Refinancing in VTB: conditions and reviews

Modern society hardly already represents its existence without financial support from banks. And the more banks offer, the more demand from consumers. After all, the very opportunity to take a thing and not pay for it is of genuine interest. But, unfortunately, not always needs and opportunities may overlap.

When you can not repay the debt to the bank, you can use the services of refinancing. Refinancing in VTB 24 is a great way to solve the problems that have arisen.

About the Bank

VTB 24 is one of the largest representatives of financial organizations operating in the economic market. He is a member of VTB's international group and considers work with individuals, entrepreneurs and small business owners as a priority. The bank covers about 72 regions of our state, offering consumers basic financial products: lending, corporate services, money transfers, opening of deposits, as well as a refinancing program. Refinancing in VTB is an excellent way to reunite several loans and reduce the interest rate. Let's consider this issue in more detail.

Refinancing concept

The very essence of refinancing is to draw up a new loan in order to close credit obligations to other banks. Each bank, with on-lending, tries to create comfortable conditions for its client: change the amount of the monthly payment, the loan period and the date of making payments. VTB 24 refinances exclusively for the benefit of the borrower, helping him avoid fines and while maintaining a good credit history.

But every client of the bank wishing to conclude a refinancing agreement should understand that when the payments are reduced, the credit period increases, and in some cases the interest rate on the loan, which entails a substantial overpayment.

Primary requirements

When does the refinancing take place? Banks (VTB 24 including) carry out this operation only if the borrowers meet the requirements of the organization. This includes:

• Age restrictions: the bank renders services to persons from 21 to 70 years of age.
• Presence of Russian citizenship.
• Presence of constant earnings.
• Positive credit history.
• Work experience in the last place should be at least a year.
• Presence of guarantors.
• Full package of documents.
• VTB Bank refinances loans only if the financial institutions where the loans were taken are not VTB Group.

Documentation

If the borrower meets all the above requirements, he will need to collect and submit the following package of documents:

• Passport of a citizen of the Russian Federation with a note on the permanent registration in the credit region, a copy of this document.
• The certificate of income, which must be processed within a month before the time of contact with the bank.
• Insurance certificate.
• A statement of the guarantor and a copy of his passport.
• A document confirming the ownership of the property.
• A copy of the work record (employment contract) in the case when the loan exceeds half a million.
• Directly a loan agreement.
• Application of the borrower.

Refinancing in VTB 24 will be formalized only when a bank employee checks all submitted documents and information about the borrower. Individuals who are salary customers of the organization may be re-credited with the provision of a minimum package of documents.

Ways to apply

The application for refinancing in VTB 24 can be submitted in several ways:

1. Visit the bank's office, where the manager directly tells you how to fill out the application form and what documents you need to provide.
2. Fill in the online form. To do this, go to the official website of the bank, find the appropriate tab and enter the necessary data.

The Borrower shall indicate:

• Data on the current loan: type, lending period, interest rate, debt balance at the current date, BIC of the lending bank and current account;
• Contact details;
• Place of main work;
• Work experience at the last place of work.

Usually it takes one day to review an online application, after which the bank employee calls back to clarify emerging issues and announce the financial institution's decision.

Types of refinancing: mortgage

Renovate the mortgage loan will help VTB Bank 24. Refinancing is carried out in several stages:

• A new loan agreement is made on the security of real estate or the purchase of an apartment.
• The obligations to the creditor bank are closed, and the real estate is transferred as a pledge of VTB 24.

It is possible to refinance for an amount ranging from half a million to 90 million rubles. For a period of 5 to 50 years. The interest rate varies from 12.95 to 17.4%. Everything will depend on the loan product. Either it will be a mortgage for the purchase of real estate, or a non-earmarked loan against an apartment. Salary clients can expect minimum rates and a simpler procedure for issuing a loan.

Consumer credit

Almost 100 percent approval for consumer loans and re- issuance of credit cards is guaranteed by VTB 24. Refinancing loans can combine up to nine contracts from different banks that are not part of VTB Group.

The main conditions for refinancing are:

• The amount of the principal debt on a loan or on a credit card varies from 100,000 to 3 million rubles.
• The crediting period ranges from six months to 60 months.
• Interest rate - 15%.

It is believed that this type of refinancing is the most common and the most simple.

Car Loans

If you need to re-arrange the car loan, you can also contact VTB Bank. Refinancing in this case occurs under other conditions:

• The borrowed amount varies from 30 000 to one million rubles.
• The rate is from 13.95%.
• The contract is concluded for up to 60 months.
• Road transport becomes a pledge property of a financial institution.
• The Borrower is obliged to issue a CASCO.
• Monthly payments are made in equal amounts.

In this case, the bank offers its clients quite favorable conditions that allow to avoid problems with the law.

Algorithm of actions

VTB's financial institution refinances loans from other banks on a very clear and consistent algorithm, which the borrower must respect. Let's consider it in more detail:

• The client of the bank must independently know the amount of debt under the current loan and the number of payments paid.
• With the information available, the borrower can apply to VTB 24 by personally visiting any convenient office or by filling out an online form on the organization's website.
• The bank manager on the data provided determines the format of on-lending, conducts the process of reviewing the application, and also reports the results.
• If the bank was given a positive response, the borrower must collect and provide the entire list of necessary documents and transfer it for processing to the manager. Based on these documents, a credit agreement is drawn up, which must be signed by both parties.
• The funds that are transferred to the borrower on the specified account must be paid in order to pay off the existing loan debt to a third-party bank. In the relevant period, the borrower begins to pay cash in favor of VTB under the new terms of the contract.

Proceeding from all of the above, we can conclude that the proposed transparent and profitable conditions, a simple list of documents, a simple algorithm of actions make the VTB 24 refinancing program affordable for most citizens and quite competitive in the financial sector.

Reviews

As in any financial sphere, there are positive and negative sides to the question of refinancing in VTB 24.

According to a number of borrowers in this financial institution, it is rather difficult to achieve refinancing of credit products of other banks. VTB sets very strict conditions. What causes obvious indignation of citizens who want to reduce their headache. In addition, there are customers who complain about refusal to refinance even with an impeccable credit history. Employees of the bank argue that approval of on-lending is not an obligation of the organization, but only a service provided. And the final decision depends only on the bank itself. Some borrowers complain of permanent malfunctions in the VTB online system, payments are also lost, or it is impossible to send money to the destination.

Naturally, the negative reaction is related to personal experience, and it turns out that such borrowers are not lucky, because there are also positive sides. Clients of the bank who successfully passed the refinancing program note the reduction of monthly payments and the quality of the provided service. In addition, the opportunity to write off cash directly from the current account is encouraging. This saves the borrower from having to queue and make payments in advance. The result of all reviews on the work of the bank and the refinancing program can be the words: "How many people, so many opinions".

Here are a few reviews of borrowers:

• VTB, for example, like Sberbank, offers some of the most optimal conditions. But it is advisable not to bring the situation before to collect a bunch of credits, and then to seek opportunities to combine them into one.
• In case of loss of work, the bank rarely meets the client. As a rule, he is refused a refinancing service even if he has a good credit history and unofficial income.
• Often, after filling in an online application, the manager calls back, asks clarifying questions and says that the application is approved. A few days from the bank comes information that you can not provide a loan. At the same time, nothing is explained. For whom then this program?