Many people in different periods of their lives need cash. And of course, everyone is looking for the lowest interest rate on consumer loans. Sometimes a problem can be solved with the help of friends, relatives, acquaintances, or in some other way. However, there are situations when it is easier and faster to contact the bank and take a consumer loan. Yes, in banks, often the interest rate is higher than if borrowed from acquaintances (provided that acquaintances generally take any interest). However, the required amount is often higher than close people can afford. Therefore, in the end, all the same, many go to the bank.
Consumer loans
This type of lending is in demand by the population for the simple reason that the funds received can be spent on any purpose without thinking about it. That is, if some kind of major purchase is planned, a commodity loan is taken for it, then there are no other options besides acquiring it. If you take a consumer loan from a bank, you can spend it on anything. Initially, they wanted to buy a powerful computer, but plans have changed - please spend money where you need it right now. Thus, the design of such a loan does not bind hands and allows you to dispose of funds at the discretion of the client. In addition, there is a special service that allows you to optimally calculate all payments even before the client received a consumer loan. The calculator used for this can always be found on the website of any financial institution engaged in lending. With its help, the borrower gets the opportunity to imagine in the long term all the necessary payments and choose the most optimal way to pay off future debt. Thanks to such functions, the client can even understand before receiving a loan whether he is able to pay all the necessary amounts on time, repay the loan, and so on, or not even try, as further overpayment will exceed all reasonable limits.
Pros of consumer lending
As already described above, the main advantage of this type of loan is complete freedom to dispose of the money received. In addition, the processing of such loans often requires fewer documents, takes a minimum amount of time and does not require the conclusion of various agreements in notaries. If you take a consumer loan at VTB Bank, all these advantages can be felt instantly. It should be borne in mind that far from all financial institutions, all the described positive aspects are present, and you should choose very carefully, in the end, you will still have to return the money, and it will be better and quicker than long, and even with problems.
Cons Consumer Lending
The negative side of consumer lending is the relatively small maximum amount that can be obtained, and the high interest rate that compensates for the bank’s potential risks in obtaining such loans. Fortunately, VTB Bank's consumer credit is free from these drawbacks. The loan products of this financial institution are characterized by extremely favorable conditions for customers, and lost profits from lower interest rates can easily be offset by a large influx of customers.
Lending conditions at VTB Bank. Lowest interest on consumer loans
Consumer credit in this bank is divided into three types, depending on the required conditions. This is done specifically for the convenience and benefit of the potential borrower, as different people require different services, and it is almost impossible to translate them all into one product. Unites all types of lending at VTB Bank with one main point - interest rates here are very low. Consumer loans issued here will not hit your pocket and will allow you to pay accurately and on time. This point is important for any potential borrower, as some financial institutions may offer the same low interest rate, but other conditions will not be so beneficial. For example, the loan term may be less than what the client needs, or vice versa - longer, which is also not profitable, as there are commissions for early repayment of debt. In general, when choosing a loan product, attention should be paid not only to interest, but also to other conditions that may well negate all the advantages.
Consumer loan “Quick”
As the name implies, this loan is issued as quickly as possible, even in comparison with other types of such loans. At the same time, it is distinguished by the proposed lowest interest rate on a consumer loan. The amount that can be received cannot exceed one and a half million rubles, and if the client has earlier repaid all debts accurately and on time, then there will also be a 1% discount on the interest rate. In addition, the borrower is not required to pledge, personal insurance, and when issuing no standard fees and commissions for banks. The term for which you can take a consumer loan can vary from 6 to 36 months, while the interest rate will be only 20%. To obtain a loan, confirmation of the income of the potential borrower is required using an income statement drawn up in the form of a bank.
Consumer loan "Large"
The maximum loan amount remains the same - 1,500,000 rubles, and there is also a discount to bona fide borrowers, but now the loan term can reach 60 months, which is not typical for these types of loans. And just like in the previous version, a client taking a VTB bank consumer loan does not require a deposit, insurance, and he does not have to pay any commission when issuing it. To obtain a loan, proof of income of the potential borrower is required using a certificate drawn up in the form of a bank.
Consumer loan “Convenient”
It differs from the previous two products in that it combines their positive qualities combined into one single consumer loan. A calculator for calculating payments, overpayments and other similar operations will help to verify the undoubted profitability of this product. Thanks to this type of lending, you can take a small amount (starting from 100,000 rubles) for a long period (up to 60 months). Consumer credit, the rates for which are precisely known, is the best. To obtain a loan, proof of income of the potential borrower is required using a 2-NDFL certificate drawn up in the form of a bank.
Borrower Requirements
To obtain these types of loans from a potential client, you must be a citizen of the Russian Federation from 21 to 65 years old, have permanent or temporary registration in any region where VTB Bank branches operate, have a permanent job (and the ability to confirm this fact), while having a general work experience cannot be less than one year. In addition to the above, a positive credit history is also required. On the one hand, it may seem that the requirements are very strict, but this is not so. In most banks, the conditions are worse, and the requirements are even worse, taking into account the fact that the bank is risking its own funds, lending them without guarantee, collateral or any other guarantee of return. And therefore, he needs at least somehow to be able to identify the potential customer's ability to repay the loan in the future.
Summary
The lowest interest rate on a consumer loan is a very important element of it, especially if it is taken for a long term. Therefore, it is extremely important to choose the bank in which this item will be directly beneficial to the client. It should also be remembered that VTB Bank offers the issuance of credit funds both directly to the hands of the borrower and by the method of transfer to the card. This is very convenient, since it allows you to choose the type of money receiving, depending on the situation that has developed. It will be convenient for one person to transfer funds to the card and use it constantly, while the other one knows that where he goes there are no (or few) credit card service points, and therefore he will prefer to receive cash. It can be concluded that the most favorable interest at VTB Bank is specifically for consumer loans. Rates on it are really very low, but other types of lending also deserve attention.