What is the price of the loan
What determines the price of the loan
The price of a loan is closely related to the principle of retaliation of credit relations, since the bank receives a loan when granting a loan. The loan rate is defined as the ratio of the amount of income of the bank for issuing a loan to the amount of the loan. For example, with a loan amount of 100 thousand rubles. and the price of the loan is 25 thousand rubles. annual rate will be 25%.
The price of the loan is directly determined by the level of the interest rate. The latter is formed under the influence of the ratio of supply and demand for various types of credit. It depends on a number of factors:
- the dynamics of attracting deposits of the population, as well as the average interest rate on deposits;
- The economic situation in the country (inflation rates, etc.) - the loan rate should cover the inflation rate;
- the credit policy of the Central Bank of the Russian Federation, the refinancing rate at which the Central Bank of the Russian Federation credits other banks;
- The average interest rate in the interbank lending market;
- the structure of bank assets, the greater the proportion of funds raised, the more expensive the loan;
- the level of competition in the market, which affects the demand for credit from borrowers, the smaller it is - the cheaper the loan;
- term and type of loan;
- the degree of credit risk - unsecured loans without guarantors have a higher degree of risk and are issued at a higher percentage.
How is the real price of the loan
It would seem, to calculate the real price of the loan, knowing the percentage per annum and the term of the loan, is quite simple. But in this case there are pitfalls, and the real price of the loan can be several times higher than the fixed interest rate.
Loan payments are made up of payments for repayment of the principal debt, interest on the loan, as well as commissions. The latter are often hidden from the eyes of users at the stage of concluding a contract. These can be fees for reviewing and issuing a loan, for opening and maintaining an account, and for servicing it.
Some banks charge additional fees for cash withdrawals (usually when using credit cards).
Also, the contract may establish payments to third parties at the expense of the borrower. As a rule, this applies to mortgage loans that provide for the services of appraisers, insurers, notaries, etc., or car loans (CASCO payment). All this may lead to the fact that the rate of 20% per year, taking into account all commissions, can turn into all 50%.
Separately, the cost of the loan can include fines and penalties for late payment of monthly payments. They are individual in each bank.
Recently, laws have appeared in Russian law that protect borrowers from hidden commissions and interest. The bank is obliged to inform the borrower about all types and terms of loan payments.
Thus, according to Russian law, banks must notify the borrower of the full cost of the loan (CPM), which is expressed as a percentage. It must include all payments established by the contract.
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