The interest rate prescribed in the loan agreement is one of the most essential conditions of the loan, it is on the basis of this figure that the borrower decides to take money from the bank to debt or not. In most cases, the Bank after studying the package of documents of the borrower and credit scoring in one form or another, establishes interest rate, including depending on the credit conditions provided for in the Agreement between the Participants of the Treaty (Bank and Individual). In this article we will consider in detail what a maximum interest rate on the loan can be established by a credit institution When making a consumer loan (in the bank) and at the conclusion of a microloan agreement in MFI.
Questions considered in the material:
The procedure for issuing a loan agreement and the purpose of interest on the loan is regulated by a number of legislative acts, in particular, part 1 of Art. 29, Part 2 Art. 30 of the Federal Law of 02.12.1990 N 395-1 "On Banks and Banking", Art. 819 Civil Code of the Russian Federation and paragraph 4 of Part9 of Art. 5 of the Federal Law of 21.12.2013 N 353-FZ "On Consumer Credit (Loan)":
Interest rates on loans and (or) the procedure for their definition, including the definition of the interest rate on the loan, depending on the change in the conditions provided for in the loan agreement, interest rates on deposits (deposits) and the commission for operations are established by the Credit Organization by agreement with Clients, unless otherwise provided by the Federal Law.
We will understand more about the restrictions on the interest rate under the consumer loan agreement. Our material applies equally to interest rates on loan agreements as inappropriate appointments and software for consumer lending agreements.
Interest rate on consumer loan in the bank
If refer to Part 1 of Art. 9 of the Law No. 353-FZ "On Consumer Credit (Loan)", then it agreed that the definition of interest rates under the consumer loan agreement is carried out by the Bank using one of the rates:
- Fixed bet;
- This variable occurs depending on changes in the variable value prescribed in the loan agreement.
Banks, in most cases, according to the loan agreement concluded with a borrower, which is an individual, has no right to independently reduce the term of the contract, change the procedure for determining interest on the loan and their size. In the case of consumer lending, the Bank may unilaterally only reduce the interest rate on the loan (if we are talking about the structuring of the Debt of Physician, for example) according to Part 4 of Article 29 of Law No. 395-1; Part 18 of Article 5 of the Law No. 353-FZ.
Some banks contribute to the loan agreement. The requirement to issue insurance of life, and the health of the borrower, or the insurance insurance, which is the pledge of the loan, while the contract may be spelled out that the lender has the right to make a decision to increase the interest rate on the loan. If the consumer does not fulfill over 30 calendar days of insurance obligations.
However, the size of increasing the interest rate on the loan already issued in the case of the subsequently prescribed in the loan agreement and the maximum interest rate will be limited to the amount prescribed in the loan agreement when issuing a loan, according to Part 11 of Article 7 of Law No. 353-FZ.
Maximum credit interest rate
Talking about what the maximum interest rate on the loan can be established by a credit institution, Attention should be paid to the fact that at the legislative level recorded a limitation of the total cost of consumer loan (PSK), which has a direct impact on the interest rate on it.
According to the law, the Bank cannot amount to a loan agreement in which the interest rate is more than 30% higher than the average market (quarterly calculated by the Bank of Russia). If there will be some impressive change in market conditions in the country, the Central Bank may establish one or another period during which the limitation of the maximum rate on consumer loans will not be applied (Part 1 of Art. 6 of Law No. 353-FZ).
On a note! The Bank of Russia once a quarter carries out the average value of the PSK as a weighted average value of at least 100 the largest banks of the Russian Federation on a certain loan category or at least one third of the total number of credit institutions that provide a certain loan category (part 10 of Art. 6 of Law No. 353-FZ).
The Bank of Russia publishes the average importance of the RSS times a quarter (according to Part 8 of Art. 6 of Law No. 353-FZ). For example, in terms of car loans, which were concluded in the 2nd quarter of 2019 to buy new vehicles (mileage from 0 to 1000 km) Such the average value of the interest rate is 15.768%, and the maximum value of PSK is 21.024% per annum with the condition that the car acts in The quality of the collateral (information of the Bank of Russia "on the average values \u200b\u200bof the total value of the consumer loan (loan)).
Maximum interest rate on micro-mills in MFI
It should be immediately noted that the maximum interest rate on microloans in MFIs is very different from interest on loans in ordinary banks. From January 1, 2017, the maximum amount of interest on short-term loans (up to the year) does not exceed 300%, that is, the micro-overlap will not be three times more than the amount of this microcredit. See paragraph 9 of Part 1 of Art. 12 of the Law of 02.07.2010 №151-ФЗ:
... to accrue the borrower - the physical person of interest under the consumer loan agreement, the period of returning a consumer loan on which does not exceed one year, with the exception of the penalty (fine, penalties) and payments for services provided by the borrower for a fee, in case the amount of the accrued under the contract Percent reaches a three-time loan amount. The condition containing this ban should be indicated by a microfinance organization on the first page of the consumer loan agreement, the period of returning a consumer loan on which does not exceed one year, the table containing the individual terms of the consumer loan agreement;
In this maximum amount of overpayment, the loan does not include expenses for additional services and penalties / fines (Federal Law of 02.07.2010 N 151-FZ "On Microfinance Activities and Microfinance Organizations").
If we talk about the consumer loan agreements, which have entered into the MFI in the second quarter of 2019, the average importance of the PSK (the total cost of consumer loan) on the microloan without ensuring (the exception is the POS of microloans), in the amount of up to 30,000 rubles and for a period of 30 days inclusive, equals 599.367% per annum. In this case, the maximum PCC is 799.156% per annum.
The essential conditions of the loan agreement applies, in particular, the interest rate on the loan. Its size and definition procedure, including, depending on the change provided for in the loan agreement, the conditions are usually established by the creditor by the Borrower Agreement (paragraph 1 of Art. 819 of the Civil Code of the Russian Federation; Part 1 of Art. 29, Part 2 Art. 30 of the Law of 02.12.1990 N 395-1; p. 4 h. 9 of Art. 5 of the Law of 21.12.2013 N 353-FZ).
In this material, we will consider limiting the interest rate under the consumer loan agreement. It should be noted that the stated equally refers to interest on consumer loan agreements, except for the provisions that are specifically stipulated in the material.
Interest rate on consumer loan
The interest rate under the consumer loan agreement is determined using one of the rates (part 1 of article 9 of the Law No. 353-FZ):
- fixed bet;
- a variable rate, the value of which varies depending on the change in the variable value provided by the contract.
According to the loan agreement concluded with the Borrower-Citizen, the lender, as a rule, cannot unilaterally reduce the validity of this contract, increase the amount of interest or change the procedure for their definition. In terms of consumer loan, the Bank has the right only to reduce the permanent interest rate unilaterally (part 4 of article 29 of the Law No. 395-1; Part 16 of Art. 5 of the Law N 353-FZ).
In the consumer loan agreement, providing for the obligatory conclusion by the Borrower of the Insurance Agreement, may contain a condition for the right of the lender in the event of non-fulfillment by the borrower of this duty over 30 calendar days to make a decision to increase interest rates on the loan issued. Under such circumstances, the increase in the rate is limited by the level of the rate at the time of the conclusion of the Agreement on similar loan agreements, but without the obligatory conclusion of the insurance contract, as well as rates at the time of accepting a decision on an increase in its size (part 11 of article 7 of the Law No. 353-FZ).
Restriction of the value of the consumer loan rate
The legislation establishes the full cost of consumer loan (hereinafter referred to as PSK), which affects the interest rate on it. So, at the time of the conclusion of the agreement, the PCC cannot exceed more than 1/3 of its average importance, calculated by the Bank of Russia to the corresponding calendar quarter. In the event of a significant change in market conditions, the Bank of Russia can establish the period during which this restriction is not applicable (part 11 of Art. 6 of the Law N 353-FZ).
Note. Bank of Russia quarterly calculates the average importance of the PSK as a weighted average value of at least one hundred largest creditors on a certain category of loans or at least 1/3 of the total number of lenders providing a certain category of loan (h. 10 tbsp. 6 of the Law N 353-FZ).
The average value of the PSC is published by the Bank of Russia quarterly. Thus, under consumer loan agreements concluded in the second quarter of 2017 by credit institutions for the purchase of cars with a mileage from 0 to 1,000 km (with a pledge of a car), such a value is 15.768%, and the maximum value of PSK - 21.024% (Part 8 Art. 6 of the Law N 353-FZ; information of the Bank of Russia "On the average values \u200b\u200bof the full value of the consumer loan (loan)").
Interest rate on a microfinance agreement of a microloan agreement
We note a feature regarding interest on microloans provided by the Bank, but a microfinance organization (hereinafter - MFIs).
If the short-term (up to the year) agreement of the consumer microloan is concluded with MFIs from 01/01/2017, the amount of interest on it is limited to the three-time loan amount. According to the contracts concluded from March 29, 2016 to 12/31/2016, such a ban acts if the amount of accrued interest and other payments under the contract (with the exception of penalties and fees for additional services) is a four-time loan amount (p. 9 h. 1 Art. 12 of the Law of 02.07.2010 N 151-FZ; Part 7 of Art. 22 of the Law of 03.07.2016 N 230-FZ;
Not all loans and loans are the same. Understanding the principles of accrual of monthly payments on the loan, including the total amount of interest that you will eventually have to pay for the use of borrowed funds is very useful when choosing ideally suitable lending conditions. The calculation of the exact amount requires certain calculations by a rather complicated formula, but this process can be simplified if you use Excel functionality.
Steps
Study of basic information about the planned loan
- with annual accrual - 110412,17 rubles;
- with monthly accrual - 110512.24 rubles;
- with daily accrual - 110521.28 rub.
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Use longer loan time to pay smaller amounts monthly, taking into account the fact that you will have to pay more. The term of the loan determines the period during which you undertake to repay the loan. Again, credit times depend on the specific types of loans, and you should choose this version of the loan, where the repayment time will satisfy your needs. If you are not sure that you will be able to pay a less long-term loan with a higher amount of monthly payments, you can always choose a longer loan with smaller monthly payments, but more of their total summary. A longer loan period usually means an increase in the total amount of interest paid, but reduces the monthly loan payments. Suppose you take a car loan in the amount of 200,000 rubles at 5% per annum. The value of monthly annuity payments at different credit periods will be as follows:
Percentage payments manually
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Examine the formula for accrualing complex interest. Despite the presence of a huge number of online calculators for calculating payments and interest on loans, an important understanding of the principle of these calculations plays an important role for the adoption of a conscious decision on loan. To calculate payments and interest on the loan, it is necessary to use a mathematical formula that looks like this: Payment \u003d Basic loan amount * i (1 + i) n (1 + i) n - 1 (\\ DisplayStyle (\\ Text) \u003d (\\ Text (basic loan amount)) * (\\ FRAC (I (1+ i) ^ (n)) ((1 + i) ^ (n) -1))) ,
- where "I" represents a percentage rate, and "n" is the number of loan payments.
- Like most other financial formulas, this formula only looks so frighteningly, but in fact the calculation is not so complicated. As soon as you understand the principle of substitution of their data in the formula, the actual settlement of monthly payments will be easier than simple.
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Adjust the interest rate under the frequency of your loan payments. Before substituting the numbers in the formula, adjust the interest rate "I" under the frequency of credit payments.
Determine the total number of loan payments. To find out what number to substitute in the formula instead of "n", it is necessary to calculate the total number of loan payments, which you will need to implement for the entire loan period.
Calculate the amount of monthly annuity payment. To find out the magnitude of the monthly loan payment, you can only substitute the data in the formula. The upcoming calculations may seem complicated, but if you act step by step, you quickly cope with the calculations and learn the result. Below are the phased calculations of the amount of the monthly payment for the example above.
- In the continuation of the example mentioned above, we assume that the initial amount of the loan is 100,000 rubles. In this case, the formula with substituted data will look like this: 100000 * 0, 00375 (1 + 0, 00375) 3 60 (1 + 0, 00375) 3 60 - 1 (\\ displaystyle 100000 * (\\ FRAC (0.00375 (1 + 0.00375) ^ (3) 60) ((1 + 0.00375) ^ (3) 60-1)))
- 100000 * 0, 00375 (1, 00375) 3 60 (1 + 0, 00375) 3 60 - 1 (\\ displaystyle 100000 * (\\ FRAC (0.00375 (1,00375) ^ (3) 60) ((1+ 0.00375) ^ (3) 60-1)))
- 100000 * 0, 00375 (3, 84769 ....) (1 + 0, 00375) 3 60 - 1 (\\ DisplayStyle 100000 * (\\ FRAC (0.00375 (3,84769 ....)) ((1 +0,00375) ^ (3) 60-1)))
- 100000 * 0, 01442 ..... (1 + 0, 00375) 3 60 - 1 (\\ displayStyle 100000 * (\\ FRAC (0,01442 .....) ((1 + 0.00375) ^ (3 ) 60-1)))
- 100000 * 0, 01442 ..... (1, 00375) 3 60 - 1 (\\ displayStyle 100000 * (\\ FRAC (0,01442 .....) ((1,00375) ^ (3) 60-1 )))
- 100000 * 0, 01442 ..... 3, 84769 ..... - 1 (\\ displaystyle 100000 * (\\ FRAC (0,01442 .....) (3,84769 .....- 1) ))
- 100000 * 0, 01442 ..... 2, 84769 ..... (\\ displaystyle 100000 * (\\ FRAC (0,01442 .....) (2,84769 .....)))
- 100000 * 0, 00506685 ..... \u003d 506, 69 (\\ DisplayStyle 100000 * 0.00506685 ..... \u003d 506.69)
- 506,69 rub. - This is your monthly loan payment.
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Calculate the total amount of interest on the loan. Now that you know the amount of monthly payments, you can find out the amount of interest that you need to pay for the entire use of the loan. Multiply the total amount of payments on the amount of monthly payments. Then deduct from the result the initial loan amount.
- Using the above example, you should multiply 506.69 by 360, and you will succeed 182408 rubles. This is the total amount of payments for the loan for his entire period.
- Deduct the initial 100,000 rubles of the loan from this amount, and you will remain 82408 rubles. The last value reflects the amount of interest that you need to pay for the use of the loan.
Calculation of interest payments using Excel
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Enter the basic amount of the loan, its term and interest rate in one Excel table column. If you enter into separate cells of the Excel table information about the loan amount, credit period and interest rate, the program will help you make further calculations of monthly payments. Next, the following example will be considered in the text for convenience.
- The loan amount is 100,000 rubles. Launch period - 30 years, and an annual interest rate - 4.5%.
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Enter the value of the initial loan amount with a minus. Excel must perceive this figure as your debt. To do this, it should be made negative and, besides the minus and the numbers themselves, no longer enter any signs denoting currency.
- -100000 - Basic loan amount.
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Specify the number of payments on the loan. If you wish, you can specify the credit period in years without transferring it within the number of months, but then the calculation will be made on the annual interest accrual, and not a monthly one. And since loans are usually paid monthly, you need to multiply a loan period for 12 months to calculate the total number of monthly payments. Write down the result in the cell below.
- -100000 - Basic loan amount.
- 360 - The number of loan payments.
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Convert interest rate in accordance with the number of loan payments per year. In this example, we know the annual interest rate, which is applicable for a whole year. However, loan payments must be carried out monthly, so you need to find out a monthly interest rate. Since the rate of 4.5% corresponds to 12 months, simply divide it to 12 to calculate the value of the monthly interest rate. At the end of the calculations do not forget submit percentages in the form of a decimal fraction.
Use the function "\u003d PLT ()" to calculate the credit annuity payments. Excel contains a finished formula for calculating monthly interest payments on a loan. To implement the calculations, you only need to substitute your data into it. Click on an empty table cell, then find the formula string for manual input of the formula into the cell. It is located on the toolbar directly above the table to the right of the button with the "FX" inscription. Click on the line and start entering the function "\u003d PPT ("
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Enter the function arguments in the correct order. In brackets, specify the data necessary for the calculation of annuity payments, separating them with a comma. In the example, after the name name, you need to enter the following: "(interest rate; number of periods; initial loan amount; 0)".
- For the example above, the full entry in the cell should look like this: "\u003d PPT (0.00375; 360; -100000; 0)".
- The last argument should be specified zero. He suggests that by the end of all payments, the balance of calculations should be zero.
- Do not forget to close the brackets after entering the arguments.
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Press the "ENTER" key so that the result of the calculation of annuity payments is displayed in the cell. If you correctly entered all function arguments, the result of the calculation will appear in the corresponding table of the table.
- In this example, it will be the amount 506,69 rub.. It is precisely the amount of a monthly payment on this loan.
- If you see the error in the cell "# number!" Or another incorrect result, it means that you missed the function or its arguments. Double check the input string and try to correct the shortcomings.
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Calculate the total amount of loan payments by multiplying a monthly payment for the total amount of payments. To find out the total amount of loan payments, you only need to multiply a monthly payment by the number of payments for the entire loan period.
- In this example, multiplication of 506.69 per 360 gives 182408 rubles. This is the total amount of loan payments for the entire loan period.
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Calculate the total amount of interest by reducing total loan payments to the initial loan amount. If you want to know how much percent you need to pay for the use of the loan, you must perform the simplest subtraction operation. Reduce the total amount of loan payments on the initial loan amount.
- In this example, it is necessary to subtract 100,000 rubles from 182408 rubles. As a result, you will get 82408 rub. This is the total amount of interest for the entire loan period.
Calculated table for automatic calculation of interest payments
The table below clarifies how in Excel, in the Google Table application or in a different tabular program, make calculation of interest payments for any parameters. Just fill it with your own data. Note that where it is indicated F X \u003d (\\ DisplayStyle FX \u003d)The entry should be carried out through the formula input line on the table to the right of the "FX" button. The combinations of letters and numbers (A2, C1 and so on) correspond to the designation of specific cells in the Excel program and the Google Table application.
An example of a table of calculation of annuity payments
A. B. C. D. 1 [Basic loan amount] [Total payments] [Annual interest rate] [Monthly interest rate] 2 With minus Loan amount (-100000) Total amount of payments in months (360) Annual interest rate in the form of a decimal fraction (0.05) Monthly interest rate (divide the annual bet on 12) 3 Monthly payment FX \u003d PL (D2; B2; A2; 0). Note: The last argument of the formula is zero. 4 Total payment FX \u003d Production (D3; B2) 5 Total interest on the loan FX \u003d sums (D4; A2) - Understanding the principle of calculating payments on the loan allows you to cut off the unsuitable lending options and choose exactly the conditions that you are really suitable.
- If you have a non-permanent income, it is likely that the best choice can be a loan not necessarily at the lowest rate, but with a long credit term and less frequent and not as large payments, despite the fact that in total on it you will have to pay more percent .
- If you have good permanent revenues that leave at your disposal a lot of free funds, it will probably be wiserfully to take advantage of a loan with a favorable bet, with fewer periods and higher monthly payments, as this will reduce the total amount of interest for the entire loan period.
Warnings
- Often, loans with a minimum interest rate turn out to be not the most profitable payments. With the knowledge of the principles of calculating payments on the loan, you will be able to quickly appreciate the real cost of using borrowed funds that you eventually have to pay.
Sources
- http://www.interest.com/home-equity/calculators/monthly-payment-calculator/
- http://www.investopedia.com/terms/i/interestrate.asp.
- https://www.sravni.ru/avtokredity/calculator/?productType\u003d15&isPeriodChanged\u003d¤cy\u003d1&IsInitialAmountInPercents\u003d0&IsRetirees\u003dfalse&CreditSubTypes\u003d0&amount\u003d1000000&initialAmount\u003d300000&period\u003d3-0-0&solvencyProof\u003d127&bankGroupId\u003d0&showAll\u003dfalse&selectedBankId\u003dfalse&orderBy\u003d0&term\u003d
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Enter data on the alleged loan to the credit calculator to quickly calculate interest payments online. The calculation of interest payments is not reduced to the simplest computing. But, fortunately, a quick search on the network by the phrase "Credit Calculator" will allow you to easily calculate the regular amount of annuity payments on the loan, if you are known for the initial credit conditions that should be entered into the calculator.
Find out the interest rate on the loan before you take a loan. Interest rate determines the cost of using borrowed funds. It also underlies the calculation of the total interest of the interest you pay the lender for the entire loan period. It is beneficial for you that the interest rate is as low as possible. Even 0.5% of the difference may present a huge amount in monetary terms. If you prefer to pay smaller loan amounts, you will probably need to increase credit period, agree to a higher interest rate (due to increased risk for the creditor) and pay more percent, but thereby reduce the financial load on your monthly budget. Such a credit option prefers people with lower savings and those whose salary strongly depends on bonuses and commissions. Nevertheless, we recommend that you try to find this option of lending at which the interest rate on the loan will not exceed 10%. Currently, in Russia, interest on various types of loans, on average, fluctuate in the following limits:
Learn the frequency of credit interest. From a technical point of view, the frequency of interest accrual determines the amount of interest paid by the lender. The more often interest is accrued, the greater the amount you need to pay as a result, since you will actually have less time to repay interest and prevent the growth of their sum. For example, if you have taken a loan in the amount of 100,000 rubles at a preferential rate of 4% per annum, then the total amount of loan payments may be different at different frequency of interest accrual:
