You will need
- - access to the Internet.
Select a credit offer. To find information on loan terms in Bank branches or on their Internet sites. If you need a loan to one specific case, for example, buying a car or financing education, stop their attention on the target loans. You will have limited opportunities to spend money, but interest on such loans is usually lower.
Carefully read the conditions of your chosen loan term; a list of documents that must be provided to the Bank; restrictions on the age of the borrower and its experience. Count the interest only on that loan that suits you on all parameters.
Calculate the percentage of the loan you have chosen. There are two important rate - the interest rate on the loan and the full cost of credit (PSK). The difference is that PSK is calculated by the formula by the Bank of Russia and must show the real overpayment on the loan including all interest and fees. To calculate the UCS, that is, the effective interest rateby using various online calculators.
But in some cases the figure is inaccurate, for example, in the case of credit cards PSK can reach huge values due to the particular formula of its calculation. Therefore, in the case of credit card, guided by a specified Bank interest rate by adding the annual service fee and a Commission for cash withdrawals if you use this service.
Finding the interest on the loan, calculate the amount subject to repayment during the entire period. To do this, go to the website of your chosen Bank, simply click on "Loan calculator". Select the type of loan, fill in the appropriate fields loan amount, interest rate, Commission for loans and other commissions, loan term, and type of payment - annuity (in equal amounts) or differentiated. After that, the system will give you the amount of monthly payments and the total amount repayable over the whole term of the loan. Based on these data you can conclude if you are suitable for this loan offer.