How to correctly calculate a bank loan - creditnice.co
In the life of almost any person, an unforeseen situation may occur in which additional finances will be needed. An unplanned trip, the desire to make a large purchase, paying for expensive treatment - all these reasons can be a reason to apply for a loan at a bank or other financial institution.
At the same time, it is important to understand that sometimes the loan costs the client more than he can afford. This is influenced not only by the interest rate, but also by a number of other nuances, which will be discussed in our article.
Bank loan calculation: what to pay attention to?
If you are going to take out a loan from the bank, it is important to correctly assess your own strength and calculate the burden on the budget. It should be understood that the rate of debt repayment directly depends on the amount you overpay for using the loan. Simply put, the sooner you make all the payments, the smaller the amount of interest ) / (24 * 100%) = %%. At the same time: Sc - loan amount; % - rate; p - credit term (in months).
Let's consider how it works on a simple example. Suppose you decide to take 15,000 for 6 months at 15%. We substitute the data into the proposed formula:
(15000 * 15 * (6+1) / (24 * 100%) = 656.25.
How to calculate loan interest online?
If you do not want to spend time on formulas or you are afraid of making a mistake, then you can prefer special online calculators, which are often posted on the websites of banks, MFIs, Internet services, etc. They greatly simplify the life of bor.
After that, the system will process the request, and the client will receive information about each credit product. Usually, the data is organized according to monthly payments and up to the overpayment for the year, which helps to choose a suitable offer faster.
In order not to make a mistake in choosing a loan, it is best to focus on those financial products in which the commission directly depends on the amount of the balance. In this case, it will decrease with each new payment, in proportion to the body of the loan.
How to correctly calculate arrears on a loan?
Bank clients who, for one reason or another, were unable to make loan payments on time, have to pay late payments. Often, the increase in the price of the loan becomes so great that the bor. In some cases, various hidden payments that were not previously advertised in the contract may be added to these amounts. All these features often complicate understanding, as well as significantly complicate calculations.
In order to find out the exact amount of arrears, the borrower should pay attention to several important points:
1. Internet banking greatly simplifies the client's tasks. If a financial institution offers such a service, be sure to use it. To do this, it is enough to go to the Personal account and study information about the loan, accrued interest and fines. All these data are included in the statement, which can be viewed at any time.
2. If the online banking service is not available, the borrower should contact the nearest branch of the financial institution to obtain the relevant statement. It will show all charges for the loan. Consider one important point - most banks provide such a document for an additional fee.
3. If you took out a loan from a microfinance organization or an online service, it is not always possible to get a statement. Most likely, instead of it, you will be given a printout indicating the amount of debt.
If you suspect that an error has occurred in the calculation of fines, penalties and interest, you should contact a specialist, but at the same time do not stop payments in full to avoid problems in the future. A lawyer will study your loan agreement, take into account all commissions and help solve this problem.
Before the consultation, it is necessary to obtain a bank statement on the calculation of payments or a corresponding document in which the amount of the debt is indicated. You will also need a contract that describes the terms of the loan. Based on all these documents, the specialist will be able to evaluate the charges and determine the legality of the financial institution's claims.
