Today it is almost impossible to find a person who would not apply for a loan at a bank or any other financial institution. Regardless of the amount of money borrowed, many dream of paying the institution as quickly as possible, or at least getting a reduction in the interest rate on an existing mortgage loan or a loan for the purchase of cars, equipment and other things. Is it possible to do this in an official way? Consider all existing options in more detail.
Factors Affecting Overpayment
Before you figure out how to reduce the interest rate on a loan, you should understand the principle of overpayments. This will help answer many questions.
For example, it should immediately be said that significantly lowering the level of overpayment will be quite difficult. The fact is that in each bank there is a minimum scale to which a similar decrease is possible. Therefore, you need to rationally understand that when issuing credit funds a financial institution expects to make a profit. Based on this, no financial institution will not work at a loss.
However, there are a number of specific exceptions. One of them is mortgage lending with the support of government programs. These are the most significant reasons for reducing the interest rate on a loan. In this case, the overpayment is compensated by the state. Accordingly, the bank can significantly lower the interest rate without harming itself.
Also, not everyone knows that the percentage of overpayment is regulated by the Central Bank. Therefore, there is a certain minimum threshold. However, real data received from a financial institution is rarely communicated to borrowers and customers of banks.
Among other things, when talking about how to reduce the interest rate on a loan, you need to understand that when making a loan, the bank also takes into account the money that will have to be paid to employees of departments for servicing equipment in the offices of a financial organization and so on.
Risk factors and desired returns are also taken into account. The last item is also called the coefficient of greed. It turns out that the possibility of lowering the rate depends on how loyal the bank is to its customers. According to statistics, it can be concluded that even with the most serious approach to this issue, it is possible to lower the loan rate by no more than 3-4 points. Moreover, it all depends on the specific situation.
Any bank focuses on the economic situation in the country, as well as on its own welfare. It can be concluded that it is much easier to lower the overpayment in a financial institution that is stable. We are talking about large organizations that have been operating in the country for a long time. There are also other ways to reduce the interest rate on an existing loan.
Early repayment of a loan
This is the easiest way to reduce overpayments. However, it makes sense to try this method only if the borrower has an annuity payment and he has not yet reached the middle of the payment term. For repayment, not only personal, but also customer savings funds can be used, as well as other possible tools. These include maternal capital. In this case, it is not necessary to wait until the child is 3 years old, since money can be paid in favor of the mortgage.
Refinancing
In this case, we are talking about another loan (in the same or a third-party bank) at a lower percentage. This is especially true for those who drew up the contract at a time when rates were especially high. For example, in 2017, interest rates on consumer loans are much lower. Accordingly, in this situation, refinancing is a fairly effective way to reduce overpayment. In other words, the borrower simply draws up a new loan in the amount of current debt. The amount remains the same, but the overpayment decreases.
New loan with other conditions
In fact, this is another type of refinancing. In this case, not only the interest rate changes, but also other conditions of the loan contract. For example, a client may refuse compulsory insurance or change the currency of payments. However, it should be borne in mind that when refusing insurance, interest rates, as a rule, on the contrary, increase.
Participation in special programs
In order to get a relatively cheap loan, you can consider current social offers from the state. For example, many banks have a “Young Family” promotion. In this case, interest rates can be reduced for couples in which the age of the spouses has not reached 35 years. In the event that the consumer already has a valid loan, he can apply for a reduction in the interest rate on the loan in connection with joining this program.
Also today there is a military mortgage. This category of lending has been specifically designed for military personnel. In order to become a member of this program, you must serve on a contract basis for at least 3 years. Then the country's Ministry of Defense is ready to compensate for interest rates in the amount of 8 to 10%.
In addition, there are programs for young employees living in rural areas. In this case, clients of financial institutions are also waiting for quite favorable conditions for lowering the interest rate on loans. For example, there are special programs at Rosselkhozbank, according to which customers can buy homes in the country, provided that the work is carried out in rural areas.
By credit card
Everyone knows that credit cards usually accrue the highest interest, which can reach up to 59% per annum. In this case, in order to reduce the overpayment, an application to the bank is not provided. It will also be impossible to refinance the loan. This is because credit cards are a typical personalized product of a financial institution. By and large, effective methods to reduce the interest rate on a loan do not exist in this case. The only way to reduce the overpayment at least is to pre-arrange credit benefits. Or you can try to get another credit card with lower interest rates in the same bank or another.
How to reduce the interest rate on a loan at Sberbank
Most customers are more trusted by this lending institution. Today, in this bank you can get a loan at fairly low interest rates, which can be done even less.
First of all, you need to contact a bank branch employee and declare your intentions. In order to count on lowering the overpayment, you must provide an ideal credit history. If previous payments were made without delay and in the entire history of lending the client had no problems with financial institutions, then the bank can meet them.
Sberbank also lowers interest rates for those involved in payroll projects. Clients do not need to provide certificates confirming income and other solvency documents. If the client takes part in this program, then the bank is sure that all the money will be returned to him.
In addition, you can try to attract guarantors or provide property as collateral.
How to reissue a loan at Sberbank at a lower percentage
In this case, the only possible option is to conclude a new refinancing agreement. It is worth noting that, starting this year, Sberbank provides preferential terms for this procedure. Consequently, it is possible to close loans of other credit organizations and issue a new contract. This will be especially beneficial for those who have acquired high-interest loan obligations.
What you need to renew a loan
To do this, just contact any available Sberbank branch and fill out the appropriate application. In addition to the questionnaire, you must also bring along a passport of a citizen of the Russian Federation, contracts of previous credit organizations, certificates confirming the repayment and absence of delays in payments and a work book. If the client is a participant in a social program, then it is necessary to provide a certificate of marriage and the birth of children. If the borrower is a man under the age of 27 years, then you must bring a military card.
Speaking about how to reduce the interest rate on a loan, it must be taken into account that the more positive information a borrower can provide about himself, the greater his chances of lowering his credit rate and obtaining more favorable credit conditions.
Finally
In fact, lowering the interest rate at the bank is quite problematic. Therefore, it is better to think over the profitability of the transaction before signing the contract. Before signing the papers, it is necessary to consider all options for mortgage or consumer loans, interest rates in 2017 and what forecasts experts made for the next period of time. Any information would be helpful.