Lending to the population is one of the most competitive areas of work of banking institutions of the Russian Federation. When it comes to issuing a loan to buy a car or other vehicle, as well as electronics, household appliances or furniture, any borrower can be very confused about interest rates and features of the programs offered. Particularly strong people are usually interested in interest- free loans. What is it? And what features should you pay attention to when concluding a contract?
When making a big purchase in a household appliance store or car dealership,
employees of a banking organization can offer a loan without interest. What is this, can explain the employees of one of the largest banks in Russia. But the fact is that due to the constantly growing competition in the lending market, most financial institutions have to change the structure of their income. Bonus interest-free loans do not force the client to pay any additional
interest rates for using money. However, when they are drawn up, most consumers forget about such important details as payment for a banking organization's services for processing and granting a loan, as well as for opening and maintaining a card account. Managing the prices of related services, the vast majority of lenders provides a stable income.
An example of an interest-free loan is always compiled at a rate of 10-11% per annum, which can be considered very moderate in the realities of the modern
credit market. The speedy execution of such a program without the need to visit a bank branch and collect a weighty package of papers makes such loans desirable for customers of large household appliances stores and car dealerships. The cost of services for interest-free loans may include payments for consideration of the application, payment of insurance services, as well as monthly commission for servicing the program. Together, they can make up a decent amount that an unsuspecting client will have to pay.
Interest-free loan to a legal entity
Typically, a credit institution can provide such a service to a client who has substantial savings and can become permanent. The concept of such a loan implies other conditions for mutually beneficial settlement specified in the relevant clauses of the contract. In fact, it can be considered concluded at the moment when the client receives money in his hands at the bank's cash desk or takes away for use the thing specified in the agreement. It should be remembered that the current legislation of the Russian Federation regulates the work of credit organizations and always stands for the protection of the rights of both depositors and borrowers. Under existing law, bank employees are required to provide the most complete, timely and comprehensive information on any issue that a client has. Before you get interest-free loans, you should always ask what kind of payments it will be necessary to pay, and carefully calculate: what will be the final overpayment for the advertised loan.