Psk rate. Full cost of the loan: essence, nuances, calculation examples

Hello.

With you is the “site, About mortgages in Russian” and I, Dmitry Ovsyannikov.

A man decided to take out a loan.

One bank has a higher interest rate, but there are no fees or commissions;

in another bank the interest rate is lower, but there is a commission “for reducing the interest rate”, and even higher insurance, and even a higher assessment.

What should I do?
How can a person compare lending programs, how can a person compare lending programs taking into account all the additional fees and commissions?

For this purpose, there is such a thing as “full cost of the loan.”

The total cost of the loan is a value that shows at what interest rate the borrower uses the loan money, taking into account all fees and commissions.

The Central Bank obliged banks to calculate the full cost of the loan and provide this information before signing the loan agreement. That is, even before signing the loan agreement, the borrower must find out. at what interest rate he will actually use the money, taking into account all the fees and commissions that the borrower will have.

However, my personal opinion is that the total cost of the loan (in percentage terms) is a completely meaningless value; it confuses borrowers and gives false guidelines. And let's now try to understand why.

The formula for calculating the full cost of the loan is recommended by the Central Bank.

The formula is quite complex, but based on this formula we have made a mortgage calculator, a calculator that allows you to calculate the borrower's payments, allows you to see how much a person will pay on the loan, taking into account all fees and commissions.

Let us use this mortgage calculator.

For clarity, let’s look at one example: let’s compare the loan programs of two different banks.

Under the credit program of one bank, we will have an interest rate of 13% per annum and there will be no commissions for reducing the interest rate (and what: banks have such a commission);

Under another bank's loan program, the interest rate will be 12% per annum, that is, one percentage point lower, but the borrower will have a fee for reducing the loan rate of 4%.

In both cases, we will have an assessment of 5,000 rubles, as well as insurance:

insurance in the amount of 1% of the amount of the debt balance increased by 10%

and there will also be other additional expenses: government expenses. registration, notarization, preparation of an agreement, etc.. In total, these additional costs will amount to 30 thousand rubles.

Let's calculate the total cost of the loan.

To do this we go to the website

We'll need a mortgage calculator.

The mortgage calculator is located in a slightly different location on the website than other loan calculators.

Go to the page with mortgage calculators. What do we see?

We see just the same calculator.

"Payment type: annuity."

Most banks use annuity payments, and there are literally a couple of banks that now have differentiated payments.

The loan amount is 4 million rubles (I once entered this value, and therefore a tooltip immediately pops up);

Interest rate: 13% per annum;

loan term - 20 years.

insurance - 1% of the debt balance increased by 10%, insurance is paid every year,

We do not have permanent commissions that are paid once a month;

Our assessment cost is 5,000 rubles (according to the conditions),

commission for reducing the interest rate - in this case we will not have it;

rental of a safe deposit box - we did not take it into account, we included it in other one-time commissions;

and other one-time commissions amount to 30 thousand rubles. (Just pay attention: not “30,000% of the loan amount”, but “30,000 rubles”.
If you leave it as it was “30000%”, the calculator, in this case. It will just freeze: it will try to calculate this value for a very, very long time. which will work out. Therefore, we carefully look at what data we enter.

What we see:

Top right table:

total credited: 12 million 547 thousand 955 rubles and 65 kopecks.

To repay the debt - 4 million: this is understandable: we took it - and we are returning it. (Look: they took 4 million, and gave 12 million 547 thousand 955 rubles and 65 kopecks to the bank. That is, they gave the bank (they paid in the form of interest) twice as much as they took in the form of a loan. But, as it is, it is).

Our insurance is 632 thousand 914 rubles and 41 kopecks.

Below we see a large table with data.

It shows how much money the borrower pays every month on the loan, how much of this payment goes to repay the debt, how much money from the borrower's monthly payment goes to pay interest. We can also see how much a person has left to pay after he has made his monthly payment.
If a person deposits money for early repayment, they can be entered here, and then the value will be here after the person has made both the scheduled payment and the early repayment.

But we are not very interested in all this now. We are interested in this value: we scroll to the very bottom of the table, we are interested in the “full cost of the loan”: 15 point and 33 hundredths percent per annum.
Let's remember this value, it will be useful to us later.

Close the tab with calculations.

Now in the mortgage calculator we will change the values: the interest rate is 12% per annum, the loan term remains the same as 20 years. The cost of appraisal, insurance - nothing has changed, only a commission has appeared for reducing the interest rate - 4% of the amount of the loan issued.

In this case, we got: 12 million 009 thousand 469 rubles and 14 kopecks.

That is, as you can see, it is more profitable for us to pay a commission for reducing the interest rate and use the loan at a lower interest rate.
And in this case, we will pay the bank half a million less than in the first case.

that is, despite the commission, the program with a lower interest rate turned out to be more profitable.

We look at the full cost of the loan. We also scroll to the very bottom of the page. The total cost of the loan is 14.98% per annum, that is, the total cost of the loan is slightly less than in the first case.

Banks calculate the full cost of the loan based on the period for which the borrower takes out the loan.

But in fact, the overwhelming number of borrowers pay off their loans early.

Let's assume that we repaid the loan not in 20 years, but in 5 years.

Let's see how the overpayment to the bank will change in this case and how the total cost of the loan, expressed as a percentage, will change.

It would be possible to carry out calculations more accurately: by substituting into the mortgage calculator the figures for the amounts of money for early repayment in those months. when we make this very early repayment. But to avoid confusion, I’ll simply change the loan term: instead of 20 years, I’ll put it at 5 years.

But in order not to get confused, and for clarity, to make it simpler, I will do it a little differently. I will change the loan term: instead of 20 years, I will substitute 5 years.

What do we see?

We see that “total credited”: 5 million 818 thousand 553 rubles and 80 kopecks. Of this, 1 million 338 thousand 667 rubles 44 kopecks went to pay off interest. That is, the overpayment to the bank, in this case, is much, much less.

Let's look at the full cost of the loan: wow, the full cost of the loan -

And the total cost of the loan is 16 point and 78 hundredths percent per annum. That is, our overpayment is significantly less, and the total cost of the loan is higher.

Now let's calculate the last value: our interest rate on the loan will be 13% per annum, the loan term remains the same: 5 years.

What is changing with us?

We eliminate the commission for reducing the interest rate.

What do we see?

We see: total credited: 5 million 782 thousand 331 rubles and 24 kopecks.

The total cost of the loan with us is 15 point and 77 hundredths% per annum.

Let's summarize:

When the bank calculates the full cost of the loan, it does not know whether the borrower will repay the loan early or not.
Also, the bank does not know how long the borrower will repay the loan: in 5 years, 10 years, or will not repay the loan early at all.
Therefore, the full cost of the loan is calculated based on the period for which the borrower takes out the loan.
But, as we know, 9 out of 10 borrowers repay the loan early.
Consequently, the data calculated by the bank turns out to be incorrect for the vast majority of borrowers.
It can be noted that as the loan term decreases, the value of the total cost of the loan increases. That is, based on the full cost of the loan, it would seem more profitable to take a loan with a lower interest rate. o lower interest rate - with a longer loan term. In fact, it is more profitable to pay off the loan early, because in this case, significantly less money will be paid for using the loan.
I suggest you look at the data obtained.
Click: “Compare”.
What do we see?
We see a sign. We have an interest rate of 13% per annum, in the second case - 13%.
With a longer loan term, it was more profitable for us to pay a commission and use the loan at a lower interest rate.
But if the borrower uses the loan not for 20 years, but for 5 years, then this program, under which the interest rate is 12% per annum and you need to pay a commission to reduce the interest rate, turns out to be less profitable than the loan program under which the interest rate is higher, but no there is no need to pay commissions.
But the bank calculates the full cost of the loan based on the period for which the loan was issued, which turns out to be incorrect in 90% of cases, because most borrowers repay the loan ahead of schedule.

So how do you choose the best loan program?

You need to think about how long you can realistically repay the loan.
And in the loan calculator, enter the period for which you are able to repay the loan, and not the period for which you take out the loan.

Another recommendation: Do not consider the total cost of the loan: this indicator is “nothing”, this value will confuse you and will not allow you to choose the best lending program.
What needs to be counted?
You need to consider the overpayment that you will have on the loan. In this case, you can better choose a loan program:
We calculated how much money you will pay in one case, to one bank, under one credit program (taking into account all fees and commissions),
calculated how much money you will pay under another program, another bank (again, taking into account all fees and commissions),
We compared the amount of the overpayment and chose the best lending program: we went to the bank where the amount of the overpayment would be less.

If you liked the video, give it a “like”; if you have questions about mortgages, ask them on the portal forum “About Mortgages in Russian.” Well, if you are interested in the topic of mortgages, subscribe to our video channel on YouTube: you will learn a lot of useful things.

Thank you for your attention.

I was with you, Dmitry Ovsyannikov and the project “About mortgages in Russian.”

Quite often, when planning to take out a loan, we pay attention to advertising posters of organizations offering such a service. Having taken advantage of the advantageous offer, clients are very surprised when they find out how much the total cost of the loan ends up being.

The interest rate is not exactly what you will receive when you sign the contract. The amount of the overpayment most often also includes the cost of paperwork and various commissions. So what does the total cost of the loan consist of? What is it and how to correctly calculate the amount of overpayment? Let's try to understand this issue.

What is PSK?

So, what the total cost consists of tells us that this term summarizes all probable payments and monthly payments on the loan. According to Russian law, this amount must be indicated on the first page of the loan agreement, or more precisely, in the upper right corner. The information should be surrounded by a square frame and printed in the largest font that can be used in this case. The inscription must occupy at least 5% of the entire page area. So if, when signing an agreement, you see large numbers enclosed in a black square frame, this is the full cost of the loan. What it is can be explained in simple words like this. This is the entire amount that you will pay in the end when drawing up a loan agreement. It includes interest, commissions, one-time fees, payments in favor of third parties, and so on.

Where did this concept come from?

The only reason for the emergence of such a concept can be considered the abuses of individual financial institutions. They consisted in the fact that, while promising clients attractively low interest rates, banks “forgot” to tell about all the associated costs required under the agreement. The presence of additional payments can offset the low interest rate so much that it will not matter at all.

The negative side of such lending is the client’s inability to realistically assess the prospects and calculate their strength in repaying the debt. This could end sadly. A client unable to pay huge amounts is forced to resort to debt restructuring. At the same time, the borrower’s credit history also suffers.

Of course, it still doesn’t reach the point of open fraud - all conditions and overpayments are openly stated in the contract. But not all citizens have a sufficient level of education to understand its intricacies without the help of a lawyer and economist. All this led to the fact that in 2013 the government adopted a law obliging all financial institutions to bring to the attention of clients such an indicator as the full cost of the loan.

We hope you understand what this is. Now let's talk about where you can find it out and how to calculate this indicator yourself.

How can I find out the full cost of the loan?

As already mentioned, such information must be in the public domain. You can directly ask the manager: “What is the total cost of the loan?” You already know what it is and where to look. So you can just look at the first page of the contract. If you don’t see the right number in the right place, there’s reason to wonder if they’re hiding something from you. An honest bank does not hide the PSC amount. This demonstrates the “purity” of intentions, and also creates a positive image of the institution in the financial market.

What is included in the PSC?

Not all amounts paid by the client are used to calculate the actual rate. will be useful to you) may include the following parameters:

frequency (frequency) of loan repayment;
payments for cash management services;
payment of interest;
payment in favor of 3 persons whose services are necessary to issue a cash loan;
commission (fee) for processing an application or issuing a loan;
the cost of issuing a payment card or electronic payment instrument required upon conclusion of the agreement;
fee for opening a current account.

developers;
expert appraiser;
notary;
insurance organization;

Since when concluding a loan agreement for a period of several years it is quite difficult to predict what the tariffs of third parties will be after some time, those that exist at the time of signing the agreement are used in calculating the full amount of the loan.

What's not included?

It is worth knowing that not all payments associated with applying for a loan can be taken into account when calculating the PSC. The exceptions are:

Expenses not taken into account in the terms of the loan, but required by law.
Payment of penalties and fines for failure to comply with the terms of the loan agreement.
Commissions included in the contract and depending on the behavior of the client himself.

The last point includes the following:

Penalty for early repayment of the loan.
Fee for withdrawing money from an ATM. Some banks only issue money by transfer to a debit card. At the same time, if you try to withdraw all or part of the amount from a non-native ATM, you will be charged an additional percentage.
Fee for providing information about the amount of debt via SMS or email.
Commission payment for conducting transactions in a currency other than the one in which the loan was issued. For example, if you have a ruble credit card, and you made a purchase in a Japanese online store.
A fee charged by a bank for depositing funds from another lending institution.
Payment for the opportunity to suspend banking transactions (card blocking).

Formula

An accurate calculation of this indicator is, in principle, impossible, since everything depends on whether the initial lending conditions were met, down to the smallest detail. The instructions of the Bank of Russia for calculating the PSC propose such a complex formula that not even everyone is able to calculate everything correctly the first time. What can we say about ordinary people?

In this article we offer a much simpler (albeit rather rough) loan calculation. You will still need a calculator, but the calculation will not take much time. So, the formula: PSK = SKr + Sk + P, where:

SKr - credit (loan) amount;
Sk - the amount of all commissions, both one-time and periodic;
P - interest rate;
PSK - full (total) cost of the loan.

All data in this formula are expressed in physical terms, or more precisely, in the loan currency. The total amount of commissions is calculated by adding all known values for the full period of the contract. The amount of the total repayment amount can be found in the payment schedule. It must be provided by the bank.

An example of calculating the total cost of a loan

Let's see in practice how the total cost of a loan is calculated. Example:

loan in the amount of 320 USD e. for 3 years at an annual rate of 16%;
commission for issuing a loan - 2%;
payment for cash services - 1.2%.

First you need to determine the amount of basic interest; it can be found in the loan agreement. In our case, with the annuity payment method, the overpayment amount will be 85 USD. e.

We calculate the amount of the commission for issuing: 320 USD. e. * 2% = 6.4 cu. e.

Now we will find out how much the commission for cash services will be: (320 USD + 82 USD) * 1.2% = 4.86 USD. e.

After all the calculations, you can determine the entire amount: 320 USD. e. + 85 cu. e. + 6.4 cu. e. + 4.86 cu. e. = 416.26 cu. e.

In general, nothing complicated. Of course, this is not the entire penny amount that will be calculated using the complex formula proposed by the state. But the differences will not be too significant. For more accurate calculations, you can use various loan calculators, which are abundantly available on the Internet.

What does the analysis of the PSC indicator give?

Understanding the full cost of the loan first of all gives a clear idea of the real amount of overpayment when repaying the loan. Thus, with seemingly equal interest rates, you can choose the one that turns out to be cheaper. True, we should not forget that the UCS assessment does not take into account quite a lot of factors - in practice, everything may turn out to be different from the calculations.

For example, a person can find funds and repay the loan ahead of schedule. In this case, the amount of overpayment will be significantly reduced. But it could turn out differently. Failure to fulfill the terms of the contract in a timely manner may lead to the application of penalties, which will increase the amount of overpayment many times over. Therefore, when choosing a banking product, you should not rely on the maximum value of the total cost of the loan; you should try to provide for all options.

State control over payments

One of the important functions of the Central Bank is supervision of other financial institutions. The purpose of such attention is to ensure that banks do not abuse their influence and do not inflate interest rates. In this regard, the Central Bank collects the necessary information quarterly and publishes average market values of the PSC for different types of lending. All credit institutions are required to take these indicators into account. Banks do not have the right to offer conditions under which the total cost of the loan will exceed the market average by more than 1/3.

The PSCs announced to the Central Banks are indeed average. After all, they are calculated based on information received from at least 100 of the largest lenders or 1/3 of all financial institutions in the country that provide any specific loan product.

FCC (total cost of credit) shows the actual interest rate on the loan. Previously, this criterion was called the effective interest rate. The parameter takes into account not only the principal amount of debt and interest, but also almost all additional payments by the borrower according to the terms of the loan agreement (commissions, credit card fees, insurance premiums and bonuses, if insurance affects the procedure for issuing a loan). Registration fees, penalties, fines and other payments that do not affect the size and conditions of obtaining a loan are not taken into account.

Formula for calculating UCS

From September 1, 2014, a new formula is in effect for calculating the full cost of the loan. Grounds: Federal Law No. 353 of December 21, 2013 “On consumer credit (loan)” (see Article 6 “Full cost of consumer credit (loan)”).

For the new calculation of the PSC, legislators established a formula that is used in a number of foreign countries to find the effective annual percentage rate (APR, or Annual Percentage Rate).

The formula itself:

PSK = i * NBP * 100 .

NBP is the number of base periods in a calendar year. The length of the calendar year is assumed to be 365 days. With a standard payment schedule with monthly payments under the “annuity” system, NBP = 12. For quarterly payments, this figure will be 4. For annual payments – 1.
i – interest rate of the base period in decimal form. It is found by selection as the smallest positive value of the following equation:

Let's look at the components:

DP k – the value of the kth cash flow under the loan agreement. The amount provided by the bank to the borrower is included in the cash flow with a minus sign. Regular payments under the loan agreement are marked with a “plus” sign.
m – number of payments (number of amounts in cash flow).
e k – period expressed in parts of the established base period, calculated from the end of the qk-th period until the date of the k-th cash payment;
q k – number of base periods from the date of loan issuance to the k-th cash payment;
i – base period rate in decimal form.

Let's show the calculation with an example.

Example of calculating UCS in Excel

The borrower takes out 100,000 rubles on 07/01/2016 at 19% per annum. Loan term – 1 year (12 months). The payment method is annuity. Monthly payment – 9216 rubles.

Let's enter the input data into the Excel table:

Let's make the calculation:

In our example it turned out that i = 0.01584. This is the monthly size of the PSC. Now you can calculate the annual value of the total cost of the loan.

The formula for calculating UCS in Excel is simple:

The value cell is set to percentage format, so multiplying by 100% is not necessary. We simply found the product of the loan term and the interest rate of the base period.

The calculation using the new formula showed the PIC equal to the contractual interest rate. However, in this example, the borrower does not pay the lender additional amounts (commissions, fees). Interest only.

Let's look at another example, with additional costs.

Cash flow will change accordingly. Now the borrower will receive 99,000 rubles. And the monthly payment due to the fee will increase by 500 rubles.

The base period interest rate and the total cost of the loan have increased significantly.

This is understandable, because The borrower, in addition to interest, pays the lender a commission and fee. Moreover, the fee is monthly. That is why there is such a noticeable increase in PSC. Accordingly, the cost of the loan product will be more expensive.

The credit institution calculates the full amount and communicates it to the borrower - an individual as part of the loan agreement before its conclusion (Article 30 of the Law of December 2, 1990 N 395-1; clauses 5, 7 of the Bank of Russia Directive of May 13, 2008 N 2008-U ).
The total cost of the loan (TCC) is determined in percent per annum using the following formula (clause 1 of Bank of Russia Directive No. 2008-U dated May 13, 2008):

Where di is the date of the i-th cash flow (payment);
do - date of initial cash flow (payment). It coincides with the date of transfer of funds to the borrower;
n - number of cash flows (payments);
DPi is the amount of the i-th cash flow (payment) under the loan agreement. In this case, the loan amount is also taken into account as cash flow, but with a minus sign. Borrower payments are recorded with a plus sign;
i is the serial number of the cash flow (payment).
In this case, for the correct calculation of the UCS it is necessary:

determine which borrower costs are included in the calculation of the PSC and which are not;
use a specific algorithm for accounting for these costs.

Determination of the borrower's costs included in the calculation of the PSC

When calculating the PSC, all payments related to the conclusion and execution of the loan agreement are taken into account, including (clause 2.1 of Bank of Russia Directive No. 2008-U dated May 13, 2008):

on repayment of the principal debt and on payment of interest on the loan, reflected in the payment schedule issued by the bank;
commission for processing a loan application;
commission for granting a loan. This commission can be called differently, it is important that we are talking about a commission, the payment of which is a condition for granting a loan;
commission for settlement and operational services.

When calculating the PSC, the following are not taken into account (clause 3 of Bank of Russia Directive No. 2008-U dated May 13, 2008):

payments by the borrower provided not by the loan agreement, but by legal requirements. With consumer lending, such payments do not arise; they are relevant for targeted types of lending, for example, for the purchase of vehicles or for the purchase of real estate;
payments related to the borrower’s failure to comply with the terms of the loan agreement (fines, penalties);
commissions, the amount and terms of payment of which depend on the decision of the borrower and (or) his behavior. For example, a commission for cash services when receiving or repaying a loan in cash, a commission for a wire transfer of funds;
fee for providing information, for example, about the status of debt.

Algorithm for accounting for borrower costs

Payment amounts are taken into account in the formula as a separate term on the date according to the repayment schedule. If several payments are made on one day, the total payment is used in the calculation.
All expenses incurred by the borrower before the date of granting the loan are included in the calculation as of the date of granting the loan (clause 1 of Bank of Russia Directive No. 2008-U dated May 13, 2008).
Expenses made by the borrower in a currency other than the loan currency are recalculated into the loan currency at the Bank of Russia exchange rate on the date of their commission (for payments made up to and including the current date) or the date of calculation of the PSC (for payments planned to be made in the future). True, in consumer lending such a situation can arise extremely rarely: the borrower bears all his expenses only in favor of the bank and, as a rule, the bank sets all additional expenses (commissions) in a currency corresponding to the currency of the loan itself. The need to convert all expenses into the loan currency is relevant for targeted loans - for the purchase of vehicles or for the purchase of real estate, where additional expenses arise for the borrower to third parties, for example, for insurance of the purchased property, and such expenses are always made in rubles.

Example of UCS calculation

As you can see, the formula for calculating the PSC is quite complicated for a borrower who does not have special knowledge, so it is unlikely that it will be possible to calculate the PSC simply using a calculator. To do this, it is better to use the MS Excel function "NET".

Example
The loan issuance date is 01/01/2013.
Loan amount - RUB 300,000.
Interest rate - 12% per annum.
The loan term is 12 months.
The fee for granting a loan is 1% of the loan amount, that is, 3,000 rubles. The UCS calculation will look like this:

monetary (payment)	total amount monetary (payment)	Composition of cash flow (payment)
monetary (payment)	total amount monetary (payment)	In repayment percent	In repayment main	commissions

The calculation includes values from columns 1 and 2.

The TSC will be 14.82%.

Problematic moment

Often, borrowers equate the PSC with the overpayment on the loan. This is the most common mistake that leads to many questions from borrowers, in particular with partial early repayment of the loan. The fact is that with partial early repayment, the value of the PSC does not decrease, as everyone expects, but increases. And the greater the early repayment amount, the greater the PSC will be.
This is a mathematical and economic feature of the formula. In the financial world, this formula is used to calculate the average income that the capital invested in an investment project brings. Consequently, if the money invested by the investor (in this case, the bank) is returned faster than expected, the profitability increases. That is, this formula is indicative more for banks investing money in lending, and not for borrowers.
It is difficult to say why the Bank of Russia decided to use this particular formula, which is not very indicative for ordinary consumers, to calculate the PSC. It can be assumed that this is due to the main goal pursued by the Bank of Russia when introducing the PSK - to introduce a single calculation indicator that will help consumers, before concluding a loan agreement, choose from the variety of bank offers (with different commissions, rates, etc.) loan that is most beneficial for them. The formula for calculating the UCS helps to achieve this goal.

You took out a loan and the lender told you the interest rate. For your own safety, you calculated the approximate amount of overpayment and monthly payments, but these figures did not agree with those stated in the contract. Why? The bottom line is that only the interest rate is written in capital letters in the contract, but additional conditions (for example, loan fee, insurance, etc.) are indicated in notes or footnotes at the bottom of the page. Therefore, in order to save your funds, you need to clarify each clause of the contract.

Thus, the total cost of the loan is the most important indicator that the borrower should focus on when choosing the type of loan. However, due to his ignorance of this issue, the client relies only on the interest rate, without taking into account other indicators. As a result, the borrower of an “interest-free” loan receives money at a rate of up to 80%. Because of this, the number of delays increases, clients blame the bankers, although they themselves are to blame for their inattention. In this article we will try to understand what the full cost of a loan is and what its main components are.

Loan details

The total cost of the loan is expressed as a percentage per annum and shows the final amount of overpayment for using the loan. Previously, this term had a different name - “effective interest rate”. But it was not in demand, since borrowers equated it to the regular interest rate.

The question arises: why can’t everything be taken into account at one rate, which includes both commission and insurance. The answer lies on the surface. A bank is the same store where the goods are bank cards, loans, and deposits. And hiding the true amount of overpayment under the “fine print” is just a marketing ploy to attract customers. It turns out that the bankers are not lying to us, they are just keeping silent about the details, so it is necessary to concentrate on every note and clause of the contract.

If you take out a loan from microfinance organizations, you will be surprised, because they do not hide or hide additional fees in contracts, as other banks do. They simply do not have this additional interest, because the overpayment rate itself exceeds reasonable limits. You will pay a fixed amount, but on the condition that you are a respectable payer, otherwise you will be charged penalties and interest.

According to the law that came into force in September of this year, each bank is required to calculate the full cost of a consumer loan and report the indicator to the Central Bank of the Russian Federation. The provision of Central Bank loans to ordinary banks is carried out according to a different scheme, which differs significantly from consumer loans.

How to calculate?

The value can be obtained by summing up the entire accrued commission (one-time and periodic), the amount of the annual accrued interest rate, and, accordingly, the loan amount. To understand how the calculation is carried out, let's give an example. A client approaches a bank with a loan application in the amount of RUB 200,000. for 24 months at 15% per annum. Commission for issuing funds is 2% and 1.5% for operational services. Let's determine the amount of basic interest, it is 31 thousand rubles. (the amount is specified in the contract). The commission for issuing a loan is 4 thousand rubles. (200,000*2%), and for operational services 3,465 rubles.

Therefore, the total loan amount is: 200,000+31,000+4,000+3,465=238,465 (rub.)

The example shows that calculating a loan is not that difficult, but to simplify the operations, various loan calculators have been created. There are banks that also include lost profits in the loan amount, that is, funds that could have been received through a possible investment. Calculating the full loan amount helps to compare and analyze completely different programs. Here's an example:

As we can see from the example, although the interest rate is lower, the total amounts of overpayment are equal. This is due to the added commission (one-time payment). The question arises, which offer is more profitable? Of course, the first one, although the rate is a little higher, it will be easier for the borrower to repay these 14,736 rubles over 5 years rather than in one lump sum payment.

What indicators affect the amount of credit or loan?

Payments based on the loan.
Interest payments.
Payments that include commission (one-time and monthly).
Payment for credit card services.
Payments to third parties provided for in the loan agreement.
Insurance payments (compulsory and voluntary).

There are also indicators that do not affect the loan amount:

Payments not provided for in the contract, but required to be paid by federal law (for example, payments for registering collateral).
Penalties for late payment.
Payments, the payment of which depends on the client himself (fee for servicing an unused card).
Payments for insurance of collateral property.

Some banks, for their own enrichment, charge additional fees not provided for by law:

Payment for the maintenance of the loan account.
Payment for early repayment of a loan.

You have the right to contact Rospotrebnadzor if the bank demands payment from you for these commissions. The overpayment of commissions that may arise after the conclusion of the contract should in no case be taken into account when calculating the final amount:

Fee for early loan repayment.
Fee for exceeding overdraft limits.
Fee for issuing account statements.
Fees for settlements or transactions in a currency other than that used in the current account.
Fee for withdrawing funds from ATMs of other banks.
Interruption fees.
Card reissue fee.
Fee for inclusion in the stop list.

To summarize, we can say that you should not blame the bank for charging you an “unnecessary commission”. Firstly, each additional unit of overpayment is indicated in the contract; it may be hidden, but it is there. Secondly, even if the bank confronts the client with the fact of a huge overpayment, the borrower has the right to refuse; this is his own decision.

In order not to fall for the bank’s fraudulent moves (for example, they told you about insurance, took it into account when calculating the final cost of the loan, but did not tell you that it is voluntary and you can refuse it), you only need to have basic economic knowledge and have an initial level financial intelligence, otherwise banks will benefit from your lack of enlightenment.

Many banks, and even regular lending sites, provide a special online calculator that will calculate the cost of your loan in accordance with the terms of your loan agreement.

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