do not want to depend on anyone, even if money is urgently needed at some time. One of the best options for the consumer is overdraft. Sberbank provides such a service.
Terms of Service
The first thing you can immediately see when you become more familiar with the conditions is the interest rate. We can’t say that it is very high, but it is alarming that it can change over time, and unilaterally, that is, without prior agreement with the client. The borrower is only warned two months before the new conditions come into force, and he must either accept them or completely repay the overdraft. During inflation, Sberbank will not work at a loss, like any other bank - payments will increase, interest rates will increase or additional fees will be introduced.
Amount of monthly payments
During registration of the overdraft, it is necessary to pay attention to the amount of the monthly payment. Even if you pay a loan every month, but in an amount insufficient to pay off the minimum payment, the loan will be overdue. Interest will be charged and penalties applied . But this is not the worst. If you run an overdraft, Sberbank can fix a bad credit history, which in the future can lead to problems with obtaining a loan.
What happens if you don’t pay anyway?
If you do not pay overdraft to Sberbank for a long time, then fines, penalties and fees may become more than the amount of the delay itself. And even if payments are resumed, the loan amount itself will not be repaid until all forfeits are paid. There are cases when the client does not repay the overdraft for several months, and then he begins to make minimum payments, and the amount of debt at the same time only increases. The client is surprised, he does not understand how this
perhaps. Everything is very simple - for several months such a debt has run up that when an old payment is made, the client does not cover it, and the debt grows. In this case, you first need to fully pay off the fine, and then pay the overdraft.
Does Sberbank charge a service fee?
We should not forget that the amount for loan servicing is debited annually, which can be an unpleasant surprise if the client does not know about it. Annual maintenance will depend on the customer’s card on which the overdraft is installed. Each bank has such annual commissions. Someone may have more or less. At the same time, small commissions may be accompanied by high interest for using a loan or a short grace period. In order to avoid misunderstandings, you can calculate a loan at Sberbank, the calculator can be found on the official website.
Before you make final conclusions about which bank has the most profitable overdraft, you need to consider all the nuances. And always carefully read the loan agreement, especially in the part that is written in small letters.