In the past few years, the financial and economic situation of the state depends directly on the state of the banking system.It is for this reason that the Russian banking system must continually strengthen and develop effectively.It is absolutely inevitable, because a huge number of banks continuously creates competition with each other in a battle for future customers.Currently, banks provide a huge range of financial services to individuals and representatives of business.
One of the main methods of obtaining income on a regular basis is lending to businesses and individuals.It is for this reason and is currently the main type of banking.This service is available on a variety of schemes and areas: the purchase of housing loans, business loans, loans to consumer needs, car loans, and more.With the concept of credit is closely related to the notion of the effective interest rate.
customers of credit institutions attracted by the variety of loan products and stocks, low interest rates, and even completely interest-free loans, favorable rates and convenient schedule.Such marketing techniques in most cases are just the banking ploy designed to attract customers.Neither the bank did not dare to operate at a loss, all of them in any way for any credit products will receive the necessary income.In the event that interest rates low or even zero, the bank makes a profit from the different commissions from customer service.It is for this reason that every customer should know what the effective interest rate.If the borrower does not have the necessary skills and knowledge for its calculation, it should deal with the calculation of a credit specialist advice customer under the terms of the agreement concluded with the bank.
effective interest rate - is the absolute value of the loan, in the process of calculation takes into account not only the nominal interest rate, but also the cost of its design and maintenance.It is distributed to the entire term of the loan, and it is expressed as a percentage of the amount that has been given.Russian law says that from July 2007, all Russian organizations are required to demonstrate to the borrower of the effective interest rates on loans, which are issued.It should be a client of the bank, so they can understand what the overpayment on the loan they will be.It often happens that the effective interest rate exceeds the nominal 2-3.It can be calculated using a variety of different ways.For Internet users access to specialized calculators posted on the bank portals or website of the bank where the customer wants to address.The calculation can be done only if you know absolutely all the fees charged during the credit usage.
Before you receive a loan, the borrower has to learn as much as possible in detail all the items, and the most important terms of the contract, and in particular the section describing how to be calculated effective interest rate.The right thing would be to examine the conditions of the banks for the selection of the most suitable and affordable loan.However, not all borrowers are evaluated only the figure for some the most preferable to apply to reliable banks with a reputation of a certain type.
effective interest rate on the deposit is calculated in much the same as in the case of the loan, only for the client, this figure indicates how much money he will get the use of a contribution.
turns out that the customer has to evaluate how effective it will be for the interest that the result will be.When it comes to credit, the person can choose the bank, based not only on his reputation, but also on the effective interest rate, which will give him a greater advantage.
