How to check the loan agreement?
In order not to get into an unpleasant situation with the bank, you need to carefully study the loan agreement before signing it. Today we will tell you which clauses of the agreement must be checked and what else you need to know about the loan agreement.
What to look for
Pay special attention to the points that directly affect the level of overpayment, credit conditions and possible sanctions.
Credit conditions. Some of the most important points are the amount, term, cost of the loan and the interest rate. Make sure the terms and conditions stated in the contract are consistent with those agreed.
The total cost of the loan (CCC) is the total amount, taking into account all overpayments - interest, account maintenance fees, insurance, and so on. In other words, this is how much money you end up giving to the bank.
Insurance. This includes the cost of the insurance itself, as well as the commission. It is important to bear in mind that in case of early repayment or refinancing, you have the right
Security. How do you guarantee compensation for losses by the bank in case of non-payment? The pledge, surety and bank guarantee are necessary for reading if you do not want to lose your property. Many credit organizations draw up a separate agreement on this matter, which also needs to be studied.
Payment schedule. Be sure to find out the dates and amounts of payments in order to avoid delays. In IFC “Do Salary”, borrowers, if necessary, can issue a loan prolongation without penalties and fines, however, banks, as a rule, do not provide for this practice.
Early repayment. Is it possible to return the borrowed funds ahead of time and on what conditions? The above points must be studied before you sign a loan agreement. If any concepts or figures raise questions, do not hesitate to clarify the necessary information with the manager.
What else do you need to know?
You can download a standard template for a bank loan agreement on the Internet. We advise you to familiarize yourself with it in advance and find out the basic concepts so that the study of a personal contract does not cause difficulties. If necessary, topics of interest can be clarified in advance with a bank employee or at a specialized forum.
By the way, many banks divide the standard agreement into two: “general conditions and terminology” and “individual conditions”. It is not enough to familiarize yourself with a personal contract, since it is a derivative of the first. It is the “general conditions” that make it possible to change the terms of a personal contract in the course of its operation, therefore, in order not to face an unpleasant surprise, take the time to read the standard credit conditions.
Banks' requirements for potential borrowers make it impossible to solve material problems for citizens without official employment or with negative marks in their credit history. In addition, it sometimes takes more than one day to collect documents and wait for a decision, so if you need money urgently, it is better to contact an MFO. In addition, if difficulties arise with debt repayment, it will not be possible to quickly resolve the issue of deferring with the bank. In MFC Do Zapata in such a situation, you can quickly issue an extension and save time, money and credit history.
Not paying enough attention to familiarizing yourself with the terms of the bank agreement, you risk overpaying more than you planned. Always carefully study the documents and competently approach the choice of a credit institution. The company "Do Zapata" issues loans up to 100,000 rubles on transparent terms, which can always be found on our website.
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