The best programs for refinancing loans from Russian banks
• Servicing a loan can be accompanied by a number of difficulties for the borrower. Timely on-lending allows you to improve the terms of debt repayment. Vyberu.ru portal experts told us what loan refinancing is and how to choose a program to maintain a credit rating.
What is loan refinancing
• Refinancing – obtaining a new loan in order to reduce the monthly financial burden or reduce the total amount of overpayment. You can refinance all types of debt obligations: consumer loans, mortgages, car loans.
- Prevents delays.
When the level of income falls, the borrower has difficulties in fulfilling the terms of the contract. Making a loan for a longer period will reduce the amount of mandatory payments and not spoil your credit history.
- Promotes savings.
If the market rates have decreased since the loan was issued, it is advisable to refinance it. For large targeted loans, the procedure makes sense even when the difference in rates is 1,5–2 percentage points.
- Simplifies interaction with the bank.
Through refinancing, you can combine several loans. Paying off debt to one creditor is easier than paying off debt to two or three.
• Refinancing is important not to be confused with restructuring. Restructuring – revision of the terms of the current loan agreement for customers with delays and penalties. It is carried out if the borrower has documents confirming the deterioration of the financial situation.
How to choose a loan refinancing program
• Loan refinancing programs operate in all Russian banks. Phys. a person has the right to apply to any of them, regardless of where the initial loan was issued.
- Loan requirements.
The restrictions set by banks relate to the balance of the debt amount and the duration of the loan. Loans with current delinquency are not refinanced.
- borrower requirements.
At the discretion of the financial institution, only individuals can be admitted to the programs. persons with a certain level of income and work experience.
Refinancing mortgages and car loans is accompanied by compulsory insurance of collateral. For consumer loans, the refusal to insure the life and health of the borrower leads to an increase in the interest rate.
- Additional expenses.
In order to refinance a housing loan, you will have to re-assess the property and pay the state duty for registration of collateral.
If the maintenance of the current loan has created holes in the budget, Loans will not completely solve the problem. They are designed to meet the needs in emergency cases. For a long-term reduction in the credit burden, you need to contact the bank.
In which banks is it profitable to refinance a loan
• Before applying for refinancing a loan, the borrower needs to assess the level of their solvency and decide on the goals of on-lending. These two factors influence the choice of a financial institution.
• Top 5 banks with the best loan refinancing programs:
- Rate – from 4,5%
- Loan term – up to 7 years
• There are no income requirements for the borrower. To obtain a loan up to 300 thousand rubles. it is enough to have a passport and SNILS.
- Rate – from 4,5%
- The maximum amount is 5 million rubles.
• It is possible to combine up to 5 credits. A deferred payment for 2 months is allowed if the borrower encounters financial difficulties.
- Rate – from 4%
- Credit limit – 7,5 million rubles.
• Refinancing is available to citizens with a permanent income of at least 10 thousand rubles. In addition to funds to pay off debts, money is provided for any purpose.
- Rate – from 7,9%
- The term of the contract is up to 5 years
• You can refinance an unlimited number of loans and microloans for a total amount of up to 5 million rubles. An income statement is not required.
- Fixed rate is 8,9%
- Maximum loan term – 60 months
• The permanent income of the borrower should be from 15 thousand rubles.
Refinancing a loan will allow you to close an unprofitable loan with a new one, withdraw a property from collateral ahead of schedule, or improve service conditions. All that is needed for this is to choose an on-lending program and conscientiously fulfill obligations to the bank.