Sberbank: early repayment of the loan (conditions, return of insurance)

Quite often it happens that, having issued a loan for a decent amount, the client after some time with surprise finds that he has been reinsured and is ready to pay off the debt much earlier than the due date. Then again you have to go to the financial institution (say, Sberbank). Early repayment of the loan, oddly enough, is not welcomed by any credit institution. And this is not surprising, because the sooner you repay the loan, the less profit the bank will receive.

Nevertheless, almost all banks allow their clients to return money when they are ready to do it, however, sometimes it requires certain additional conditions, for example, to pay a fine or pay off the balance of the debt in full.

One of the few banking institutions that does not raise any additional requirements for its borrowers is the Savings Bank of Russia. About him and talk.

What is early repayment

So, let's go to Sberbank. Early repayment of the loan can be made without additional conditions. You need to know that this service is complete and partial.

The first is a situation where you instantly deposit the entire amount of debt together with interest and terminate the loan agreement.

In the second case, the loan is only partially repaid. After making the desired amount (exceeding the mandatory payment), part of the debt remains outstanding, and the loan agreement continues.

Honestly speaking, whatever kind of early repayment you use - it's still unprofitable for the bank and, of course, good for you. Five years ago almost all financial institutions fined their clients for such actions, but in 2011 such practice was declared illegal (Article 809, 810 of the Civil Code of the Russian Federation).

Annuity payment method

If you contact Sberbank, the early repayment of the loan, or rather your actions in this case, will depend on how exactly you repay your loan. If you have an annuity schedule, that is, you deposit an equal amount each month, you need to pay off the debt early:

• Advance sufficient amount to the settlement account;
• On the day when the next tranche is being written off, get a special permission from the bank's employee for early repayment of the loan;
• After depositing funds, ask the bank employee to develop a new payment schedule based on the outstanding balance;
• If you have made the full amount, make sure that the loan is closed, and ask the Sberbank employee to give you a certificate confirming this fact.

If the loan has a differentiated schedule

If your payments are uneven, you will also have to visit a credit institution (in our case, Sberbank). Early repayment of the loan in this case occurs approximately according to the same scheme:

• We deposit on the intermediate account a sufficient amount of money;
• We appeal to the bank employee for permission to repay the loan ahead of schedule (or part thereof);
• Sign a special authorization document;
• Please recalculate the balance of the debt and create a new repayment schedule.

Attention! Despite the fact that for the early repayment of the loan Sberbank interest, penalties and fines do not take, but still need to adhere to certain conditions:

• Start an early payment on the loan can be no earlier than 3 months after its execution;
• You can make additional amounts for early repayment at any time, but you must pay the next mandatory payment exactly in accordance with the schedule.

Early repay mortgage

Now consider the issue of early repayment of a mortgage loan. Sberbank on this occasion also does not set any restrictions, you can make any amount and even return the loan in full.

Of course, immediately the entire debt will not be repaid, but smaller amounts can be paid fairly regularly. There are two ways to recalculate the balance of the mortgage debt:

1. Reduce the amount of the monthly payment due to the previously added additional sums. This method is most often used when the client is not sure that the level of his income in the future will not change and he will be able to afford to pay significant amounts for a long time. The total term of the loan remains the same.
2. Leave the mandatory monthly payments at the same level, but due to the overpayment formed, the term of the loan itself should be reduced. This way is more popular, since it is believed that in this way it is possible to substantially reduce the overall overpayment for the loan.

In any case, before it is premature to settle with the debt obligations, it is worth to carefully study the contract. Perhaps, it already pre-registered all the ways and conditions for early repayment.

What do we have to do?

So, the step by step instruction:

1. We submit to Sberbank an application for early repayment of the loan.
2. We fill in other documents, if necessary (the manager will tell you about this).
3. We ask the bank's employee to recalculate the unpaid balance or do it independently using a calculator on the bank's website.
4. We bring money to your credit account.

One important point: if you plan to make an early repayment (full or partial), come to the bank no later than 7 days before the mandatory payment. Otherwise, nothing will turn out, payment will be as usual, and premature repayment will have to be postponed to the next month.

Return of insurance

If you return money before the deadline, you can save not only on interest. Also, you can expect to return insurance for early repayment of the loan (though not everyone knows about it).

First of all, you need to contact the insurance company (not the bank) and submit such documents:

• passport;
• A photocopy of the loan agreement;
• A certificate from the bank that the loan is fully repaid.

You will also have to write an application addressed to the head of the UK, where you indicate that you are applying for the return of insurance when the loan is repaid early.

Before making a decision to return insurance, carefully read the contract. As you understand, nobody loves to part with money, especially insurance companies, so there may be 3 options for the development of the situation:

1. In the return of money you will be denied. This happens with a rather large number of customers. The fact is that in many contracts somewhere in small and "on the fields" conditions are prescribed, according to which the SC protects itself from refunds. Only at the time of registration of a loan for these small letters few people pay attention. You will most likely be able to return your money, only for this you will need to enlist the assistance of an experienced lawyer.
2. The UK will refund your money in part. This development is likely in the case when more than six months have elapsed since the insurance was issued. UK employees usually insist that part of the money went to administrative expenses. If the amount you want to receive is large enough, file a request for a written estimate of the costs incurred. This will get maximum compensation, although, as you already understood, you also have to act through the court.
3. Full refund. Usually all the UK money without questions returns when the loan was repaid within 1-3 months from the date of clearance. In this case, before the trial, most likely, will not come, because the SC is unlikely to find any arguments.

Some nuances

With early repayment of the loan, it is worth taking into account several important points:

1. Before contacting the bank, try to make all the calculations yourself, in this you will help the loan repayment calculator (on the site of the Savings Bank). By filling in the appropriate fields and clicking on the "Calculate" button, you will be able to see what amount is yet to be paid, a new (approximate) payment schedule and other useful information.
2. Most often, you will not be able to pay all the loans in the first month after registration, sometimes this can not be done in the first 3 or even 6 months. Therefore, before drawing up a loan, carefully read the contract, especially the part where it is written about early repayment.
3. Use early repayment whenever possible, because it allows you to significantly save your cash.