What are loan terms? This is a list of requirements of a financial institution, without which it is not necessary to count on a loan. Today, in the arsenal of every Russian bank there are at least three groups of proposals, within which you can lend money to buy a house, car or make a smaller purchase. Each of them, in turn, is divided into two subtypes: basic and special.
What loan conditions can be considered classic or basic? These include the currency of the loan, its minimum and maximum size, interest rate, the period during which it is planned to use the funds of the bank, the type of collateral and the commission for issuing.
It is worth noting that the terms of the loan at the bank (in any of the Russian) very clearly regulate who can get it. If we are talking about an individual, then the client’s age, place of work and length of service, the quality of credit history, solvency and sometimes even education are of particular importance.
Let us consider in more detail the conditions of a consumer loan. Why exactly these? Because most of our compatriots used this service. In addition, mortgages or car loans are not available to everyone. It is due to banking requirements.
So, in order to get the indicated loan, you need to confirm your financial condition and employment. In some cases, confirmation of one thing is possible. But more often than not, the lender requires verification of both. In principle, the borrower himself should be interested in this, because the more documents you submit, the higher the likelihood that you will receive the required. In a certain situation, the loan conditions of the type in question imply the provision of a wider list of documents. For example, you may need proof of customer ownership of a vehicle or apartment.
Sometimes some bonuses are provided for the borrower. For example, issuing a credit card with a certain limit. However, you need to understand that nothing just happens. It is clear that you will have to pay interest for using the card. Therefore, if you feel that you can’t resist and spend a certain amount of money, then you should refuse such a “gift”. Unless, of course, the terms of the program allow this.
A very important point is the method of obtaining and servicing a loan. For example, cash on hand may not be provided. Instead, funds can be credited to a card (not credit) or directly
credited to the seller’s
bank account . It should also be borne in mind that repayment can be carried out according to a differentiated or annuity scheme. The advantages and disadvantages of each of them can be discussed for a very long time. In short, ask the bank manager to make a repayment calculation for one and the other. Where the overpayment will be less, choose one.
Finally, you should make sure that the loan conditions provide for the possibility of early repayment of their obligations. This is a very subtle point. Some banks do not explicitly prohibit this. However, the lender should be notified in advance of his intentions to repay the loan ahead of time, and even in writing.
Thus, applying for a loan is not only an opportunity to get funds to make a purchase, but also a meticulous work to study all the nuances and subtleties that characterize this opportunity.