To determine the credit period, you need to answer a large number of questions and decide on the objectives of the loan. Analysis of financial capabilities and debt load will help you choose the duration of the loan agreement.
Banks divide loans for three types in terms of the loan agreement:
Such loans are usually needed to purchase household appliances, repair, payment for treatment, utilities utilities or payrolls with debts. More often for short-term loans, people turn into micro-financial organizations where the design occurs less than an hour and in the presence of only one document — more often than the passport with the possibility of online design.
The consumer loan rate for a short time will depend on the conditions of each bank individually. But, if we take an example of a loan per 100,000 rubles at 9.5%. At the same time, the term of the loan agreement is 9 months, then by uncomplicated counting, we obtain a monthly payment — 11,556 rubles, and the overall overpayment for the entire loan period is only 4,004 rubles.
Medium-term loans are suitable for buying a car or rest. Such loans are issued for a period of 1 to 3 years.
Imagine that you need the amount of money in the amount of 300,000 rubles, then when contacting the bank for a loan under the same percentage — 9.5% and a period, for example, we will receive a monthly payment of 13,774 rubles, and overpayment The loan will be 30,576 rubles.
Loans over three years — long-term loans are often found when making a mortgage, a loan for education, the construction of the house, the purchase of an expensive car, the closure of current loans and loans.
The longest long-term loan is mortgage. Its duration can be up to 30 years. The ability to take advantage of preferential programs, and state support measures makes this type of lending the most popular in the country.
A specific loan period depends directly from your income. Experts believe that the monthly payment should not be more than 40% of the total income of the borrower.
It is worth considering the fact that a loan with mortgage property entails the insurance of real estate, which is not taken into account when pre-calculating the monthly payment. Also, banks may insist on the design of other types of insurance or take into account other types of additional expenses in addition to credit obligations.
The selection of credit period directly depends on your financial capabilities. If the income level allows you to make large payments, it makes sense to arrange a short-term or medium-term loan. But if the salary is not big, then it is better to choose a long-term loan. But it is worth knowing that the more loan, the greater the overpayment of the jar.