New Articles
Windows 11 users have discovered a funny bug that benefits older computers....
It's easy to turn off the transmission — we tell you how to do it....
Such photos have been taken by models and social media users for a long time,...
A famous musician? A schoolteacher? Mom? Tell us about the people you looked up...
Thanks to the instructions of Artyom Kozoriz, you can cope no worse than a...
5 interesting exercises that will help you develop flexibility....
From "Starship Troopers" and "The Matrix" to...
The return of Garfield and Mufasa, the new Transformers and the Lord of the...
Trickben.com » Get Rich » How much is your loan worth?

How much is your loan worth?

04 May 2023, 11:49, parser
0 comments    0 Show

Personal finance, personal financial plan, loans, deposits, investments, Anton Utekhin, banks

The topic of the new article was suggested by life itself. I recently talked with a friend. She took out "a loan on super-special conditions provided for her by a major bank, because she is almost a "VIP client".

The loan amount is 100 thousand rubles, the term is 2 years. The bonus is a fairly simple registration procedure, since the loan was pre-approved. The rate is the most profitable — 12.99% per annum. There was only one small thing written in small print – an account maintenance fee of 0.99% of the loan amount. Monthly. So what? It's not enough. The total loan payment is 5,800 rubles/month. It would seem – small numbers. To live and rejoice. But it's still interesting - what is the real annual interest rate on the loan?

The form in the application will help us answer this question.

32.94%/per annum!

This is certainly not 100 500% like a well-known postal operator. But still. The usual rates on consumer loans are around 18-24% per annum. Such are the special offers for VIP clients. What is surprising is that the total amount of interest payments is 14 thousand rubles, and the commission is 23.7 thousand rubles! A friend was lucky – she closed the loan in 3 months. And I did not have time to fully use the bank's "service" in the matter of account maintenance.

But what should we do to avoid being in the same situation?

1) We don't listen to them when they talk about the annual interest rate;

2) We check with the bank the monthly loan payment;

3) We specify the term of the loan;

4) We check with the bank whether there are any fees for:
— Cash withdrawal;
— Cash deposit;
— Account Maintenance;
— Other commissions (for execution of a pledge agreement, surety, etc.);
At the same time, we remember that the bank is obliged to provide information about these commissions to the client. Hidden fees, as well as fees for issuing a loan, are illegal.

5) Divide the commission by:
— Monthly – which will increase our monthly payment;
— One–time - which, in fact, will increase the total amount of overpayment;

6) We drive the necessary data into the form and voila! We get the result. Our current annual interest rate. If it is very different from the stated one, shame the bank and promise to write about it on social networks.

I hope this little article will help you avoid unpleasant surprises in the future. Or it will reveal an amazing reality.

Have a nice day! In the next article we will talk about cars.

You may be interested in other articles by the author:

  • Do you keep money at home? You lose 13% annually!
  • How to invest free money profitably: make a deposit or repay a loan?

 

Read also:
28 Jan 2024, 12:06    0    0
Lighting is a powerful tool in the photographer's arsenal. Learn how to use it, and you will be...
Comments
reload, if the code cannot be seen