Which bank is better to refinance a loan - overview, features and conditions

In the article, we will consider in which bank it is better to refinance a loan.

What does this concept mean? The main essence of refinancing is that a new loan is issued to the client on more favorable terms of a monthly payment. Payments can be reduced, and the loan term, respectively, increased. This system is especially relevant for borrowers whose solvency is temporarily limited.

Lending rates are currently constantly decreasing, which means that many borrowers are considering the issue of re-lending. For example, it happens that the current loan was taken at high interest rates or the client's financial situation worsened significantly. In any situation, refinancing helps to cope with a difficult task.

What is it for and where to make it more profitable?

Below we will tell which bank is better to refinance a loan.

This measure helps to achieve the following results:

• Lower rates.
• Reduced monthly payments.
• Achieving the consolidation of many loans into one.
• Release of liens.

It is impossible to say unequivocally which bank offer is the most profitable, because for a borrower the advantages will lie in various aspects. Minimum rates are important for some, others require a large amount, and still others want to extend credit periods.

Which bank is better to refinance a consumer loan is interesting to many.

Salary projects

In fact, the most favorable conditions for any banking services will be in the institution where a person receives a salary. It is for their customers that such organizations offer the best opportunities. Banks, therefore, seek to attract and expand their base.

In the event that a person acts as a salary client of a small institution that does not offer such a service, then the client should be guided by the type of his loan. Depending on the objectives of the refinancing procedure, its terms will also vary.

So, which bank is better to refinance a loan?

Overview of banking institutions

In the case of commodity, consumer or automobile lending, you can reissue the debt on good terms in the following financial companies:

• Promsvyazbank is an organization for government employees. This institution offers the issuance of amounts from fifty thousand to three million rubles for a period of up to 84 months. The rate is from eleven to eighteen percent per year, without insurance. Without collateral, you can combine POS-loans with cards. Everyone chooses the best bank for refinancing a loan at their discretion.
• Moscow Credit Bank offers customers large amounts of up to two million rubles, which can be returned within fifteen years.In this case, the rate may begin at eleven percent. An additional plus is the lack of need for proof of income.
• Raiffeisenbank offers for re-crediting an amount ranging from ninety thousand to two million rubles. The duration of the agreement varies from one year to five years. As for interest, they make up 11% per year, but when a client refuses personal insurance, a small increase works. Which bank is more profitable than refinancing, everyone wants to know.
• At Alfa Bank, a borrower can count on a loan of up to one and a half million rubles for twelve to sixty months. The interest rate will vary from 11% to 20%, without compulsory insurance. In addition, consolidation of up to five debts is possible.
• At Rosselkhozbank you can get up to one million for a period of up to sixty months, the rate is at least eleven percent. There is a special program for LPH owners.
• Sberbank is ready to offer customers an 11.5% rate. Moreover, in this case, it will be possible to combine up to five different debts at a time in the amount of not more than three million rubles. The maximum return period is up to five years. There is also a product for renewing bad debts.
• VTB 24 has a similar lending program. This financial institution allocates up to three million at a minimum interest of 12.5%, the contract can be drawn up for a maximum of seven years.

Let’s figure out which bank is better to refinance a loan from Sberbank?

This year, this bank announced a reduction in its lending rates. First, we will consider on what conditions today it is possible to obtain consumer loans in it and whether it is worth refinancing them later.

Unsecured consumer lending

Ordinary people who are not payroll clients can receive loans from Sberbank without collateral and guarantors in the amount of up to three million rubles. From time to time, the interest on such loans is reduced as part of the promotion. But today, base rates apply. The conditions are as follows:

• The age of borrowers is from twenty-one years to sixty-five years at the time of loan repayment.
• The minimum loan figure is thirty thousand rubles, and the maximum is three million.
• Validity is from three months to five years.
• There is no commission for providing a loan, but collateral is not required.

Consumer loans for payroll clients

In the event that a person receives a salary with a pension in an account with Sberbank, then a cash loan of up to five million rubles may be issued to him. And most importantly, the likelihood of approval of the application for such persons will be higher than for any borrowers from the street. The conditions are as follows:

• The age of the borrower must be between eighteen and sixty five years on the date of refund.
• The minimum amount is thirty thousand rubles, and the maximum is five million.
• The term for which the service is provided is from three months to five years.
• Commission for the issuance of loans, as a rule, is absent.
• A guarantee is required from individuals who are citizens of the Russian Federation (no more than two people).

Real estate secured loans

Loans secured by real estate are provided to those who are ready to mortgage their property, for example, an apartment, a garage, a house, and spending money is permissible for absolutely any purpose. It can serve as an alternative to a mortgage without a down payment. In order to increase the amount of lending, you can attract co-borrowers. The conditions are as follows:

• The age of the client must be from twenty one years to seventy five years on the date of refund.
• The minimum amount is half a million rubles, the maximum, in turn, should not exceed the smaller of the amount: ten million rubles / 60% of the value of the property that is pledged.
• The term for payment of money is up to twenty years.
• Voluntary health and life insurance is provided in accordance with the requirements of a banking institution.

Basic conditions for consumer loans 2018

To date, with regard to consumer lending, customers are offered the following conditions and features:

• Loans amount to three million rubles.
• Interest rates start at thirteen percent in rubles (and refinancing starts at 11.9%).
• Terms for consumer loans: 24, 48, 36, 72, 60, and 84 months.
• The period for consideration of documents is one business day.
• The validity period of a positive decision is thirty days.
• No guarantee from third parties is required.
• For those clients who have a positive credit history, the employer is not required to present a work book or contract.
• The possibility of partial or full prepayment without commission.

Refinancing loans for individuals

When refinancing is required on a common basis, the following proposals should be considered:

• In Transcapitalbank you can receive an amount from five hundred thousand to ten million rubles. The repayment period is from one year to twenty-five years, and the interest rate is at least equal to 7.6%.
• Interprogressbank is re-lending at a rate of 8.20%. Allocate from half a million rubles, the terms can be up to twenty-five years to return.
• At Ural Bank, rates range from 8.4 to 9.4% per year. Minimum issued from three hundred thousand. There is a long return period of up to twenty-five years.
• Otkritie Financial Company can offer interest from 8.5 to 9.40%. You can receive amounts ranging from half a million rubles, they must be returned in up to thirty years.
• At the Moscow Mortgage Agency, customers will be able to refinance for up to thirty years. The initial rate is 8.70%.

Now it’s clear which banks do refinancing loans.

What should customers always remember?

It is necessary to ask bank employees in advance to calculate the final overpayment as part of the transition with a loan to another financial institution, since in addition to the basic costs of repaying a loan, a citizen will have to incur additional costs for re-evaluating and insuring his property when it comes to mortgage lending. Now we turn to the reviews and find out the opinions of consumers on the issue of refinancing loans.

Which bank is better to refinance a loan on reviews? Learn more about this below.

Reviews

With regard to refinancing loans, many reviews report that the most reliable, and at the same time profitable financial institutions today are Raffeisenbank and Sberbank.

Consumers like the fact that the former offers for re-crediting amounts ranging from ninety thousand to two million rubles. The interest rate also suits customers.

Is refinancing of a consumer loan at Sberbank profitable, according to customers?

This bank, in turn, suits citizens by the fact that it can combine up to five different debts at a time in the amount of not more than three million rubles. In addition, many people like that there is a product in it for reissuing troubled debts.

Conclusion

Thus, large banks are mainly engaged in refinancing loans, which are able to afford to balance the amounts with increased risks of default. Also, this is carried out by new credit organizations in need of an influx of new customers.

We examined in which bank it is better to refinance a loan.