To date, the most popular lending programs have become: car loans, consumer loans, mortgages and non-target ones. Slightly less often, people apply for a loan for children's education , dental treatment, repairs, home improvement, for traveling abroad and other special purposes.
Each of these types of loans has its own interest rate, the minimum and maximum value of which depends on the many nuances of the banking program. If we forget about the types of loans for a while, then we can say to what extent today the interest rate on loans varies: from 7 to 40%.
Consumer loan
It is provided for the purchase of furniture and appliances, as well as for payment of household services. It can be issued both in the bank branch and in the furniture or hardware store, provided that they have a trained specialist to register your application. Consumer loans are expensive if you take a large amount of money - the rate is up to 29%. Given that the loan term is also short (mainly up to 5 years), the payments will amount to 13,000 rubles, and the overpayment - 280,000 rubles. Up to 500,000 rubles. can be taken at 15-18% (payment - 12,000 rubles., Overpayment 220,000 rubles.). But at the same time, if you want to overpay less (the minimum interest rate on the loan is 14%), it is better to provide the bank with the so-called loan security, which can serve as a pledge of property or guarantors.
Car loans
10.5-24% - these are the extreme indicators of the interest rate on a car loan. Moreover, in programs for the purchase of new foreign cars, the rate is lower (11-13.5%) for a new domestic car (12-15%). The high interest rate on the loan is, of course, set for used cars: foreign - on average 16.5%, domestic - up to 24%. The higher the fee, the lower the rate. High rates are set in special programs: obtaining a loan under 2 documents, without information; purchase of a car for an enterprise.
Mortgage
This type of loan is provided for the purchase of housing: apartments, houses, cottages, possibly together with the land. There are programs for acquiring a room and share in the apartment.
The interest rate on the loan ranges from 9 to 21%. Such a high discrepancy is due to the technical characteristics of the housing. The cheapest way to buy an apartment in a new building, in a house under construction is 1-1.5% more expensive, housing in the secondary market will cost even more . The lowest percentage will be set if you make a large down payment for the apartment.
For mortgage lending programs, the interest rate on the loan is not yet an indicator of the monthly payment. It also adds annual insurance (0.4-2% of the loan amount), all kinds of commissions that can be avoided if you approach the search for a bank more responsibly - spend at least a month choosing the right program.
Inappropriate loan
It is issued for any needs. The advantage of this program is that the client is spared the need to indicate the purpose for which he takes a loan from the bank. This service of the bank "unties" the hands of most borrowers and allows you to spend money on any needs. But ... The program has its own minus - a high interest rate.
Such programs are called differently in banks: cash loans, loans on trust. The minimum rate on it is 13%, on average - 15%, but it can reach 40% (if you need money urgently, without guarantors and certificates). This is the most expensive type of loan.
The interest rate on the loan determines how much you overpay the bank for the opportunity to take a loan. Mortgage and car loans turned out to be the least costly today, consumer credit is in second place, and the most expensive today is a cash loan without references, guarantors and collateral. But in any of these programs you can find a way to reduce the rate: by providing all the documents to the bank, finding co-borrowers (or guarantors), providing a security deposit or a large down payment (in the case of a mortgage and car loan).