Despite the fact that older people are extremely neat and accurate borrowers, banks are in no hurry to give out loans to pensioners. VTB 24, for example, does not have special programs for pensioners, but it is possible to take a loan under one of the standard programs. A pensioner should not expect a large amount, the maximum loan amount is likely to be 100 thousand rubles. Such restrictions are primarily associated with low monthly income.
Loan conditions
A loan for retirees at VTB 24 can be obtained only in national currency, that is, Russian rubles. The maximum installment plan will be 5 years, and the annual interest rate will vary from 15 to 27%. If the future client receives a minimum pension, this cannot be the reason for the refusal to receive a loan at VTB 24. Installment conditions will nevertheless differ depending on the income of the citizen.
Borrower Requirements
A loan to pensioners at VTB Bank is available with a proven monthly income of 20 thousand rubles, if the case concerns a resident of a region of the Russian Federation. Citizens living in the Moscow region will need to show a monthly income of at least 30 thousand rubles.
An integral requirement is a positive credit history. By the way, the lack of credit history is not a negative factor for banks. Rather, it is neutral information about the creditworthiness of the client. Definitely, only a negative credit history significantly reduces the borrower's creditworthiness.
To get a loan at VTB 24, the terms of the contract require mandatory life and health insurance of the borrower.
How to lower the interest rate
Citizens who are classified as non-working pensioners can get a loan at a lower interest rate if they attract guarantors or make collateral. Guarantors can be any individuals with a permanent place of registration who work and can prove the level of income with a certificate in the form of 2-personal income tax in the amount of at least 20 thousand rubles per month after tax.
Real estate, for example, an apartment owned by a borrower, can act as security. So, getting a loan for pensioners at VTB 24 will be much easier, the amount can be increased, and the interest rate reduced.
Package of documents for obtaining a loan
To apply for a loan will have to collect a minimum set of documents:
- loan application form;
- pensioner's ID;
- Russian passport with a permanent place of registration.
For non-working pensioners who have additional income, you can submit a certificate in the form of 3-personal income tax, and for workers - 2-personal income tax or in the form of an employer. Retirees who continue to work can also make a copy of the work book certified by the employer.
It does not hurt to take a certificate of the amount of the assigned pension or make an extract on the movement of funds on a bank card that is tied to a pension account. Typically, such a certificate is required if the amount of the desired loan is higher than 500 thousand rubles. It should be noted that the certificate should reflect the amount of income for the past six months.
Online application
To apply for a loan to pensioners, VTB Bank offers to visit the nearest bank branch or fill out an application online. On the site you can fill out a simple form that contains the following data:
- complete F. I. O .;
- Contact details;
- desired loan amount;
- loan terms.
Additionally, the future borrower will be asked to enter passport data, indicate the address of registration and, if available, information about the workplace. So, a working pensioner must indicate the form of employment: full-time work, fixed-term contract, private practice or individual entrepreneurship. It is advisable to indicate the name of the company, its TIN and the size of the client’s income, so the bank will be able to quickly check the information from the questionnaire and make a decision. The specified data will be enough for the employee to check the creditworthiness of the client and decide on the preliminary approval of the application.
Typically, the bank decides to approve the application within a few business days. The client’s bank’s decision will be notified by SMS or phone call with an invitation to visit a branch of a banking institution. During the visit, you will need to transfer a full package of documents and sign a loan agreement.
It is much more convenient to submit an application online, because you do not need to spend time on queues, which are often formed in banks. After submitting the online application, the client is assigned the exact time of the meeting with the bank employee.
Refinancing
If you have one or more loans, the bank may offer a refinancing service. With the help of such a program, you can pay off debt at other banks. In simple terms, if there is a loan in Bank A, then you can draw up a refinancing program in Bank B and completely repay the loan in the first bank. Each client has different reasons for processing refinancing. Some borrowers, for example, combine several loans from different banks into one.
By the way, re-issuing a loan under the refinancing program will help to improve the credit history, since the client, in fact, fully repays the initial loan. Also for this purpose, you can take several small loans and, observing all the requirements, repay them on time.
At VTB 24 Bank, a refinancing service can be issued at 13.5-17% per annum. The minimum interest rate is available upon execution of a refinancing agreement in the amount of 600 thousand rubles. The maximum refund period is 5 years.
It does not matter what is executed: refinancing at VTB 24 or a loan - conditions are provided to pensioners on an equal footing with other borrowers.
Mortgage credit lending
There are many reasons why mortgage lending for pensioners in the Russian Federation is practically unavailable. A relatively low income of an elderly person cannot cover high mortgage payments, even if one considers that a pensioner has additional sources of income.
Obviously, the health of older people is not perfect and when issuing a long-term loan such as a mortgage, banks are not insured against the illness or death of the borrower.
You should not consider an employed pensioner as a potential mortgage borrower, as the bank understands the high risk of losing a job by such a client.
Lending programs
VTB Bank may issue a loan to pensioners under one of the programs: “Large” or “Convenient”. The first program provides installments for a period of 6-60 months, and the loan amount will vary from 400 thousand rubles to 5 million rubles. The interest on the loan will be 15-15.5%.
In VTB Bank, a cash loan to pensioners is also available under the Convenient program. You can get from 100 to 400 thousand rubles at an annual percentage of 16 to 22%. The minimum period for which such a loan will need to be repaid is six months, and the maximum available installment plan is 5 years.
We calculate the approximate version of the loan with a minimum amount and the highest percentage. If you take in installments 100 thousand rubles under the "Convenient" program for 5 years with an annual rate of 22%, then the monthly payment will amount to 2,786.3 rubles. Moreover, the overpayment amount will reach 67,156 rubles, which is 67% of the loan amount.
If the client attracts guarantors and makes sufficient security, the interest rate may decrease to 16%. Other things being equal, on such a loan a month will have to make a payment in the amount of 2,448.11 rubles, and the amount of the overpayment will decrease to about 46 thousand rubles.
Such conditions are repulsive at first glance, however, in various life situations, money is needed at a particular moment, so there is no other way out for a bank to get a loan from a pensioner.
Conclusion
Age is not a reason for refusing a loan. Banks often issue loans to pensioners. A non-working pensioner can get a loan in the same way as a continuing one. VTB 24 offers several cash loans, without dividing customers by age. Although there are no preferential conditions for pensioners, the situation can be improved by attracting guarantors or making collateral for a loan. VTB gives a loan to pensioners for a period of six months to five years, and the amount varies from 50 thousand rubles to several million.