Nowadays, information space is filled with suggestions on favorable loans.Banking institutions publish the conditions better than the other one.However, the most important indicator for the payee - the total cost of credit - often overshadowed by more attractive options.
But in the end, it is the amount of money paid by the Bank, it is the point at which most often afflicts after repayment of debt.In addition, this concept is very important for entrepreneurs and organizations.Depending on the occurrence of certain payments in the value of loans, the sum cost of products and services.
How do you calculate the total cost of the loan.What with the existing laws?
How is calculated the total cost of the loan?Until recently, no harmony in this matter was not.Any organization authorized by the technique could advertise services lending.Most often it offered very small percentages, sometimes bordering with common sense and the refinancing rate.However, later it turned out that the resulting payments in times greater than the declared size.
Bank of Russia in 2008 has attended to this issue and adopted the document on which the credit institutions and should expect this figure.Now, in order to properly reflect the full cost of the loan, the formula should be used alone.
this way, this procedure has become regulated, and, although it provides some deviations, they are not of a fundamental nature.
What payments are included in the cost of credit.Consider this question in more detail
Currently, the total price of the loan includes the following payments to the borrower:
- the amounts introduced in the framework of repayment of the principal amount of the loan;
- sums introduced for the purpose of payment of interest on the loan;
- Commission to review the application for the issuance of loans or loan fees (rarely used or have a hidden character);
- commissions for banking accounts (cash withdrawal, transfer to third-party accounts, etc.);
- Commission applied for the issue of credit cards: the cost of the card, fees for its annual maintenance and so on.
But this list is not complete.The total cost of credit in recent years grows payments on life insurance of the borrower or his responsibility in the provision of collateral.It should be said that in this way the banks shift their risks on the shoulders of customers.However, the recipients of the loan often meekly agree to these terms.After all, money is needed.
What amount does not include?Central Bank has established a number of payments that the cost of credit is not affected.Here they are:
- payments to non-compliance with the terms of the loan agreement such as insurance, etc .;
- penalties imposed on the borrower's non-compliance with the terms of the contract;
- payments made by the initiative of the borrower, usually - the commission for early repayment, the payment for the status of the loan account, the commission for the introduction or withdrawal of cash;
In some cases, the list is extended to include the following expenses:
- commission on transactions in foreign currency, if the contract was in rubles;
- commission transactions carried out by other credit institutions;
- suspension of payment transactions.
The total cost of the loan may have different versions of the calculations according to the size of payments.If the borrower stops on a periodic change their size, the value of the loan is determined by the maximum amount and timing of the return.If you prefer a more leisurely regular payments, usually monthly, it is counting on those grounds.
Seemingly simple borrower will be able to calculate all the amounts which he would have to pay.In practice, most likely, it would be that his numbers would be different from banking.And, of course, in the smaller side.So the best way to compare offers of banks.No more.