How to repay the principal loan debt. In what cases does the insurance company pay the loan? Interest calculation procedure

A practice that is actively used by borrowers to reduce the amount of debt and monthly payments. But how beneficial is such a procedure? As practice shows, partial repayments often do not work and give the borrower a false impression of savings.

Below we will look at the nuances of this option, in what cases it is worth repaying the loan, and whether early repayment makes sense, and what financier secrets the procedure hides.

Partial and complete?

Today, there are two ways to eliminate debt obligations (except for repaying the debt on schedule) - full and partial repayment of the loan. In the first case, no questions arise. The client comes to the bank, pays the “net” debt and interest accrued for the month. For example, if the debt is 250 thousand rubles, and the monthly payment is 10,000 rubles, of which 4,000 is interest, 254 thousand rubles will be required. It is recommended to deposit the required amount into the account in advance. After full repayment, it is recommended to obtain a certificate of no debt.

In a situation with partial payment, there are two options available:

an additional amount is taken during the next transfer of money. In such a situation, the client needs to deposit money according to the “plus” schedule;
reduction of the “body” of the loan with subsequent recalculation of the amount of payments. In this situation, on the day of payment according to the schedule, you will have to deposit less funds.

The principles for reducing the loan size are specified in the agreement between the parties.

Algorithm of actions

It doesn't matter what the task is - repay the entire amount or implement early partial payment. The algorithm of actions is as follows:

notification to the credit institution of intention. It is recommended to do this at least 14 days in advance. A number of banks do not set restrictions and allow debt repayment ahead of schedule without warning in advance;
depositing the required amount on the payment day or in advance;
filling out an application indicating the desire to repay the debt early;
waiting for money to be withdrawn and receiving an updated payment schedule in case of incomplete (partial) loan repayment. If the debt is paid in full, a certificate is issued with the relevant information.

Banks have personal rules regarding the early fulfillment of financial obligations - this nuance should be clarified in advance.

Which loan is profitable to repay early?

Today the following loan repayment schemes are in operation - annuity and differentiated. In the first case, the lender offers two ways - to reduce the amount of monthly payments or the period of validity of the contract. The first option helps reduce the monthly payment, the second helps speed up loan repayment. With an annuity schedule, early fulfillment of obligations does not make sense if no more than 50% of the contract term has passed. Otherwise, partial repayment will not have an effect, because most of the interest has already been paid.

Let's consider the second option - is partial repayment beneficial when lending on the basis of differentiated payments? The essence of the scheme is that the “body” of the loan is distributed evenly between the loan term, and interest is charged on the remaining debt. Partial repayment is an opportunity to reduce the amount of debt and reduce the monthly burden. This is because interest is charged on a smaller amount. If you have a stable salary, early payment allows you to minimize the number of days before the repayment date and save money. It turns out that a gradual reduction in monthly fees under a differentiated scheme is beneficial.

Disadvantage of early repayment

With an annuity scheme, the client has two options - reduce the monthly payment or reduce the term of the agreement. Banks often leave no choice and gently force you to use the first method.

Psychologically, the option of reducing the monthly payment is convenient, because the client reduces the burden on the budget and receives additional money to solve other problems. If a loan takes the “lion’s” share of family funds, this method is the optimal solution.

This is at first glance. The unprofitability of early repayment is revealed by mathematical calculation using an online calculator. The second option, which involves reducing the loan term, looks more financially attractive.

If you have a choice - a new payment schedule or a reduction in the loan period, you should give preference to the second option. Knowing this feature, lenders rarely agree to reduce the loan term due to loss of profit.

How do banks cheat?

Full or partial repayment leads to loss of income for the credit institution. To avoid this, financial institutions resort to tricks and limit the client's options. Previously, fees and fines were charged for early debt repayments.

After amendments appeared in the Civil Code of the Russian Federation (back in 2011), the possibility of early repayment became the right of the borrower, and banks were prohibited from interfering with this procedure. The main requirement is to warn the lender of the intention to repay the loan ahead of schedule (30 days or more). The information is transmitted to the bank in writing, reviewed by the lender, after which the schedule is adjusted, and the client has the opportunity to fully or partially fulfill obligations.

But banks continue to come up with ways to hinder the borrower’s desire to quickly cope with debt obligations. Here are some of them:

limiting the amount of partial repayment;
prohibition of the option for short-term loans (up to 3 months);
introduction of a moratorium;
the requirement to make payments strictly on schedule, and so on.

These and other conditions are often reflected in the contract.

How to repay a loan economically - the most profitable schemes

In order not to make a mistake in repayment, the borrower needs to understand the methods. As noted earlier, banks operate two schemes:

Classic - when the client separately repays the “body” of the loan and interest. As a result, payments are recalculated when the loan is partially repaid. After depositing an additional amount in the next month, the payment amount is reduced (due to a decrease in the size of the “body” of the loan).
Annuity. This repayment method involves paying the same amount over a period of time, taking into account the schedule. This scheme is most often used by banks when issuing loans to customers. This choice of the lender is explained by the fact that under equal conditions (amount, commission, rate, etc.) the borrower will pay a larger amount than under the classical scheme. Banks present this option to the client as more profitable, which is a deception.

For a differentiated scheme, when the loan is partially repaid, the loan is recalculated. As a result, the borrower solves three problems:

reduces the debt balance;
reduces the interest rate;
gets a chance to skip the next loan payment.

In the case of an annuity scheme, the borrower speeds up the payment process, but does not save money. This is why all options must be calculated before partial repayment. So, if a client pays off an annuity debt for more than a year, he does not save anything, because the main interest has already been paid.

Do I have to pay interest on early repayment?

If the client repays the debt in full, he is forced to pay interest for the month in which the payment is made. This amount is added to the “net” debt.

Large financial organizations strictly comply with Russian legislation. First of all, Article 809 of the Civil Code of the Russian Federation, which discusses the procedure for interaction between the parties to the transaction. This article obliges financial institutions to charge interest on the use of a loan only until the date of its repayment. Requiring the borrower to continue to pay the interest rate on the loan specified in the original agreement after final repayment is a gross violation. If such a requirement is presented, the borrower can send a complaint against an unscrupulous financial organization to the website of the Central Bank of Russia, where the corresponding page is open for citizens to appeal. The Central Bank of the Russian Federation considers all such complaints within 30 days.

Is it always better to deposit a larger amount?

A regular increase in the payment amount is beneficial only with a differentiated repayment scheme. In the case of an annuity, this is only relevant when transferring a larger amount in the first half of the loan term.

Applying for a loan from a bank is confirmed by documentation - drawing up an agreement. It indicates the loan amount, the period during which the debt must be repaid, as well as the payment schedule.

The loan repayment methods are not specified in the agreement. Consequently, the client can choose the most convenient option for himself, but without violating the terms of the agreement with the bank. In addition, a financial institution can offer its clients various methods of issuing and repaying a loan.

Types of debt

A few words should be said about them. The bank allows the client to personally select the method of repaying the bank loan on convenient terms.

Repayment of borrowed funds can be carried out:

Annuity payments

Having chosen this debt repayment option, the client will have to pay equal amounts every month. They will not change until the end of the contract.

If the borrower repays the money using the annuity method of repaying the loan, it means that the money is deposited at the same frequency - on a certain date of each month, and the payment amount is fixed and does not decrease until the end of the established period.

But the amounts only seem to be the same; there is still a difference in their structural component. It changes throughout the year, so the first and last payment will vary.

Example of an annuity payment

The client took out a mortgage loan for a period of 15 years, the amount was 3 million rubles, and the annual interest rate was 10. According to the bank’s calculations, the client must repay 32,238 rubles monthly. The amount will remain the same, but the structure will be different.

The principal debt owed to the bank is called the “loan body”. When the borrower makes the first payment, about 8,000 rubles will go towards repaying the loan body, and the remaining amount will be interest. And they do not reduce the principal balance due on the loan.

For the first six months, the client makes payments on the loan, which is used for interest payments. But after six months, money will begin to flow in to pay off the principal debt.

The peculiarity is that the client first pays off the interest. Only after some time is the “loan body” reimbursed. Gradually, the interest payment decreases, and the principal payment increases. This changes the structure of the loan, but the payment amount remains constant. The client does not always know about these changes in debt. For him, as a rule, the immutability of the payment amount is important.

If a borrower has been constantly depositing money into a bank account for several years, and in the end the amount of debt has decreased slightly, this means that all the time he was paying off interest, and not the principal debt.

To quickly move on to repaying the principal debt, you can use the method of early repayment of the loan. But it is not suitable for every debtor.

At the same time, it is not necessary to close the contract completely in order to save on loan repayment. Experts note that it is enough to deposit the possible amount greater than the amount of the main payment, and subsequent recalculation will reduce the interest rate and the total payment.

It is worth making deposits early as early as possible. Because the more time has passed since the start of loan repayment, the less profitable early payment becomes. If such a payment is made in the first part of the debt repayment, then the interest payment and monthly fee can be significantly reduced. Subsequent early overpayment is not able to bring such a benefit, due to the fact that a large amount of interest is returned.

Calculation of annuity payment

When applying for a loan, everything is taken care of. But, if the client wants to make sure that payments are calculated correctly, he can independently make calculations using the following formula:

X=S*(P+(P/(1+P)С – 1))

X is the payment amount that is paid every month;

P - interest (for 1 month). To find out what P is equal to, you should divide the basic rate by the year. More precisely, for 12 months;

C - loan term.

During the calculation, you need to add interest for the entire period to the principal debt (to the “loan body”), and divide the amount by the number of years. The main thing about this type of loan is that the loan amount and interest payments will vary at different times. This allows the bank to benefit in any case. Even if the client wants to repay the debt early, the lending party will still receive a good income.

Pros and cons of annuity payment

This method of loan repayment has a number of advantages:

Simple calculation of payments, you can plan in advance the costs of paying your monthly debt.
If the exchange rate of national currencies decreases, the payment is reduced.
The amount is fixed and unchanged throughout the entire period.

But any system has its drawbacks, including this one. These include:

A large amount of overpayments due to interest and the duration of the contract. The longer the loan term, the more significant the overpayment.
It is difficult for the client to independently calculate the amount under the annuity system.
It is beneficial to repay a loan ahead of schedule only in the first half of the payment term, because initially the funds repaid by the borrower go to pay off interest, and then to the loan body.

Whether this method of debt repayment is suitable for the client or not is up to him to decide.

Differentiated payments

This is the second way to repay the loan. The main difference between such a payment and an annuity payment is the change in the amount of monthly contributions. The longer the borrower takes to pay the loan, the smaller the payment. But they are no different in composition: “loan body” and interest.

The principal amount remains unchanged throughout the term of the contract. But the interest-bearing debt becomes less. Due to the reduction in interest, the size of the contribution also changes.

Example of differentiated payment

The lending conditions are the same as for the annuity method of debt repayment. Comparing the structure of the initial and final installment, you can notice a big difference - there has been a decrease in the amount.

In the last payment, unlike the first, there is almost no interest part. The main credit burden will be in the first stages of debt repayment, then it gradually decreases. This is why the differentiated loan repayment method is not suitable for everyone. Not every payer has the ability to make large initial payments.

If you compare the two methods of repaying debt with each other, you can see how much the amounts differ. Under the same initial terms of the contract: the annuity payment amount by the end of the year will be 5,867,344 rubles, and the differentiated payment amount will be 5,262,501 rubles. Therefore, this is the most effective way to repay interest on a loan. The difference is colossal.

Calculation of differentiated payments

The calculation of this is much simpler than that of an annuity. To carry out the calculations, you need to add the principal amount of the debt “loan body” with the accrued interest. The loan amount is divided by the number of months on the loan.

Example. The borrower took out a mortgage for 3 million rubles for a period of ten years, the rate was 12 percent.

3,000,000 rub. / 120 months = 25,000 rub. The percentage will constantly change, therefore, when paying half of the amount (1,500,000 rubles), the further calculation looks like this: ((1500,000*12%)/12)/100= 15,000 rubles.

Pros and cons of differentiated payment

Advantages of this method of loan repayment:

The overpayment on the loan is significantly reduced. This occurs due to lower interest rates throughout the loan period.
Simple payment calculation.
The payment amount decreases every month, which reduces the credit burden on the borrower and makes it psychologically easier to bear debt expenses.

While there are clear advantages, there are also disadvantages to this payment scheme:

You cannot enable auto payment because the debt amounts are different every month.
You can deposit little money and end up late, so you always have to contact the schedule or the bank to clarify the next payment.
At first, the loan amounts are very large.

The most advantageous type of loan repayment is selected from the total loan amount and repayment terms. It is worth noting that the chosen method cannot be changed to another during the entire period of the contract.

Cash loan repayment method

It is possible to pay cash for a loan, but it is extremely inconvenient, because you need to deposit money into the cash register. To do this, you will have to come to the branch office in person.

It’s worth paying through the cash register if:

there is little time left to make the next payment;
the client does not want to pay a transfer fee;
the borrower does not have confidence in the correct self-crediting of funds.

Only individuals use cash; for companies this is inconvenient and unacceptable.

Non-cash loan repayment method

If a person values his time, then the fastest option to make a payment is by bank transfer.

Types of non-cash transfer:

Transfer from a plastic card to a bank account.
Repayment through accounting. When a salary is credited to an employee’s card, the loan payment amount is automatically written off.
Use of electronic wallets and multi-cash.
Postal transfer.

It is possible to make a cashless transfer quickly, but crediting the money to your account may take some time. Therefore, it is better to take care of this in advance.

Banks give their clients the opportunity to choose the order and methods of loan repayment. The borrower himself decides how to pay - with an annuity or differentiated payment, deposit cash at the cash desk or make a wire transfer.

In any case, before applying for a loan, the client must decide in advance on the further repayment of the debt. And if he is able to handle the initial loan burden of a larger amount, it is worth choosing a repayment system with decreasing payments to save on overpayments.

The desire to get out of debt and repay a loan as soon as possible is understandable to probably everyone. Borrowers who make monthly payments in excess of the plan, or close the loan ahead of schedule, pursue the same goals - to reduce their overpayment on the loan and get rid of the “debtor” status. How simple is the procedure for early debt repayment and does it allow you to significantly reduce loan costs? We will talk about this, as well as the technical side of the process of early loan repayment, in more detail.

Full and partial early repayment of the loan

You can repay the loan early in full or in part. In the first case, you deposit into the account an amount equal to the balance of the “body” of the loan, and the interest accrued at the time of repayment. After this, your debt to the bank is closed. In the second case, you pay an amount that exceeds your monthly payment specified in the schedule. The loan is not closed, but bank employees are obliged to give you a modified repayment schedule: according to the agreement, either the planned payment or the loan term will be reduced (in both cases the amount of accrued interest will be reduced).

Banks have always sought to complicate the procedure for early loan repayment as much as possible and make it unprofitable for the client. This desire was explained simply: financiers did not want to lose their profits in the form of interest. Now the situation has changed somewhat, but problematic issues still remain. Next, we will look at the legal basis for early repayment of debt and find out what changes have been made to existing laws over the past 2 years.

Early repayment - the legal side of the issue

The procedure for early repayment of a loan is regulated by the Civil Code of the Russian Federation. On October 19, 2011, Federal Law No. 284-FZ “On Amendments to Articles 809 and 810 Part 2 of the Civil Code of the Russian Federation” was adopted. This regulatory act officially prohibited the collection of fines and penalties from borrowers for early repayment. In particular, the law establishes:

The right of the bank to receive interest from the borrower under the agreement, inclusively until the day of repayment of the debt in full or part thereof (clause 4 of Article 809 of the Civil Code of the Russian Federation). Previously, banks had the right to demand payment of interest for the entire period of the contract (regardless of when the borrower actually closes the loan), as well as charge fines and penalties for deviations from the schedule. Please note that this law has retroactive effect, that is, even if your loan agreement states the bank’s right to demand payment for early full or partial repayment of the debt, according to Law No. 284-FZ, these norms are invalid.
The borrower’s obligation to notify the lender of his intention to repay the debt early at least 30 days before the planned repayment date, unless a different, shorter period is established by the agreement (Article 810 of the Civil Code of the Russian Federation). This applies only to loans to individuals. In fact, in order to comply with this legal requirement, the borrower must personally contact the bank and draw up a notice, which he is required to accept and register.
Possibility of early repayment of debt with the consent of the creditor (clause 2 of Article 810 of the Civil Code). Previously, this clause was not in the Civil Code. Now banks, not being able to fine borrowers, have the right to deny them the possibility of early repayment. Many financial institutions take advantage of this, especially when it comes to paying off mortgages and car loans. In some cases, banks indicate a minimum amount for early loan repayment. Formally, this is done in order to prevent clients from abusing their capabilities; in practice, to limit the client’s right to reduce the overpayment on the loan.

Other changes in the legislative framework are expected in the near future: this fall, in the Second Reading, the State Duma will consider the law “On Consumer Lending,” which provides for a ban or the imposition of fees on early repayment of mortgage loans during the first year of the loan agreement.

The early loan repayment scheme may differ for each bank. Next, we will look at the main options and give recommendations to those borrowers who want to repay their loans ahead of schedule without having problems with their creditors.

Rules for early loan repayment and basic recommendations for borrowers

Most banks have approved the following scheme for early repayment of the entire loan or part of it:

at least 30 days before the scheduled date of repayment, the borrower visits the bank branch where the loan was issued and draws up a notice of his intention, indicating the expected amount of payment;
Usually you need to call the manager to get an answer. In most banks, “tacit consent” can be obtained immediately, but sometimes you need to wait up to 5 days;
financiers will tell you the deadline by which the payment must be made. This is usually the date the obligatory scheduled payment is made. You do not have to come to the bank on this particular day. You can deposit funds into the account in advance, but the schedule will be recalculated on the day set for making the scheduled payment (if the repayment is partial). With a full early refund of funds, date restrictions are rarely applied, since the schedule does not need to be recalculated;
in case of a partial refund, after the day set for making the scheduled payment, the client must contact the bank branch to receive a modified payment schedule;
in case of a full refund, the client must contact the branch and receive a written notification that his loan agreement is closed (usually the bank issues a letter drawn up on letterhead with the signature and seal of the head of the territorial unit). It is necessary to receive a notification at a minimum in order to be sure that the bank no longer has claims against you, you do not have an outstanding debt, on which interest and penalties will then be charged. Also, these letters may be required when applying for a loan from another bank and if disputes arise with the client’s credit history. Credit institutions may “forget” to provide the BKI with information that you closed your loan in advance.

The scheme described above is the most common. There are also variations, for example:

some banks can recalculate the schedule on any day, so you can repay the loan ahead of schedule at any time convenient for you;
an amended schedule may be issued before the payment is made, but comes into force after partial early payment of the debt is made;
In some credit institutions, the process of early repayment is simplified as much as possible. You can, without notifying the bank, independently, for example, using Internet banking, deposit into your account an amount exceeding your planned payment, and then print out the newly generated payment schedule. In this case, in case of full early repayment, it is still recommended to contact the branch and receive a letter about closure of the loan.

Having considered the early repayment procedure, we should return to the issue of its benefits. More about this in more detail.

Calculating the benefits of early repayment: when is it advisable to “get ahead” of the schedule?

As you can see, if you pay off your debt six months ahead of schedule, contrary to popular belief, you will save more with the annuity scheme.

Thus, we are convinced that early full and partial repayment of debt is always beneficial, despite the fact that banks are trying in every possible way to complicate this procedure. By accumulating funds and taking the time, you can significantly reduce the amount of overpayment on the loan. In addition, getting rid of the “debtor” status always has a fruitful effect on a person: financial freedom is an important aspect that should not be forgotten.

The principal loan debt (LP), or the body of the loan, is the amount that the bank provides to the borrower at the interest established by the agreement for a certain period.

Debt consists of:

loan body;
percent;
commissions;
insurance.

If the loan is a mortgage, then the collateral property must be insured. Consumer insurance involves voluntary insurance. You can refuse the service within 14 days from the date of signing the agreement by submitting an application to the insurance company. Previously, the period was 5 days, but in September 2017, the Central Bank amended the list of standard requirements, increasing the period during which the client has the right to demand a refund.

If a person violates the terms or amount of monthly payments, the bank will charge a fine and penalty, which will increase the total amount of debt.

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How is the principal repaid?

Credit organizations offer two loan repayment schemes. Annuity (AP) and differentiated (DP).

Annuity payment

Money is deposited into the account in equal parts, but in such a way that 80% of the amount of the initial contributions is interest repayment and only 20% of the loan body. The bank uses this scheme most often, and by default, without even introducing the borrower to another payment option.

It is unprofitable to close a loan paid in this way early. The amount of ML will not significantly decrease in size over time, and the reward accrued for using the money will not be returned.

The payment amount will always be the same. This will allow you to plan your family budget and not have to specify the amount of the next payment.
The size of the approved loan will be larger, since the required payment should not exceed 50% of earnings. In the second option, the amount of payments is greater than under the AP and the borrower’s income may not fall within these parameters.

Experts believe that it is more profitable to repay the principal debt using an emergency loan if the loan is short-term and the amount is small.

Differentiated payment

Payment in unequal installments, i.e. first the principal is paid, and then the accrued interest on the remaining amount (monthly recalculation is done). The first payments will be larger than the last ones. Payment of the principal debt is carried out more efficiently and quickly.

In the first months, the borrower may experience financial difficulties, regularly paying increased amounts compared to the AP, but if the loan is closed early, it will be possible to save significantly. Most of it has been repaid and you won’t have to pay interest if you close it early.

Reducing payments will allow you to reduce your financial burden over time and insure yourself in case of possible financial difficulties. Experts advise that when taking out a loan for a large amount and a long term (mortgage, car loan), choose a DP.

When concluding a loan agreement, you should carefully read all the clauses. The customer needs to know how much a late payment or failure to pay for a long time can cost.

Banks, in case of violation of the conditions, impose a monetary penalty on the defaulter in the form of penalties, penalties and fines. Until recently, writing off ML when depositing funds to pay an overdue payment was the last thing to happen.

The first to write off were:

interest;
fines;
penalty;
fines;
interest;
main loan

Often, after paying fines, there was not enough money to pay for ML. The debt grew like a snowball. It was possible to cancel the penalty only in court, based on.

However, in July 2017, the Supreme Court of the Russian Federation, referring to the information letter of the Supreme Arbitration Court seven years ago, gave a clear explanation on this matter.

According to Art. 319 of the Civil Code, interest is written off first when repaying a debt, then the balance, and lastly the fine and penalty. Creditor costs, which are interpreted by banks in their favor, should be understood as costs associated with forced collection (payment of state duties, legal costs).

The loan agreement may also stipulate that the debtor is obliged to pay penalties and fines first, but this is contrary to the law, since such an agreement must be made within the framework of legal norms.

The debtor can challenge the incorrect write-off procedure by going to court or directly to bank employees, indicating the violation in the application.

The creditor must be notified of the decision made no later than 30 calendar days before the next payment date. Typically, partial closure of the loan is tied to this date (Article 11, Clause 5 of Federal Law No. 355). Before writing an application for early closure, you should carefully re-read the contract and make sure that the deadline for submitting the application is not shortened by the conditions, and also clarify the method of sending. Perhaps the agreement provides for the transmission of notification not only in person, but also via the Internet.

The borrower has the right to repay the principal and interest in full without notifying the lender about it within two weeks from the date of receipt of the consumer loan. With a targeted loan, the period will be 30 calendar days (Article 11, paragraph 3 of Federal Law-353).

If you do not warn the bank about the early closure of the debt, the deposited funds will not be taken into account as full payment. They will go to the credit account and will be used to write off the next regular payment. This is a common mistake that develops into a serious problem over time.

You need to understand that interest is charged for using money. Even if little time has passed from the date of signing the agreement and full payment, interest will have to be paid if the debt is fully repaid (Article 11, paragraph 6 of Federal Law-353). They will be accrued during the actual use of money, from the moment obligations arise until the day of full or partial fulfillment.

The law gives the bank 5 calendar days from the day the borrower notified about the early closure of the loan to provide data on the amount of the remaining debt and recalculation of interest (11 clause 7 of Federal Law-353).

What if I don’t pay in full?

In case of partial repayment earlier than the deadline specified in the agreement, the borrower is obliged to notify the lender within the time limits established by law.

Making a larger payment will change the loan amount. The bank will offer to repay the remaining amount in two ways, either by reducing the amount of regular payments while maintaining the loan term, or vice versa, by reducing the term and increasing the amount of mandatory payments.

Choosing the right option will depend on the payment plan. For example, with an annuity payment, if the loan was taken out recently, it is more profitable to increase the term and reduce the amount. If the payment were differentiated, then it would be more profitable to do the opposite.

Before accepting one option or another, you need to calculate everything and make a decision based on the data received.

Many of our citizens apply for a variety of bank loans. At the same time, they do not know how profitable and painless it is possible to save on overpayments. Which repayment scheme should you choose? Is it possible to get my money back for insurance?

Let's consider all the questions in more detail.

How to repay a loan economically, the most profitable schemes

Today, the most profitable loan repayment schemes are considered to be:

differentiated scheme;
annuity option.

If we talk about the first option, then it implies slight reduction in monthly payments. In simple words, you initially need to pay premiums in large amounts, but in subsequent months the amount decreases.

This scheme is beneficial when applying for a mortgage or buying a car.

You can calculate the approximate amount using the formula:

interest rate + fixed part = payment.

In this formula, the fixed part is the repayment of the main body of the loan. The percentages themselves are determined as follows:

(balance*bet)/100.

Let's look at an example: The client received a loan in the amount of 1 million rubles. The loan period is 20 years and the interest rate is 12%.

Thus, the total amount should be divided by 240 months (20 years), and a monthly fixed amount of 4 thousand 166 rubles is obtained. However, please note that the interest rate will vary. For example, for the first 10 years when paying 50% of the principal loan amount, the amount is calculated:

((0.5 million x 12%)/1 year)/100% = 5 thousand rubles. Thus, the total amount of the monthly payment is 9 thousand 166 rubles.

This scheme is perfect for citizens who:

receive unstable wages;
have a desire to significantly reduce the amount of overpayment;
issues loans for a long period.

If we talk about the annuity option, it is used by those citizens who take out custom loans.

With such a scheme it is produced calculation of the total cost of the loan in addition to a one-time commission fee. The entire amount is divided by the loan period. The borrower will have to pay monthly fixed payment.

This option is advantageous in that there are no problems with the size of the monthly payment. The borrower knows when and how much he needs to pay.

This scheme is perfect for those categories of borrowers who:

have a stable salary;
cannot financially contribute more than the required amount;
issues loans for a short period.

How to profitably repay a loan early

The possibility of profitable repayment of loans ahead of schedule largely depends on factors such as:

the presence or absence of penalties for early repayment of the loan. In simple words, is this possibility allowed by the bank;
Is the monthly payment plan specified in the agreement?

Analysis of the loan agreement

Before the borrower, when funds become available, goes to the bank to repay his loan early, you need to pay attention to some nuances:

for short-term lending periods, the possibility of early repayment of the loan, as a rule, is absent;
the agreement may provide for a restriction on early payment of the loan in the first 6 months of its use;
the agreement may include a restriction on the minimum payment amount for early closure of the loan.

If the agreement does not provide for any restrictions, you can consider the issue of early termination of loan obligations (repay the loan early).

What is the procedure for early payment of a loan?

Any of the borrowers has full rights during the period of validity of the loan agreement repay it in full or in part. But, it is necessary to remember that, despite the absence of restrictions in the agreement, the borrower must contact a bank employee and notify him. You must notify of your desire no later than 30 calendar days before the day on which the payment for early repayment of the loan will be made.

Moreover, when contacting a bank employee, the latter will ask you to draw up an application for the right to early repayment of the loan. This document is drawn up in the presence of a bank employee according to the template established by them.

How to close a bank loan correctly

It is necessary to remember that repaying a loan from a bank, for example, from Sberbank, does not mean that the loan is completely closed and the bankers have no claims against the borrower.

Let's look at the procedure for closing a loan using Sberbank as an example. This scheme is also suitable for all other banking institutions.

So, the algorithm is as follows:

1 step. Initially, you need to ask bank employees for a certificate confirming the closure of the loan and the absence of claims. It is worth noting that some banks refuse to provide it, and therefore it is necessary to justify your request with Article 15.26, which includes penalties for bank employees who refuse to issue this document. A fine is imposed in the amount of 50 thousand rubles.
Step 2. Complete closure of bank accounts. This means that accompanying accounts could have been opened when applying for the loan. If the manager declares their presence, you must ask him to close them. You may even need to write a statement - it is drawn up in the presence of the bank manager.
The final step. Mortgaged property. After the loan is fully repaid, it is necessary to remove restrictions on. This should be done automatically by bankers, but being informed means being calm. If the encumbrance is not removed, it is necessary to demand that this restriction be lifted.

Having completed these simple steps, you can confidently say that the loan is completely closed and now you don’t need to worry.

How to pay off a loan faster if you have no money

If the borrower has a desire to repay the loan as quickly as possible, there are several options:

Contact relatives or friends. This option involves borrowing a certain amount from your relatives or knowing funds that will help you quickly repay the loan. Agree, it’s easier to pay off debt to “your own” than to deal with debt collectors.
Get an extra job. Here, as they say, everything depends on the region of residence or on the very desire of the borrower. You can find an evening job that will allow you to quickly repay the loan, or try your luck on freelancing sites.
Savings or tax deduction. This option involves using your deposit (if you have one, of course). If there are no personal deposits, you can contact the tax office at your place of residence and apply for a tax deduction. As a rule, this will be an amount of approximately 13% of the interest amount (the loan itself). After receiving the deduction, you can use these funds to pay off the loan.

The loan has been repaid, is it possible to return the insurance?

If the loan is fully repaid, when trying to return the insurance funds, one of several options may occur:

Option 1. The insurance company may partially reimburse the funds if more than 6 months have passed since the signing of the contract. As a rule, the insurance company refuses to pay out funds, citing high administrative costs. If the refund amount is over 100 thousand, you can request a printout of the insurers' costs.
Option 2. Insurance funds can be fully returned only in situations where the loan is repaid within the first 2 months from the date of registration of the insurance policy.

In any of the options, you must contact the insurance company with the following list of documents:

passport;
a copy of the loan agreement;
a certificate from the bank confirming the full closure of the loan.

In what cases does the insurance company pay the loan?

Insurers can pay a loan instead of the borrower only in those situations that are specified exclusively in the insurance policy agreement.

There are several types of insurance, namely:

insurance for the life and health of the borrower;
insurance for the safety of property (collateral).

If we talk about the first type of insurance, then this means, for example:

death of the borrower;
establishing the fact of disability (serious illness, possible disability, etc.).

The second option implies the presence of any damage to the collateral that was not intentionally caused by the borrower himself:

natural disasters;
fire;
flood and so on.

It is worth paying attention that all the conditions under which the insurance company repays loans independently are specified in each specific agreement. FOR this reason, we can say that the conditions are different everywhere and you need to thoroughly study the contracts before signing them.

How to repay an annuity loan correctly and profitably

With an annuity scheme, the best solution would be to try minimizing the monthly payment amount and at the same time, without modifying the lending period.

In simple words, every month the borrower will pay a reduced payment, and save the difference from the previous amount.

Eg: The loan is valid for 20 years. For the first 10 years, the borrower will pay not 10,000 rubles, but 7,000 rubles. But after 10 years, the loan will need to be repaid 13,000 rubles.

However, there is a nuance: in 10 years, with monthly savings, you can collect an amount that is enough to repay the loan early and thereby save money.

Collection by the guarantor of the paid loan from other guarantors

One of the guarantors has the right to recover a certain amount of the loan from the second guarantor in court only if subsidiary liability has not been established.

Article 325 of the Civil Code of the Russian Federation clearly regulates this issue: fulfillment of subsidiary liability in full exempts the remaining guarantors from fulfilling the claims of creditors.

Moreover, according to Article 365 of the Civil Code of the Russian Federation, a guarantor who has paid off the debt of the main borrower at his own expense is fully vested with the powers of a creditor in relation to the second guarantor.

This means that in court he has every right to recover not only part of the money, but also to demand a fine for failure to fulfill his obligations as a guarantor.

Who should repay the loan after the death of the borrower?

In that case, his debt passes to his immediate heirs. But the heirs have every right to avoid such troubles. This is only possible if they do not claim the inheritance.

In simple terms, the loan is repaid by the person who entered into the inheritance of a deceased borrower. If there are none, the remaining amount of the debt is paid by the insurance company.

If the borrower does not pay the loan, should relatives pay?

Relatives of an unscrupulous borrower will have to pay his loan only if one of them is a guarantor, otherwise they have nothing to do with the borrower's debts.

If the borrower is unscrupulous, the funds will be paid by the guarantors.

Responsibility for non-payment of a loan: what will happen if you don’t pay at all

If the borrower refuses to repay the loan or cannot do so due to financial problems, the bank may charge penalties or impose a penalty.

You can learn more about interest from your agreement, which contains everything (each loan specifies its own terms of punishment).

The worst option is for the bank to go to court and... The purpose of the seizure is considered to be their sale at auction and reimbursement of the loan amount at this expense.

Video consultation

About the rules for early repayment - in the program “Morning with Gubernia”