In any favorable offer from the bank, the condition of a reduced interest rate is encountered. But not everyone understands that this is the percentage, where he is coming, and why he is needed.
Borrowers are evaluated and selecting various bank programs based on the amount of credit rates, so the presence of a sufficient level of knowledge on this issue is simply necessary when applying for a loan.
Annual interest rate is the percentage that the Bank appoints for the use of borrowed money. In other words, the interest rate is a profit that the bank should receive for making you use money. To understand why the minimum interest rate is exactly the one that the bank offers, it is necessary to figure out where the bank takes money at all.
There is the main bank in the country —
Imagine that if you need a loan, you contact a bank where an employee, assessing your financial opportunities offers a loan under 13.2% per annum for a period of 3 years. The cost of a loan is 700,000 rubles — precisely as much as you requested from the bank.
Then, by calculating the credit calculator, we get a monthly payment — 23,653 rubles. And the total overpayment will be in 3 years — 151,517 rubles, which is the profit of the bank from the use of your loan. If the amount of the monthly payment does not suit you, and is high, then it is possible to increase the loan period, for example, for 5 years and then the amount will amount to 15,999 rubles monthly, but also overpays the jar will be more — 259,935 rubles.
The easiest way to use the future borrower to find the bank with a profitable interest rate is to compare the proposals of various lenders. To do this, you can contact online services, which will easily introduce you to the current bank programs.
You can also seek help in the company that specialize in finding and designing a loan to citizens, for example, credit brokers are very popular.
The total cost of the loan product includes not only a loan and interest, but also insurance, additional commissions, which the bank will invite you when issuing a loan agreement. Therefore, the preliminary calculation of the amount of debt is not the final cost of the loan.