In the article we will tell you what the borrower should pay attention to if he is interested in early repayment of a loan at Sberbank or any other bank in the country.
Early repayment methods
Full early repayment of the loan involves making the amount necessary to close the loan agreement. All main debt is returned, and interest is paid for the period of actual use of credit funds.
In case of partial prepayment, the client pays the amount that exceeds the monthly payment, but does not fully cover the debt. Debt is reduced, and interest is recounted. Depending on the bank, this type of repayment can reduce the date of monthly payment or shorten the loan term. In some organizations, the borrower is given a choice of these two options.
When is it profitable?
It is advisable to repay loans ahead of schedule in the first half of the loan term, especially when it comes to an annuity payment schedule.
When a loan is repaid in equal installments, the repayment scheme is designed so that in the first months the payments consisted mainly of interest. Roughly speaking, in a payment of 10 thousand rubles in the first month, interest will amount to 8 thousand rubles, and the so-called loan body - 2 thousand rubles. In the last month it will be the other way around.
Therefore, having fully paid in the first half of the term, you really save on interest - you simply do not have to pay them. In the second half of the term, early repayment is no longer so profitable, since you have already paid the lion's share of interest and actually return only the loan body.
If free money usually works for you (you invest it in business, real estate, stocks), then in the long run it is unprofitable to divert funds for early repayment.
Is it paid?
Since November 2011, the borrower's right to repay a loan ahead of schedule has been legislatively fixed, and the law is retroactive. Even large banks, whether Russian Standard, Sberbank or VTB, cannot prohibit early repayment of a loan. This applies to all types of lending.
The bank does not have the right to charge fines and fees for early repayment. If this happens, contact the court.
How is the prepayment process going?
The answer to this question is best obtained directly from the creditor bank. For example, an early repayment of a loan at Sberbank is made upon a statement, in which the date (mandatory business day) of the early repayment and the amount should be indicated.
In “Summer Bank” it’s easier: you need to call the hotline or contact the bank’s office at least one day before making the next payment in order to clarify the amount for early repayment. If the deposited funds turn out to be less than necessary for closing the debt, a partial early repayment of the loan will be made.
There are two fundamental points. Firstly, if a full early repayment of the loan is carried out, then you need to know the exact repayment amount accurate to the penny. Secondly, the bank must be warned about its intention to pay ahead of schedule, otherwise it simply will not write off funds in excess of the amount of the monthly payment.
When registering a new loan, we advise you immediately to find out the intricacies of early repayment so that no misunderstandings arise in the future.
Once again about the application for repayment
Many borrowers are annoyed by the need to once again visit the bank branch to write an application for early repayment of the loan. Let's see what the law “About consumer credit. ”
If the loan is inappropriate, then without notifying the lender, you can repay the entire amount within fourteen days from the date of the loan. If this is a targeted loan, then within thirty days. In both cases, the borrower must pay interest for the days during which the funds were at his disposal, even if he did not use the money.
If the above deadlines have passed, the debtor is obliged to notify the bank of its intention to pay ahead of schedule at least thirty calendar days if a shorter period is not specified in the contract.
If a partial early repayment of the loan is made, the bank has the right to establish the requirement that partial payment of the debt occurs only on the day the next payment is transferred.
How to find out the amount to be paid
Contact the bank and ask to calculate the amount. If for some reason you do not trust the bank or suspect that you have been misled, then try to calculate it yourself.
You will need a repayment schedule to know the amount of the principal. To it you need to add the amount of accrued interest, which is calculated by the following formula. The loan rate is divided by the number of days in a year. The result is multiplied by the number of days elapsed from the date of the last payment, and by the amount of debt after the date of the next payment. The interest rate is indicated in decimal form, that is, 20% will look like 0.2.
Suppose you took on January 1 a loan for 1 year in the amount of 100 thousand rubles at 20%. Monthly payments are paid on the 1st of each month, but on March 10 you decided to make an early repayment of the loan. The balance of the main debt is 75 thousand rubles.
We consider interest: 0.2 / 365 * 9 * 75000 = 369.9 rubles. Total you need to give 75,369.9 rubles.
Everything is much simpler if you want to pay on the date of making the monthly payment. It is enough to add the amount of the monthly payment and the principal.
Remember that interest accrues exactly until the date up to which you actually used credit money. If you make an early payment on the 5th, the bank is not entitled to charge interest for the full month. And even more so a flagrant violation would be the collection of interest for the full term of the loan specified in the contract, despite the early payment.
Advantages of early repayment
The amount of overpayment is significantly reduced, especially if an early repayment of a mortgage loan is made. You pay interest only for the actual period of use of the loan. Accordingly, if you return it ahead of schedule, then save on interest.
If only part of the amount is paid ahead of schedule, this reduces the loan term or the amount of monthly payments.
Finally, when the need to pay a certain amount monthly hangs for a long time, this is annoying psychologically. Do not underestimate the moral satisfaction of early settlement.
Cons early repayment
Early repayment of a loan at a bank is beneficial for the borrower, but not for a credit institution. It's okay if you repay one or two loans ahead of schedule. If you do this regularly, then do not be surprised when banks begin to refuse to issue new loans.
The longer the borrower pays the loan, the more the bank earns on interest. If you constantly “impede” this earnings, then you will become an unwanted customer. The nature of the repayment (with delays, on time, ahead of schedule, etc.) is recorded in the credit history, so this information cannot be hidden.
Pitfalls and possible problems
If you made an early repayment of a loan, be sure to make sure of it. Even if the bank employees assure you that the contract is closed, ask for a certificate of full repayment of the debt.
Cases when the last payment does not “reach” the bank are not uncommon. For example, you sent money through the terminal, but they were "lost". It’s good if your bank sends an angry message about late payment on the day of the next payment.If you don’t send it, then you won’t know for a long time that you allegedly have delayed payment, and all this time fines and penalties will be charged.
Or even worse: the client made a payment through an intermediary and incorrectly calculated the total amount, taking into account the transfer fee. The intermediary withheld the commission and sent the creditor bank less than necessary. Even if there were not enough ten cents, the soulless program of the bank will decide that you have delayed.
![], application for early repayment of the loan](https://bizpro.htgetrid.com/static/img/a/14798/171159/6502.jpg)
So ask for help, this is your right. If bank employees start arguing, remind them of Article 408 of the Civil Code of the Russian Federation. If you are told that they cannot issue a document, since “the boss is on vacation”, “certificates are not issued in our bank”, “the seal was lost”, “enough SMS about repayment”, then know that these are all excuses. Another thing is that you should not run for a certificate the next day after making the payment, since the account may indeed still not be closed. But if in a month the bank finds reasons not to issue a certificate, then it is time to start cursing with it.
If the bank categorically refuses to issue a certificate, send it a written request for its provision by mail or contact it personally so that the bank representative signs the receipt on the second copy of the application. If after a month the bank still does not issue a certificate, complain to the Central Bank or file a lawsuit.
Return insurance
It is known that insurance when applying for a loan is voluntary-compulsory. If an early repayment of the loan is made, insurance may be partially compensated. Unless, of course, this is permitted by the insurance contract, and if the service was paid for at a time.
The part of funds that is transferred to the insurer for a non-past period is returned. For this, it is necessary to send a registered letter with a notification to the insurance company containing a statement requesting the return of the overpayment. Attach a copy of the loan agreement and a certificate of full repayment.
If the company refuses, then you can go to court. The insurer may also deduct part of the amount to cover its costs of servicing the contract.
If the borrower paid monthly or annual installments, termination of the loan agreement automatically terminates the insurance payments. In this case, the money will not be returned.
Thus, we can say that the early repayment of the loan is carried out approximately according to the following algorithm: to find out the features of the early repayment procedure in your bank, specify the amount and date of payment, deposit money and make sure that the loan agreement is closed.
