Banks scare Russians with sanctions for early closing of loans
In March, the Russians broke the record for the number of loans taken out. In the first month of spring alone, clients borrowed 340 billion rubles. At the same time, not only the number of loans increased, but their average amount. The main reason for such popularity of loans is soft credit policy. The “softness” of the banking authorities is manifested not only in the low key rate. Since September 2020, it has become more profitable to repay loans ahead of schedule: banks are obliged to return part of the “unspent” insurance in connection with the full payment of the loan. However, in practice, it is not so easy to repay the loan ahead of schedule.
About 42 million Russians have at least one loan. The average amount of a consumer loan according to March data is 308 thousand rubles. However, almost half of borrowers get rid of debt ahead of schedule, wanting to get rid of credit bondage as quickly as possible and not overpay interest to the bank. Financial literacy of Russians does not warm the pocket for credit organizations.
“Early repayment is not profitable for the bank. The bank spent resources on checking the client, organizing a loan for a certain period, during which it will receive interest, used a certain liability for a loan, for example, a deposit or an interbank loan. When the amount is returned ahead of time, lost income appears. The bank does not always manage to quickly return the funds raised, that is, the expenses on them continue, ”explains Mark Goikhman, chief analyst at TeleTrade.
Earlier, early repayment was completely impossible: the client was actually forced to pay the loan for the entire period. On rare occasions, clients have succeeded in beating banks through the courts. Since 2011, credit institutions have been obliged to provide borrowers with the right to early repayment without additional payments or commissions. However, banks have found a way to compensate for their costs: they began to accompany the loan with insurance, the refusal of which usually threatens with unfavorable terms of the loan. For insurance, as a rule, against the death or incapacity of the borrower, the bank receives a premium from the insurance company. Insurance is for the entire term of the loan and can be a very tangible amount – up to 10% of the loan amount. However, here, too, the state annoyed the banks: since last year they were obliged to return part of the insurance premium in case of early repayment in proportion to the unused loan term.
To close the loan ahead of schedule and return part of the insurance, you must submit an application of your intention to the bank at least 30 days before the full amount is paid. The bank does not have the right to refuse to satisfy the client’s application. But the practice of evading early repayment applications is widespread in banks, because the bank loses the profit that it planned to receive from the client at the expense of interest, ”lawyer Sergei Loshakov told MK. The lawyer told how to avoid problems with early repayment: “It is correct to notify the bank of your intention to repay the loan ahead of schedule. A phone call or a conversation with a bank manager is not a proper notification. The borrower must, in writing, by registered mail through the Russian Post, with a list of investments, send a notice to the legal address of the bank. The legal address of the bank, information about which is contained in the Unified State Register of Legal Entities, is available on the tax website. If problems begin with the bank, then the correct notification will help the borrower to prove his case in court. Any fines, as well as the refusal of early repayment itself, will be recognized by the court as illegal. Moreover, the borrower is a consumer of the bank’s services, which means, according to the law on the protection of consumer rights, he himself can claim compensation for moral damage and compensation. “
Meanwhile, early repayment of loans has chances to become a convenient practice in the market for both clients and banks. In the banking sector, they believe that the client’s desire to pay off the bank ahead of schedule should be looked at from a strategic point of view. “Early repayment of a loan is really not very profitable for banks at the moment, but in the context of building long-term relations with a client, the bank may not lose, but gain. A client who repaid one loan ahead of schedule and without commission can then take another loan or get a credit card. Moreover, early repayment of the loan may have a positive effect on the quality of the borrower by the bank – accordingly, in the future, the bank may issue a larger amount to him, “said Alexander Bakhtin, investment strategist at BCS World of Investments.
Loans do not tolerate quick delivery