According to statistics, many working citizens have loans from banks, and most of them even have several loans. Some of them draw them up at the institution where they approved the application, and only some of the people select favorable conditions. This is the reason that for the interest you have to pay most of the salary, and debt repayment becomes difficult. The way out of this situation is refinancing a loan at the Agricultural Bank for individuals, as this service is provided on favorable terms.
About service
When a person draws up a loan, he rarely thinks about the fact that there are more favorable conditions. But after signing the contract, you need to make payments regularly, otherwise you will have to pay fines and penalties. Responsible payers can contact the Agricultural Bank.
Refinancing loans from other banks to individuals involves a new loan in the amount of debt. One loan will allow you to pay several debts in other organizations. The advantages for the client are that after re-lending, the payment will be less due to the low rate and long loan period. Only at registration of such a service there should be no debts on payments, since a new loan will allow paying only the main debt and interest.
The difference from restructuring
Refinancing is different from restructuring. The last procedure involves changing the loan amount, term, rate and other terms of the contract. During the restructuring, the client comes to the bank, writes a statement, for example, to extend the loan period. Then the application is reviewed and a decision is made. As a result, a new schedule appears, the amount of payments, but the contract remains the same.
Refinancing involves the conclusion of a new contract. The subjects of the agreement are changing. The service can be executed both in the bank that issues the loan, and in another institution. But usually organizations do not refinance their loans, because it is not profitable, so customers have to go to other banks.
Refinancing Functions
This procedure allows you to:
- decrease the bid;
- increase terms;
- change the size of payments;
- replace several loans with one.
You should not apply for a service in the presence of small consumer loans. The benefit will be apparent with long-term lending in large amounts. For example, reducing a mortgage rate by 2-3% will help in the budget. You also need to consider the costs of obtaining a new loan, and also compare them with the savings that are possible with refinancing.
If the first loan was secured, it is transferred to the new lender. In the meantime, renewal takes place, it is necessary to pay interest. Therefore, it is important to carefully calculate all the details so as not to overpay a lot.
Advantages and disadvantages
Many for the repayment of debt in another institution choose the Russian Agricultural Bank. Refinancing loans, reviews of which are mostly positive, has the following advantages, according to customers:
- the possibility of reducing the rate;
- long term loans;
- decrease in monthly payment;
- attraction of co-borrowers;
- several loans can be refinanced;
- no additional fees;
- the ability to choose a new debt repayment scheme.
But you should take into account the disadvantages that the reviews pay attention to. Sometimes this service is not profitable, because not the same low percentage is offered.The client needs to collect a lot of documents.
How to apply?
You can apply online. To do this, you need to fill out a special form, which indicates the name, phone number, amount, loan term. After this, you should expect a specialist call. If you can visit the office, then you can already apply. The decision is reported by phone.
Conditions
If there are loans in one or more organizations, then you should contact the Agricultural Bank. The conditions for refinancing a loan are quite feasible. The amount cannot be higher than debt in other institutions. The maximum without collateral and guarantors is 750 thousand rubles. If collateral is provided, then you can get up to 1 million rubles. Lending reaches 60 months.
Collateral is necessary if a loan in another bank is received on a guarantee or with a pledge of property. Lender requirements for each client may vary. The decision is made on the basis of the borrower's earnings. On the basis of income, the maximum possible amount of refinancing is established.
Refinancing a loan at the Agricultural Bank for individuals allows the client to choose the method of calculating payments: annuity or differentiated. You can also independently determine the currency.
Percent
Russian Agricultural Bank refinancing loans of other banks at an individual rate for each client. Its size is influenced by several factors. A minimum of 20.9% is established for loans up to 12 months, and if there is security. If loans are issued up to 3 years, then the rate increases by 1%, and up to 5 years by another 1%.
Unsecured loans are more expensive - 22.9% per year. The bank may change the rate depending on the following factors:
- 4.5% is added in case of cancellation of life and health insurance;
- 2% rate is added in the absence of confirmation of the intended use of money;
- 3% decrease to a budgetary employee;
- 5% is calculated for those clients who receive salaries through the bank;
- minus 7% for borrowers with excellent credit history.
The final rate is determined by the bank on the basis of collateral. Its size is prescribed in the contract.
Requirements
Refinancing a loan at the Agricultural Bank for individuals is carried out according to some requirements for customers. Registration of loans is possible for residents of the Russian Federation with registration. The minimum age of the client is 23 years, and at the time of expiration of the contract should not be more than 65 years.
An obligatory requirement is a work experience of at least 6 months, and a total work experience of 1 year. If a client participates in a salary project or receives a pension, benefits, then the experience should be from 3 months.
To establish the maximum amount, all sources of income are taken into account. This may be official salary, additional earnings, payments, pensions and other means. To increase the loan amount, it is necessary to attract co-borrowers, as their income is also taken into account. They can be parents, spouse, children, as well as other individuals. The refinancing service is also provided to pensioners. If they receive their income through the Agricultural Bank, then the requirements for seniority do not apply to them.
Documents
The following documents are required for refinancing a loan at the Agricultural Bank:
- passport;
- proof of income;
- loan agreement;
- information about the balance of the debt;
- documents for a pledge;
- papers from guarantors and co-borrowers.
You can fill out the application on the official website, after which it will be considered within a few days. If the decision is positive, then you need to visit the bank office and provide documents. You can get a loan within 1.5 months after approval of the application, otherwise you will need to fill out a questionnaire and wait for a response. After that, you will need to bring proof of payment of the loan, otherwise the lender may change the terms of the contract.
Terms of Service
Refinancing a loan at the Agricultural Bank for individuals will not allow to completely get out of the credit burden. The conditions for servicing an account in it are similar, as in other banks. After receiving the contract, the client must make payments every month. There is the possibility of early payment, and there is no additional charge.
For delay, a fee of 0.1% of the amount of debt is charged and a penalty of 20% per annum. If the borrower fails to fulfill obligations, the bank may impose a fine of 10 minimum wages. In disputes, you will have to go to court. It should be borne in mind that guarantors and co-borrowers are considered parties to the contract, and therefore the bank may require repayment of debt from them.
Is the service profitable?
Whether it is worth using the service depends on the size of payments in other banks. For example, if the refinancing payment amount is higher, then the service should not be executed. To determine this, you should use the loan calculator, which is on the website of the Agricultural Bank. But it provides preliminary information, an expert can tell the exact result.
Please note that there should be no delay in payments. This is recorded in the credit history, which is checked with borrowers. The service is mainly for clients of the Agricultural Bank, recipients of salaries and pensions, public sector employees. The remaining borrowers set a rate of 23%.
It should be borne in mind that in the absence of an insurance policy, the rate rises by 4.5%, but the lender can change the conditions. To assess the benefits and economic feasibility of refinancing, you need to contact the bank and calculate the amount of payments.
How to pay?
If Rosselkhozbank is selected, refinancing of consumer loans will be beneficial if there is debt in another bank. Payment can be made by differential or annuity payments. You can make payments by any convenient method, which customers also like:
- bank branches;
- ATMs
- cashless transfers.
If you make a part of the debt or in case of full repayment, you should write a statement.
Mortgage
The Agricultural Bank offers mortgage refinancing. It is provided to customers up to 65 years old. Until the expiration of the contract must remain at least 2 years. It is possible to attract co-borrowers. Their maximum age at the time the contract expires should be 60 years.
Whatever the creditworthiness of the client may be, when choosing a program, one must take into account the limit on the amount. The Agricultural Bank will not provide more funds than the applicant owes on a loan. The funds are transferred to the loan account, where before the borrower transferred the money. As a result, he will only owe one bank, using the payment scheme proposed by the Agricultural Bank. If you need a large amount, that is, consumer loans. With an excellent credit history, a second loan is possible.