What is an interest-free loan? It is logical that many people are interested in this issue. And indeed, this phrase sounds very tempting. However, what is behind it? It should be sorted out.
Law
The second part of the Civil Code of the Russian Federation, Article 819, states that a credit organization is obliged to give a borrower a certain amount on the conditions that are previously established and fixed by the agreement. A person undertakes to return the funds given to him, together with all percentages.
Based on this, it is already becoming clear that interest-free credit is something from the realm of fantasy. The legislator makes clear that a transaction of this kind cannot be gratuitous. Sometimes a loan agreement provides for installments, deferrals or advance payments. But this is rare. Then I mean a commercial loan.
Free use of money
So, an interest-free loan, in principle, is possible. Most often, credit card holders can use it. A grace period is available for them. It is also sometimes called the grace period.
The fact is that many banks are ready to provide their customers with one attractive opportunity. It consists in paying off debt without interest. They really may not be charged, but only for a certain period of time. This is an extremely convenient and profitable move when the client does not pay interest for the fact that he uses line of credit.
However, even in such cases it is not advisable to relax. The cardholder is obliged to accurately calculate his grace period. And re-read the contract. Although usually the loan term is 50 days. But this time period may depend on the date of the loan. For example, an extract was received on the 30th. Then the next one will be formed in 30 days. And they will enter that very grace period. On those purchases that the client will make within 30 days, preferential terms apply. Accordingly, no interest will be charged during this period. And the next 20 days, too. That is, there will be no interest in the interval between extracts and another 20 days from the top.
What is worth learning
In continuation of the previous topic, I would like to note some more important nuances. A client who has taken such an interest-free loan is obliged to learn something. If he decided to make a purchase in the first days after he received the statement, then the grace period will be longer than those borrowers who bought something at the end of the period between the two statements. This is a very important nuance. So that the bank does not accrue interest on money, it is important to pay off your debt for the 20 days that are given after the second statement is generated. It should also be remembered that such preferential conditions do not usually apply to operations related to withdrawing money from a card.
And it is also interesting that the legislation of Russia does not prohibit credit organizations from setting such periods. On the contrary, these “innovations” are a factor stimulating competition in the financial services market. And thanks to grace periods, it turns out to make such a means of non-cash payment as credit cards as convenient and safe as possible.
About overpayments
Talking about interest-free credit, it is necessary to touch on the topic of overpayments. The fact is that many chain stores often cooperate with banks. The retailer, having a rather big margin, shares it with the bank.And all this to stimulate demand. He does not mind giving a discount to the buyer. And if he takes the goods on credit, the bank will take the same amount from the client! That's just it will be done in the form of accrual and subsequent payment of interest. And so it turns out a “soft loan”. That's just the catch. The fact is that a loan agreement, as a rule, is not drawn up for a short time period. It is stated, say, six months. In fact, the contract will not be 6 months, but 18. Within six months, the client will be charged 8 percent. And then - as much as 80% ... And if you pay off everything according to the established schedule, it turns out that the rate has reached 50% per annum! Therefore, in order not to be stupid, you need to pay off the debt quickly and ahead of schedule. And if you keep within the notorious half a year, it will turn out to "go to zero." But this should not be done end-to-end, as often money is delayed and comes later.
Employer Loan
And this also happens. Preferential loan from the employer is not uncommon. The employer gives his employees an interest-free loan for the purchase of housing or for its construction. Sometimes under the guarantee of a guarantor, which is also included in the staff of this company. And then, after all the conditions have been agreed, the person, having safely forgotten about the money given to him in debt, pays it “on the machine”. That is, in order to get even with the debt, he does not need to postpone it from the salary - the employer himself removes a certain amount (previously agreed, naturally) from the salary of the employee.
Conditions
Now it’s worth talking about how to get an interest-free loan from your employer, and what is needed for this. So, it is not issued to everyone. An employee must meet some requirements. A loan can be issued only to that specialist who, through his daily activities, improves the organization and improves its potential, achieving considerable indicators in his own work. Moreover, specialists should have no reprimands, disciplinary sanctions and violations of a different nature. And at least over the past 12 months. Naturally, a person who has just arrived at the enterprise cannot get a loan. This must be a verified identity.
Of course, the requirements are solid, but the advantages of this type of loan are considerable. The severity of the housing problem is reduced to a minimum if the person approved. Yes, and for the employer it is beneficial. If he provides interest-free housing loans to his employees, then he thus not only motivates them, but also keeps specialists in the staff of the company. After all, they, having taken a loan of this kind, do not have the right to leave the company before settling with the boss and with the organization. Thus, the problem of highly qualified personnel that is relevant and topical for many managers is solved.
Consumer loan
In order to issue an interest-free loan without problems (it doesn’t matter what purpose), the lender makes a number of requirements to his client. And he confirms that he will fulfill them or correspond to them.
The first is the citizenship of the Russian Federation. The second is registration in the region, region, Territory or Republic where the creditor himself is located. The third is age. At least 21 years and at most 65. Only a person should not be more than 65 years old at the time of repayment of his loan. And the fourth is a certificate in the form of 2-NDFL, which is a certificate of income. Naturally, in addition to the above, a client statement will be required.
The lender also has the full right to require the client to fulfill certain conditions. Suppose you present a document proving the existence of a right of ownership of housing or some other property. If this is a business loan, then an approved business development plan may be required from the client. Or retirement insurance. An extract from the workplace also does not hurt to present, as well as a copy of your personal work book. Only it must be certified by a notary.Some lenders even require a certificate of family composition. She is received at the passport office or in the housing office.
Help for large families
Our state by law provided assistance in providing interest-free loans to large families. This was approved by Presidential Decree of May 5, 1992 N 431. True, the corresponding amendment was introduced in 2015.
However, in order to get an interest-free loan from a bank of this nature, a certificate of the mother of many children and, of course, a certificate of benefits are required. These are two tough conditions, the observance of which is not discussed. Only if you have both the first and second documents can you exercise your rights. They are issued by social protection authorities. But you need to get them in the region where a large family lives, in need of funds. But even if there are notorious documents, a loan will not be issued just like that. The application will be considered if the average family income is below the subsistence level.
How to use a loan?
Yes, finding out where to get a loan, getting it and getting it is only half the battle. The amount received cannot be spent on whatever you want. A family with many children is allowed to use the money to build a house, for example, to purchase an apartment or to improve the current living conditions. Repair, say, or insulate the house. The costs of reimbursing the amount paid are borne by the federal budget. And you need to keep in mind the fact that documents on the right of possession of benefits must be updated every year. This is because either the composition of the family or its total income can change.
Information for civil servants
Where to get a loan to people serving the state? So, there is a certain regulation. It states that federal civil servants are granted the so-called one-time subsidy for the purchase of housing. And it contains the following information: in order for a person to be registered, he must comply with some requirements. Firstly, he should not have personal housing. The hostel, communal apartment and housing of close relatives are not taken into account. For each member of his own family, there must be less than 15 square meters. m. Then can be issued an interest-free loan, which, incidentally, is not taxed. And how large the subsidy will be is calculated using correction factors. Experience is also taken into account. That is the amount of time worked by a person on the state. If he worked for the good of the country for 20 years or more, then he will be given borrowed money on the most favorable conditions. That is, with a correction factor of 1.5.
What soldiers should know
Another interesting topic. So, for each soldier relies 33 square meters. For a family of two people - 42 square meters. m. and 18 square meters. m for each, if the composition of more people. Based on the number of square meters, the subsidized amount is calculated. The order of the Ministry of Defense of the Russian Federation states that a soldier may be given money to buy or build his own home. To do this, he is obliged to provide his documents and all members of his own family, as well as certificates confirming the conclusion of acts of civil status. Still need to confirm your registration (over the past five years). And you will need documents that give him the right to receive free housing. It also requires an agreement to open a personal bank account and information regarding the presence or absence of housing from one of the family members or himself. After reviewing the documents, the state may well issue a subsidy.
For entrepreneurs
And finally, it is worth touching on such a topic as a loan for business. The most popular way to get a loan without interest is to conclude an agreement with some other legal entity. That is, one individual borrowed from another. But only the contract must indicate the terms of the transaction. In particular, this is the amount and deadline in which the loan must be repaid.But an interest-free loan will only be if it is documented. This must be followed by the borrower. Because otherwise, the lender will have every right to demand interest. And then big troubles follow. And to avoid them, one must be careful.
