Most Russian citizens have several active loans. They are drawn up for housing, transport, consumer needs. However, many pay debts ahead of schedule. Is early repayment of the loan possible? This procedure is described in the article.
Advance payment
Is early repayment of the loan possible? According to the Federal Law No. 284 of October 19, 2011, changes appeared in the Civil Code of the Russian Federation. Every citizen has the right to early repayment of the loan. At the same time, the bank cannot charge fees and penalties for this service. Therefore, repayment of interest on a loan upon early repayment is considered a legal right. Even if this is not stated in the contract, you can contact the bank to receive your funds.
Not later than a month before the planned payment, you must write an application and submit it to the bank. No answer is needed for this. It should be borne in mind that some banks limit the term for early payment of a loan. For example, for 3 months. Otherwise, fines are imposed. It also happens that if a loan is provided for a short period, then early repayment is impossible.
Full and partial early repayment of a loan in Sberbank and other financial institutions has its advantages. The client pays less interest for using the funds, so he will close the debt earlier. Will insurance be returned in case of early repayment of the loan? The return of this amount is the right of the borrower. To do this, you need to write a statement, and it is better to do this on the date the contract is closed.
Is return possible?
Is there a statutory repayment of interest on an early repayment loan? In Art. 809 of the Civil Code of the Russian Federation says that interest is considered a fee for using a loan, they should be transferred only for the period of using the service. Therefore, everything that was credited to the bank in excess of what should be returned should be returned to the client.
Since many banks use annuity (equal) payments in their work, with early payment banks receive increased profits. The fee is taken for the time that is not used by the borrower. That is why it is possible to repay interest on a loan with early repayment.
Can a bank prohibit the repayment of interest in an agreement?
When concluding a loan agreement, the borrower must pay attention to an important nuance. Some banks introduce a clause in the agreement that accrued interest cannot be recalculated and returned.
If the consumer is a natural person, then this clause on the basis of a court decision may be invalidated. This is carried out according to Art. 16 of the Law of the Russian Federation "On Protection of Consumer Rights". And more specifically, the actions of a financial organization are contrary to paragraph 2 of Art. 809 of the Civil Code of the Russian Federation.
If an entrepreneur takes funds for entrepreneurial activity, then this item can be canceled under Art. 165 Civil Code. When the client sees this information in the contract, he may demand its exclusion. Moreover, the law allows you to file a complaint with Rospotrebnadzor. The consumer should attach a copy of the loan agreement, and indicate in the complaint a request for bringing the bank to administrative responsibility (Article 14.8 of the Administrative Code of the Russian Federation).
When is a refund required?
This question should concern only those who paid the debt ahead of schedule. Why is that? In fact, all banks operate on an annuity loan payment scheme. She is familiar to most people. Although debt can be paid according to a differentiated scheme. You need to apply for a refund after full payment of the loan.
Overpayment Formation
Understanding how to return the overpaid funds is not difficult. To do this, you need to familiarize yourself with the principle of calculation for annuity. The following algorithm applies:
- The debt is charged at the rate specified in the contract.
- Accruals are added to debt.
- The amount received is divided by the number of months.
- Each month, the borrower pays one amount.
- All payments consist of debts and rates.
To equalize payments in the first months, customers pay the minimum payments. And most of them are bets. If the debt is paid earlier, the bank will receive a portion of the funds received in advance. Overpayment is calculated online and manually.
Recalculation
Is recalculation performed with prepayment? Modern banks use the annuity method of payment in equal installments. Initially, for the most part, interest is paid on the loan for the entire period of use, and a small amount of repayments is the repayment of the debt itself.
The schedule set by the bank is considered the middle option, which suggests that there will be no early payment, delays in payment. Repayment of interest on a loan upon early repayment involves recalculation, after which the funds are transferred to the client.
How to return insurance?
Often, together with a loan agreement, an insurance agreement is drawn up. Do it banks to reduce their own risks. There will be additional costs for this document. The bottom line is that insurance is paid from credit funds throughout the entire period.
But with debt payment, there is no need for insurance. By law, money is refundable. The amount that was paid for unused credit time is usually refunded.
To return the unused part of the insurance you need:
- Contact a bank or insurance company with a statement. A sample of such a document can be taken from employees.
- Provide documents (passport, contract, certificate of debt closure).
- Wait for consideration of the application and decision.
- Get the funds.
Before applying, you need to familiarize yourself with the contract concluded with the insurance company. It indicates the conditions for termination and refund. If nothing is said about the refund, then this will not work.
The procedure for early repayment of the loan is not complicated and does not take much time. Although such a deal is not beneficial to the bank, it is free. After that, the loan agreement ceases to be valid between the parties, and this is confirmed by a special certificate.
Conditions
Are there any conditions for early repayment of a consumer loan? Sberbank and other financial organizations work according to certain rules. Borrowers can pay a loan at any time, for this you do not need a bank permit. But you should notify about it a month before the expected closing date.
Early payment at Sberbank can be done using the Sberbank Online system. But there is an opportunity to contact the bank with a passport. The application must indicate the amount, the account to which the money will be transferred, and the date of the operation. The day of advance payment must be working.
Illicit enrichment
With prepayment of debt, it is required to determine the difference between:
- The size of the overpayment of the borrower for the use of credit under the contract.
- The size of the cost of using the loan.
With early payment between 2 amounts there will be a difference not in favor of the client, since monthly payments took into account the borrower's use of funds during the contract period. Therefore, it is required to determine the monthly amount of use by agreement and in fact, and then multiply by the number of months during which the funds were used. The difference between these indicators is the amount that is returned to the borrower.
Payment
The loan early repayment calculator will allow you to correctly calculate the amount of funds that must be repaid. Such a service is available on the websites of many banks. You must enter the amount, term, rate, type of payment, date of receipt.After that, click the "Calculate" button.
In the calculator of early repayment of the loan you need to enter the data specified in the contract. Only then will it be possible to calculate accurate data. Full and partial early repayment of a loan at Sberbank and other financial institutions is carried out after the client requests.
Actions
Payments for early repayment of a loan are possible only if the client goes through a simple procedure:
- You need to contact the bank with a statement about the payment of the entire amount within 30 days before the planned settlement date.
- Then you must pay the full amount of the debt before the deadline.
- You should take a certificate from a financial institution that confirms the absence of debt. Such papers are provided free of charge.
- It is necessary to calculate the overpaid interest for early repayment of the loan using a loan calculator.
- It is necessary to apply for a refund.
- It is important to wait for payment or go to court if a refusal ensues.
To make a refund, you need to provide a copy of the contract and a certificate of payment. Also need a client passport.
Drafting a statement
If there is a full early repayment of the loan, you must write a statement. Their forms are usually available at financial institutions. If they are not, then the application can be made in free form. There you must specify:
- Passport data and the name of the institution.
- Contract number and date of signing.
- Agreement Options.
- Date and amount of payment.
- Information about the closure of debt.
- The amount of interest calculation.
- Refund claim.
- Details for which funds will be transferred.
- Notification of appeal to the court in case of refusal.
- Signature and date.
Only then is interest recalculated upon early repayment of the loan. Judicial practice shows that most cases are decided in favor of borrowers. It is only necessary to correctly state all requirements in the application and indicate references to laws.
Partial payment
Early payment is considered a great advantage for the client. The borrower removes debt obligations, saves on interest. Even if this is partially done, debt is still reduced.
The disadvantages of early payment will be noticeable when the national currency depreciates. Then it is more profitable to invest additional funds in the acquisition of foreign currency, so that with its rise in price it will pay a large amount. But many banks tie the rate to the Central Bank rate. Then, with the devaluation of the national currency, an increase in payments occurs.
Before deciding on an early payment, you need to familiarize yourself with the contract. It should be calculated what will be the savings on this operation. You need to check the loan balance after the operation. It is necessary to control the calculation of interest, they are calculated based on the amount of early payment.
reference
After the full early repayment of the loan at the bank, you can request a certificate. It contains information about the loan: size, term, date of payment. It is indicated that the account is closed and an annotation is made that there are no claims from the bank. It is provided a few days after the application is submitted. A certificate may be issued by some banks on the same day.
This certificate must be obtained even if the refund is not made. It is a confirmation of lack of debt. There are technical malfunctions and other malfunctions. If, for example, the account is not closed or the debt will not be written off completely, then interest will continue to be charged to it. Over time, due to lack of payments, penalties and fines are accrued, so the balance can become large. To avoid this, you need to contact a bank specialist and make sure the account is closed.
Return
After the application is submitted to the bank, the borrower can expect a positive decision. With the consent of the funds are transferred in the manner that is recorded in the application. With a refusal you must go to court.Then it is more likely that the case will be decided in favor of the client, because the law clearly defines the rules for overpaying for using a loan.
Although the law establishes that the difference between the actual and the contractual amount is compensated to the borrower, credit institutions often refuse to pay funds. Therefore, the borrower needs to know about the possibility of repayment and the rules for recovering money.
