Sberbank consumer loans are popular among Russians. The country's largest lender offers loans on affordable terms, updating quarterly offers for clients. Since 2016, the lending market in Russia has a tendency to actively reduce interest rates. Sberbank is no exception. Those who have previously issued a consumer loan or mortgage in this institution want to know how to reduce the interest on a loan at Sberbank.
Getting a loan
To get a consumer loan, a card with a bank limit or apply for a mortgage, the borrower must meet the requirements of the bank:
- Be over 21 and under 65 (75 for mortgages).
- Have a stable, documented income.
- Be a good borrower with a good credit history.
- Have sufficient solvency.
The terms of the loan at Sberbank are the same for all individuals. Time limits can be changed unilaterally by the bank. Under the age limit, it is understood that a client has reached a certain age at the time of filing an application (lower limit) and full repayment of a loan (upper limit).
This means that a citizen who, for example, is 64 years old, can take a loan, but only if he has time to repay it before his 65th birthday. At the same time, his monthly income should be such that after making a contribution he will have an amount equal to the minimum subsistence level in the region where he lives, or higher.
Since 2018, credit cards can again be issued to individuals from the age of 21 (in 2017, the lower limit was 25 years).
Is it possible to reduce the interest on a loan at Sberbank
Bank borrowers with a stable income and good credit history are able to significantly improve the conditions for paying a loan at Sberbank. There are several ways to do this:
- Get a consumer loan with a minimum interest rate to repay previous loans.
- Get a credit card with a grace period.
- Connect to the insurance program (mortgage).
- Refinancing existing loans with third-party banks.
- Write an application for interest rate reduction (under a mortgage agreement).
Making a loan to repay an existing loan
One of the fastest ways to reduce the interest on a loan at Sberbank is to take a new loan on favorable terms. Monthly, the bank changes the rates on consumer loans. Since 2017, customers can submit an online application to Sberbank.
A new loan must be issued for an amount equal to or greater than the old customer loan. Otherwise, the borrower will have to pay several loans simultaneously.
Consider how to reduce the interest on a loan at Sberbank using a new agreement:
- Collect documents to confirm official income.Customers receiving a salary on a Sberbank card should only bring a card and passport with them.
- Come to the nearest office and take the “Loan Processing” coupon.
- Provide the manager with a passport and other information.
- Clarify the amount and term of the loan.
- Sign in the submitted documents and wait for the decision of the underwriters.
- If the application is approved, it is necessary to take the “Loan repayment” coupon and apply for early cancellation of the old loan.
- Get a certificate of lack of debt.
Since 2016, loans at Sberbank are credited to the bank cards of borrowers. Therefore, it is recommended that you always have a plastic card with you, which is also used to confirm financial transactions.
This option to reduce the interest rate on a loan is possible only if the borrower has sufficient solvency. If the client does not have enough income to apply for a new loan, he should look for other options to reduce the interest on the loan at Sberbank.
Credit card
Until 2015, Sberbank offered customers to issue loans at 25% per annum or more. Those borrowers who received loans 3 years ago and earlier are looking for options to reduce the size of the commission to the bank.
One alternative way to reduce your monthly payment is to get a credit card. This is the best option to reduce the cost of purchases "to salary", using a means of payment with an interest-free period.
The advantage of credit cards is a quick decision on the application, clear conditions and low commission. Cash withdrawal at an ATM will cost the borrower only 3% of the amount.
The credit limit is set by the bank based on the solvency of the client. At the request of the borrower, it can be reduced during the day when the client contacts the bank office.
The minimum limit on credit cards at Sberbank is 10 thousand rubles. Customers can reduce it to 1 thousand rubles. The maximum limit can reach 600 thousand rubles for instant issuance cards and 3 million rubles for classic credit cards.
To reduce the interest on the loan, the client must contact any branch of the bank with a passport and documents confirming income. Decisions on the application should be expected from two minutes to two business days. If the bank approved the credit card, the borrower must re-apply to the office to receive and activate it.
An additional bonus (Mobile Bank service) for credit card holders at Sberbank is free of charge.
Mortgage Life Insurance
Owners of housing purchased on a mortgage regularly look for ways to reduce interest on a loan at Sberbank. One such option is to connect to the borrower's life and health insurance program.
This service is voluntary. In addition to acquiring the policy, the borrower gets the opportunity to reduce interest on the mortgage. An active policy guarantees a reduction in interest rates by 1% per year.
But acquiring a policy is an additional waste. To make a service, a client must contact a bank or an insurance company that is a partner of Sberbank. After completing the policy, the homeowner must submit documents to the bank.
To reduce the interest rate on a regular basis, the client must renew the policy annually. Upon cancellation of insurance, the amount of the monthly payment will be automatically increased, as well as the interest rate on the mortgage.
Application for a reduction in the interest rate on a mortgage: conditions, features
Another option on how to reduce interest on a mortgage agreement is to apply for a reduction in interest rates. The Bank provides bona fide borrowers the opportunity once a year to apply for a decrease in mortgage interest.
Clients can submit a request for a reduction in which:
- The amount of the main debt is 500 thousand rubles or more.
- There were no delays in the mortgage.
- At least 1 year has passed from the moment of the loan agreement
The interest rate on loans to individuals at Sberbank will be reduced by an amount from 0.5% per annum, but not more than the minimum acceptable value. In 2017, the minimum threshold for reducing mortgage interest in Sberbank was 10.9% per annum.
Instructions for reducing the interest rate on a mortgage in Sberbank
To reduce mortgage interest, the client must:
- Contact your mortgage center with loan documents.
- Write a statement on the template that the manager will provide.
- Wait for the decision of the bank. If the answer is yes, you must come to the office to print a new payment schedule. The schedule will show the new monthly payment and interest rate on the mortgage.
If there are several borrowers, only the cover one can apply for a reduction in the interest rate. The rate cannot be less than the minimum interest on a loan at Sberbank in the field of mortgage lending. In case of refusal to reduce interest, the client can contact the bank for an official response or re-write the application.
Refinancing
If the borrower is not satisfied, at what percentage loans are given to Sberbank, he can apply for financial assistance to other companies. Commercial banks actively offer refinancing of loans from third parties.
To apply in another bank, you must provide:
- Passport and solvency information.
- Help with the balance of the loan debt.
- Details for the transfer of funds.
When obtaining a loan, it is recommended to clarify how the loan will be repaid. Some financial institutions draw up a money transfer to a loan account with Sberbank. Others transfer funds to their company's open credit account, from which the client must independently make an expense or transfer.
What percentage of loans at Sberbank
In 2018, customers can get a loan at the largest bank in the country on favorable terms - only 12.9% per annum when applying online. The maximum interest rate on a loan at Sberbank is 19.9% per annum.
The conditions are relevant only for new borrowers. Customers who already have existing loans with Sberbank can lower their interest rates in one of the above ways.
When applying at the bank office, the interest rate is from 13.9% per annum. Such conditions are provided to employees of the bank and subsidiaries, holders of salary cards. Customers who do not receive wages on a Sberbank card can expect 15.9-16.9% per annum.
The maximum rate is set for borrowers with low solvency or those who previously made delays, but paid off all fines and obligations.
