Marina Ordynat
by on September 15, 2022
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Some banks advertise fixed interest rates on loans, which means they will stay the same regardless of the market situation, and this seems to be beneficial. But, if you want to repay such a loan ahead of time, you will have to pay an additional fee for early repayment.

By law, the bank may charge a fee for early repayment. If you have less than a year left to pay on the loan, then - 0.5%, and if more than a year, then - 1%.

At the same time, if the loan rate is floating, it may rise or fall depending on various factors, for example, the base rate of the National Bank. In this case, you can repay the loan ahead of schedule without additional fees. The legislation prohibits banks from charging commissions for early repayment of loans if they have a floating rate.

What documents are needed for a loan and how long does it take?

If we are talking about consumer credit, then an identity card is enough. If you work officially, the bank will check your income through the electronic database of the Tax Inspectorate and within an hour can approve a loan.

If we are talking about a mortgage, more documents are needed: a property valuation report, an extract from the cadastre and documents confirming the right to own housing from the seller. Consider the issue of a mortgage loan for two to three days.

If we are talking about buying a car, then you need a registration certificate for the car, a preliminary contract for the sale of a car drawn up in a free form, and the seller must also be present when applying for a loan.

So a good loan is borrowed funds that are invested in a profitable business, in a business that will bring a profit that exceeds the cost of the loan interest. This is by no means a consumer loan. Imagine a situation where you get a good deal and you just don't have the money. And where to get them quickly if they, in fact, do not exist? What to do in this case? This is where you can be smart. The money is in the bank, but not in the one that gathers dust in your kitchen, but in the one with a beautiful sign and a house full of people. In this case, the bank needs to be “fucked” in full, since it will still earn money on you.

You just need to follow a few simple rules:

1. Any transaction, business idea, etc. must be calculated "from" and "to". Those. must have a business plan. You must be 100% sure that you will be able to repay the amount borrowed along with interest.

2. Do not immediately take large amounts until you have experience. It is better to turn large sums when you have experience, so as not to fly by on the very first transaction for big money that you will return for years.

I am sure that you should go now  and this will give you the opportunity to get more useful and valuable information in this area. I hope that this article will be useful for you and help you make the right decision.

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