Everyone has heard about long-term loans at least once in his life. But not everyone knows for sure what they are. In short, this is a loan provided by banks and other financial institutions for long periods (from three years). But the topic contains a lot of details, and I would like to tell you about them.
About the service
Long-term loans are most often issued to two types of customers. The first include individuals who want to buy an apartment or build a house. But the funds are not enough, because they decide on a mortgage. It is known to be provided for a period of 5 to 30 years. A loan of this kind can be taken by any person from the age of 21 to 65 years, corresponding to other requirements, which will be discussed a little later.
Long-term loans are often issued by legal entities. Their goal is to use funds to finance fixed capital. It is worth noting that in the case of legal entities long-term loans have a broader concept and definition. These include share capital (management companies and funds of the bank), issue of bonds, deposits for periods longer than one year. But all of the above has one goal - investing money in an investment production project, which in the future will bring profit.
Mortgage and auto loan
This is the kind of loans that are available to individuals. The most popular long-term loans in our time.
The peculiarity of the mortgage is that the acquired housing becomes a pledge. In the event that a person can not repay his debts, the apartment / house / plot will take the bank to pay damages. On average, a mortgage is taken for 10-30 years. To be approved, a person must confirm his / her solvency. To do this, he provides a certificate of income, a document on employment and his working experience and what certifies the person. In the event that a person takes a really substantial amount, you may need a "partner" for payments, that is, a co-borrower. For example, a married couple may be given a large loan with a greater probability than one person.
A loan for the purchase of a car is also a long-term loan of the bank. It is usually taken for a short time, but some repay the debt within ten years. The minimum amount is 150,000 rubles, and the maximum is not limited. Another plus - in the case of a long car loan, you do not even need to make an initial deposit. It is very convenient. But interest on long-term loans is higher - not 12-15%, but 15-20% per annum. If, for example, a person takes 10 million rubles for 10 years, then his overpayment (in the case of 20%) will be 2,000,000 rubles.
There is a standard set of securities that will need to be provided when applying for long-term loans (and loans). Depending on the requirements of a particular bank, the list of documents may vary. But you will certainly need a statement drawn up in accordance with the established model, a questionnaire of the borrower, an original and a photocopy of the passport and a certificate of income. Usually the period for which an extract is needed varies from 3 months to 2 years.
Still need a photocopy of work record, certified at work. Men will need to provide a military ticket. If there is a driving license, then it will be needed (as the second document proving the identity).
Usually the application is reviewed within a week. But if all the documents are OK and the client meets the requirements, they can approve earlier.
If a long-term loan is needed by a legal entity, then it will need to provide its investment project analysis. Employees of the bank, having familiarized with it, should understand - what they are asked to issue a loan will really bring profit and will pay back costs. The project should maximize its value and effectiveness.
The document must contain an engineering assessment of the idea and market demand, cost estimates, work schedule. Also, you need to specify the profitability and the exact period for which the costs will pay off. It will take ecological analysis (harmlessness of the project for the environment), and also proof that the borrower will be able to implement the plan.
The bank must understand that the loan will have good security, the investment will pay off fairly quickly, the risk is acceptable, and the idea is original. If all conditions exist, the legal entity will be given a loan.
Loans for a short period of time
In short, we should also talk about loans, payments for which are given much faster than in the case of the same mortgage. Long-term and short-term loans are equally in demand. Only here the second type of loans is issued by a much larger number of people.
And this is consumer credit. Take it to solve the so-called "household" problems. If the purchase of an apartment is not enough just a little bit, or you need to make repairs, buy a technician, etc. Consumer loans are provided by almost all banks. But it is better to apply to the state, because there are the most acceptable conditions. Issue it for up to five years, at interest, which is quite acceptable (an average of 12-14% per annum). If it turns out to find a guarantor, then you can reduce the rate. The maximum amount is 3 000 000 rubles. But how much money the bank is ready to take will be decided by financial analysts after a detailed review of the income statement, seniority, etc. If a person, say, gets 60 tr. Per month, then 1 300 000 rubles for 5 years will be able to give him.
This is the last thing I would like to say. The most unprofitable option for lending, but sometimes only he is able to help out. To obtain a microloan, you only need a passport. Age is not important, if only it was 18. The amounts give small - 15, 20, 35 tr. Sometimes more, depending on the conditions offered by the organization. But the percentages are large - from 0.75% to 3% per day. Of course, taking a large amount for a month, you can go broke. But as an emergency aid a good option. For example, before the salary a few more days, there is nobody to borrow, and the refrigerator, for which the person has long put an eye, suddenly sell with a 50% discount. In this case, there really is a saving - a few thousand, paid as a percentage of the microfinance organization, will not hit hard on the wallet, given how much money the borrower has saved at a discount.