Nowadays, the information space is filled with proposals for better loans. Banking institutions publish the terms of one better than the other. However, the most important indicator for the recipient of the funds – total value of the loan – often remains in the shadow of more appealing options.
But, in the end, the amount of money paid to the Bank, becomes the time, which often upset after debt repayment. In addition, this concept is very important for individual entrepreneurs and organizations. Depending on the occurrence of certain payments to the value of the loan, the sum cost of products and services.
How do you calculate the total cost of the loan. However, what are the legislative provisions?
How is calculated the full cost of the loan? Until recently no harmony in this matter was not. Any authorized organization on his method to advertise the services of providing loans. This files most often offered very low interest, sometimes bordering with common sense and the refinancing rate. However, later it turned out that the final payments significantly exceeded their stated size.
The Bank of Russia in 2008, concerned about the problem and adopted, which was followed by credit institutions to calculate this indicator. Now, to properly reflect the full cost of the loan, the formula should be applied one.
In This way, this procedure became regulated, and, although it involves some deviations, they do not have a basic character.
What are the payments are included in the cost of credit. Consider this question in detail
Currently, the full cost of the loan includes the following payments the borrower:
- the amounts deposited in the repayment of the loan;
- amounts contributed for the purpose of payment of interest on the loan;
the Commission for the review of an application for the grant of a loan or the loan (very rarely used or are hidden);
the Commission for banking account (cash withdrawal, transfer to third party accounts, etc.);
the Commission, used when issuing credit cards: the cost of the card, fees for annual maintenance, and so on.
But this list is not complete. The full cost of credit in recent years grows payments on the borrower's life insurance or his liability under the collateral. It should be said that in this way banks shift risks onto the shoulders of clients. However, recipients of loan is most often meekly agree to these terms. After all, money is needed.
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What amounts are not included? The Central Bank set and the number of payments on the cost of credit is not affected. Here they are:
payments not related to the conditions of the loan contract like insurance, etc.;
- penalties for borrower's failure to comply with the terms of the agreement;
- the payments made on the initiative of the borrower, usually it – the Commission for early repayment, fee for information about the status of the credit account, the fee for deposits or withdrawals;
In some cases, the list expanded to the following expenses:
the Commission on transactions in foreign currency, if the contract was in rubles;
- Commission for transactions undertaken by other financial institutions.
- payment suspension of operations.
The Full cost of loan may have different designs depending on the size of payments. If a borrower stops on periodic changes in their value, the loan value is determined by the maximum amounts and terms of repayment. If you prefer a more relaxed regular payments, usually monthly, it is calculated on these bases.
A Seemingly simple borrower will be able to calculate all the sums which he will have to pay. In fact, most likely, will be that his numbers will differ from Bank. And, of course, in the smaller side. So the best way to compare offers of banks. Nothing more.
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