A loan to refinance a loan in another bank - where to get it
Not all borrowers manage to get a loan on favorable terms for themselves, but this fact comes only after the loan agreement has already been signed, and monthly payments hurt the family budget. But this is not a reason to despair, because there are many banks that are ready to issue a loan to refinance loans from other lenders, on more favorable terms. For many borrowers, this is a real chance to improve their financial situation. Let's take a closer look at banks refinancing loans, and on what terms.
What is the essence of refinancing
Refinancing or on-lending is the registration of a new loan on more favorable terms for the client. The amount of monthly payments will be lower due to the reduced interest rate and an increase in the term of the contract. In simple words, this is a new targeted loan, the funds can only be used to pay off debts to other creditors.
With one refinancing loan, you can close any loan, by card, consumer, car loan or mortgage. Moreover, funds can be borrowed to repay several loans. Only for the bank, more precisely, for most of them, it is important that at the time of the conclusion of the agreement the borrower has no overdue payments in other banks. That is, you should not waste time and violate your obligations to other creditors, it is wiser to think about refinancing in advance.
Refinancing loan. Bank selection
Today, many banks with a refinancing and on-lending program are ready to offer their services to borrowers. But each lender has its own conditions and requirements, which is most important when looking for a more advantageous offer for themselves. Therefore, further we will consider which banks refinance loans from other banks, what conditions the new lender offers and what will be required from the borrower.
In some cases, it makes no sense to contact a third-party bank, because many financial institutions offer refinancing of loans to their clients on more favorable terms.
Sberbank of Russia
Here borrowers can apply for a loan to refinance loans from third-party banks and Sberbank of Russia. With one new loan, a client can close up to 5 existing obligations to creditors.
So what are the conditions:
- the term of the current loan agreement must not be less than six months;
- there must be at least 3 months before the expiration of the current loan agreement;
- at the time of filing the application, the client should not have overdue debts;
According to the terms of the bank, an interest rate of 14.9% is available only for salary clients, a maximum term of up to 5 years, an amount of up to 1 million rubles.
By the way, here the amount of the new loan depends on the preferences of the client, that is, it does not have to be equal to the amount of the debt to the creditors. Or, in other words, with the help of a new loan, a client can not only pay off existing debts, but also receive a certain amount for personal needs.
Also among the advantages is the fact that no collateral or surety is required to obtain a loan. If the previous loan was issued with a pledge, then after its repayment, the encumbrance is removed.
Offer from Sberbank of Russia
How to get money on loan: you need to go to the bank and leave a statement. among the documents from the borrower you will need a passport, a copy of the work book, a certificate of income, loan agreements and a certificate of the balance of the debt. Within two days, the lender reviews the application and makes a decision, if it is positive, you need to go to the department and sign a new agreement. By the way, according to it, the interest rate will be 20.9 - 22.9%, but after confirmation of the targeted use of funds, the rate will decrease to 15.9 - 17.9% per annum.
Rosselkhozbank
In this financial institution, you can get a loan to refinance debts to other banks. One new loan can close several contracts at once. The terms of the new lending will depend on many factors, for example, for existing clients of the bank or responsible borrowers with a positive credit history, the rate will be reduced by 5-6%. Public sector employees have the opportunity to borrow money on preferential terms with a reduced rate. In case of refusal from insurance, on the contrary, the rate can be increased by 3%.
So, the interest rate depends entirely on the borrower's solvency, his credit history, as well as the loan term and the availability of collateral. The minimum percentage is 20.9%, the maximum is 24.9%. The loan amount here completely depends on the borrower's income, the lender himself determines the upper threshold based on the submitted documents, the monthly payment should not be more than 40% of the income. To increase the loan amount, you can attract a co-borrower, his income will also be taken into account by the lender.
To get a loan, you need to leave an application and attach all the necessary documents to it, including loan agreements and certificates on the amount of debt. In case of a positive decision, you can come to the sales office and conclude a new contract. After issuing cash, you should pay off existing debts and provide the lender with documents.
Offer from Rosselkhozbank
Please note that this is a targeted loan, so if the borrower does not confirm the intended use of the funds, the bank may unilaterally change the terms of the loan.
VTB 24
Here are the most favorable conditions for a refinancing loan for a client:
- loan fixing rate for all borrowers - 15%;
- the maximum loan amount is 3 million rubles;
- loan term up to 5 years;
- with one new loan, you can close up to 6 loans and get an additional amount for personal needs.
But there is also a significant drawback - the lender carefully approaches the choice of borrowers. At the time of contacting the bank, the client should not have current loan delinquencies. In addition, over the past year there should be no delinquencies to creditors at all.
VTB 24 Bank guarantees 100% approval of the application to a bona fide borrower, to the one who, over the past 12 months, did not allow overdue payments on loan obligations.
Otherwise, the conditions are the same, first you need a certificate of the balance of debt on current obligations, then confirmation of the expiration of the previous loan agreements. Requirements for borrowers are standard: a passport with a registration mark and a certificate of income. The application can be submitted at the bank or on its official website, the terms of consideration of the questionnaire are up to 3 working days.
Offer from VTB 24
BinBank
Another lender that offers customers a loan to refinance a loan in another bank on acceptable terms is BinBank. A distinctive feature of the program here is a loan term of up to 7 years. The interest rate depends on the amount, up to 300 thousand rubles - 20.5%, from 300 thousand to 3 million rubles - 16.5%. But these rates are valid only for clients of creditors and public sector employees; for new clients, the rate will be 4% higher.
The conditions for obtaining a loan are standard. The client is required to have citizenship of the Russian Federation, permanent registration on the territory of our country, age from 21 to 65 years and a permanent place of work. A prerequisite is an ideal credit history and the absence of current loan delinquencies. The terms of consideration of the application are up to 4 working days.
Alfa Bank
This bank gives loans only for refinancing mortgage loans. If you took out a mortgage, but the conditions do not suit you, then this is the place for you. Loan rate from 11.5%, further, its growth depends on the life and health insurance of the borrower, the property. If you refuse to fulfill this condition, the rate will be increased.
So, what is the essence of this program: you submit an application, the bank repays the previously issued mortgage loan, the original lender removes the encumbrance from the object and you leave it at Alfa Bank as collateral for the refinancing loan. The minimum loan amount is from 600 thousand rubles, and the maximum should not exceed 85% of the value of the collateral object.
Refinancing with current delays
Surely there are borrowers who are interested in the question of which banks refinance loans with late payments. Indeed, according to the terms of creditors at the time of filing an application, all current debts must be paid. But there are also lenders who are loyal to such customers, so we will consider them as well.
Please note that the bank makes the decision to issue a loan individually for each client, there is no 100% guarantee that the bank will approve the loan for you for refinancing with current overdue payments.
Home Credit Bank
This bank has always been distinguished by the loyal attitude of the client, even clients with a tainted credit history, but without debts to other creditors, could easily take out a loan here. The lender covered the risks with high interest rates on the loan, which casts doubt on the benefits of refinancing, because its essence is in reducing the interest rate, and not vice versa.
Lending programs from Home Credit Bank
So, consider the conditions:
- the term of the contract is up to 5 years;
- amount from 50 to 500 thousand rubles;
- rate 19.9%;
Any type of lending can be closed with a loan: by card, consumer loan, car loan or mortgage, although the offered amount will obviously not be enough for it. To complete the application, come to the bank with all the documents, be sure to take a certificate of the balance of the debt on the current loan. In case of a positive decision, the bank, after signing the agreement, transfers the money itself to pay off the debt.
Other options
As mentioned earlier, banks individually consider each candidate, so you can submit applications to several banks, there is at least a small chance that the lender will meet the borrower halfway. By the way, there are banks that give loans with payments overdue, but not more than one month, such as, for example, AgroSoyuz Bank.
But if the situation is critical and there is nothing to pay with, and you have not yet applied for refinancing, then it is better to try to find funds to pay the current payment. This is where microfinance organizations come to the rescue, it will not be a problem to get a loan of up to 30 thousand rubles, and on the day of the application and without certificates. For many, this option will seem extremely unprofitable, but it is better than admitting delays and reducing your chances of getting a refinancing loan. In addition, MFIs often hold promotions to attract new clients and lower interest rates for them.
Which bank is better to choose
Indeed, there are quite a few proposals: about half of the banks in our country are refinancing loans, and it is rather difficult to consider each proposal. The choice of the client mainly depends on the interest rate, because the lower it is, the lower the monthly payment. If this condition is fundamentally important for you, then choose the lender whose rate is fixed for everyone. If it is indicated that the rate is from a certain value, then, most likely, it is available to one category of customers, for example, salary recipients.
If you are a salary client, depositor or in the past a responsible borrower of a bank, for example, Sberbank, then it is wiser to contact this place first. Because for such potential borrowers, the lender will surely have the best deal.
Apply to several banks at the same time to compare offers and choose more favorable conditions. And to calculate your benefit, use an online loan calculator, it is available on the websites of many banks.
So, refinancing loans from other banks will be a profitable measure only when another lender is ready to offer new conditions. And especially it will be inconsistent when the family budget is ruined not by one, but by several loans, because it is much easier to pay to one bank. Just do not allow delays, although banks are fighting among themselves for each client, irresponsible borrowers are always refused.