The conditions for obtaining a loan have become more “transparent” - the Central Bank has banned financial institutions from using “wired” commissions and other tricks to attract borrowers. The client must know the full cost of the loan before signing the loan agreement.

The total cost of a loan (TCC) is the amount that the borrower pays to repay the debt and payments associated with banking servicing of the loan. This value is calculated as a percentage and reflects the real, not the formal appreciation of the loan. The term "full cost of credit" came into use in 2008, replacing the phrase "effective interest rate".

The Central Bank obliged financial institutions to prescribe PSK in a loan agreement. The value is displayed in the upper right corner on the first page of the document.

According to the instructions of the Central Bank, the total cost of the loan includes:

1. Payments related to the execution and fulfillment of the terms of the contract:

• loan body - loan amount;
• interest charges;
• payment for consideration of the application;
• one-time fee for issuing a loan;
• commission for opening/maintenance of a bank account;
• fee for the issuance / maintenance of "plastic" - a debit or credit card.

2. Payments arising from the terms of the contract:

• assessment of the subject of collateral;
• customer liability or collateral insurance;
• costs of notarial registration of the transaction.

Explanation of elements:

• n is the crediting period;
• DP i - the total amount of payments, taking into account commissions, insurance, etc.;
• d i – payment date;
• d o - date of issue of the loan.

Cash flows of different directions in the calculation are taken into account with different mathematical signs. Obtaining credit funds with a "-" sign, repayment of a loan, payment of interest, commissions and insurance with a "+" sign.

The calculation of PSK does not include:

1. Payments arising as a result of the client's failure to fulfill its obligations:

• fine;
• fines.

2. Expenses of the borrower related to the fulfillment of legal requirements (OSAGO).

3. Payments specified in the loan agreement, the terms / amount of which depend on the client himself:

• commission for early/partially early repayment of the loan;
• penalty for exceeding the credit limit;
• payment for the provision of certificates on the state of credit debt.

It is quite difficult to calculate the PSC manually, so you can go the easy way and use the online calculator. The calculation program takes into account all the conditions of the loan agreement and makes calculations according to the approved formula of the Central Bank.

Example. The client of the bank issued a target for the purchase of a refrigerator. The cost of equipment is 30,000 rubles, the loan repayment period is 12 months, the estimated rate is 25% per annum. Additional costs: equipment insurance - 1000 rubles, fee for issuing a loan- 2% of the loan amount, monthly service fee - 50 rubles.

Calculation procedure:

1. Open the Loan Calculator program, which provides the option to calculate the TIC.

2. Enter your loan details.

For the entire period of lending, the borrower will overpay 6490 rubles, which is 21.63% of the loan amount. At the same time, the effective interest rate is not 25% per annum declared by the bank, but 39.60%.

Important! With an increase in the loan repayment period, the total cost of a consumer loan decreases, and the total overpayment increases.

When changing the debt repayment period from 12 to 24 months, the following results are obtained.

As can be seen from the example, the overpayment increased to 11306 rubles, and the TIC decreased to 34.48%.

Four subjects are involved in the transaction for buying a car on credit: the borrower, the bank, the car dealership and the insurance company. The calculation of the cost of a car loan includes several parameters:

1. The price of a car. This value includes the amount of the down payment and the amount of the loan.

2. Interest accrued in accordance with the loan agreement. The loan rate depends on a number of criteria:

• make and type of vehicle;
• the size of the down payment;

4. Notary expenses.

5. Commission for registration and issuance of a loan.

Important! The amount of the insurance premium (about 10% of the cost of the vehicle) and the cost of additional equipment for the car offered by the car dealership can be added to the amount of the principal debt. This will increase the final loan amount and affect the amount of the overpayment.

In order to reduce the payment burden on the borrower, banks have developed a special program - a loan with a residual value. The part of the loan remaining after making the initial installment and payment of payments according to the schedule is repaid at the end of the loan term in one payment.

For example, a client plans to buy a car worth 1,000,000 rubles. on credit. If you issue a loan with a residual payment of 30%, then the remaining 20% ​​is divided into equal payments for 35 months. At the end of the period, the borrower will be able to repay the debt in one of the following ways:

• deposit the remaining amount into a bank account;
• sell the car to the dealer using the Trade in system;
• apply for a loan extension for up to 2 years.

The total cost of the mortgage includes:

1. The amount of the loan (the value of the purchased property minus).

2. The amount of interest accrued for the entire period of the mortgage.

3. Insurance premiums paid at the request of the bank:

• insurance of property pledged against the risks of loss and damage;
• borrower's life insurance.

4. Expenses for real estate appraisal and obtaining an extract from the register of property rights.

5. Cost of registration of the transaction at the notary.

6. One-time commission of the bank for registration / issuance of a loan.

7. Expenses of the borrower for servicing a bank account.

Calculation example. The client buys an apartment on the secondary market, the value of the property is 2,000,000 rubles. To complete the transaction, the borrower plans to take out a loan in the amount of 1,500,000 rubles, the term is 120 months, the nominal rate is 13.5%. The costs of the client on registration of the mortgage will be:

• one-time commission for processing a loan - 1.5%;
• real estate appraisal - 3000 rubles;
• life insurance of the borrower and real estate - 0.5% each (contributions are paid annually based on the debt on the loan);
• expenses at the notary - 10,000 rubles.

All data should be entered into the online calculator calculation form and summed up.

The full cost of the mortgage (effective interest rate) will be 14.68% per annum.

The Central Bank of the Russian Federation has determined the boundary value of different categories of credit products. Banks that exceed these indicators can be held liable, up to the revocation of the license.

Maximum and average market value of the total cost of loans

1. The cost of the loan depends on the amount of the client's down payment (for mortgages and car loans). When depositing more than 50% of their own funds, banks reduce the interest rate and are less demanding on insurance.

2. The client can choose the annual collateral based on the amount owed to the bank. In this case, the amount of the insurance premium will decrease every year.

3. Get a loan "cheaper" in a bank than in a microfinance organization. A separate grid of credit cost limits has been developed for MFIs. The effective rate on a short-term unsecured loan issued by an MFI can reach 900% per annum.

As you have already seen, comparing loans is a rather laborious and time-consuming undertaking. In addition, in order to compare conditions, for example, for mortgage loans from different banks, you need to be well versed not only in lending, but also in insurance, and also be a good lawyer. To simplify the procedure, the Central Bank of Russia introduced such a concept as the "full cost of the loan" (previously, the concept of "effective interest rate" was introduced). For deposits, the concept of the full value of the deposit can be used.

Formula for calculating the total cost of a loan

as follows:

• d i - date of the i-th payment;
• d 0 - the date of the initial payment - is the date of transfer of funds to the borrower;
• n - number of payments;
• DP i - the amount of the i-th payment under the loan agreement. multidirectional payments are reflected with different mathematical signs. Thus, the payment of credit funds to the borrower is reflected with a minus sign, the return of funds and commission payments are reflected with a positive sign;
• TIC - the full cost of the loan, reflected in% per annum

When determining the full cost of a loan, all payments related to the issuance of a loan (commission for issuing, processing an application, etc.) are reflected in the initial payment.

What is included in the calculation of the total cost of the loan:

1. Exactly known payments under the loan agreement, which are payments related to the conclusion and execution of the loan agreement:

to repay the principal amount of the loan;

on payment of interest on a loan;

fees and commissions for drawing up a loan agreement, reviewing an application for lending, issuing credit funds, opening and maintaining an account;

commissions for settlement and cash and operational services

if the calculation is based on a loan on a bank card - commissions for issuing and annual servicing of credit cards

2. Payments to third parties, if the obligation to pay these payments arises from the conclusion of a loan agreement

• real estate or motor vehicle insurance
• payments to notary offices and notaries
• appraisal of pledged property

The calculation of the total cost of the loan does not include

payments of the borrower that do not follow from the loan agreement, but from the requirements of Russian legislation. For example, for a car loan, it will be an OSAGO, which must be concluded in any case;

payments related to non-compliance by the borrower with the terms of the loan agreement. For example, late payments;

payments of the borrower on the loan, which depend on the decision of the borrower or on the variant of his behavior. For example, a fee for early repayment, a fee for receiving cash, a fee for providing information about the state of debt.

If the loan agreement provides for different types of accruals on the loan, depending on the decision of the borrower, the calculation of the total loan amount is calculated based on the maximum possible loan amount (overdaft limit), loan term, equal payments under the loan agreement.

Calculation example:

Basic terms of the loan:

In this example, the total cost of the loan was 55,49 %

As you can see, the total cost of the loan can be very different from the interest rate declared and advertised by the bank. In addition, you should not confuse it with such a concept as an increase in the cost of a loan, which to a greater extent depends not on the interest rate, but on the loan term.

The full cost of a loan is difficult to calculate using a calculator, but Excel can be a huge help in calculating it. In spreadsheets, this calculation is implemented using the IRR (internal rate of return) function. If you need to compare several programs, download

Some credit institutions, with their irresistible craving for profit, sometimes get into such courage that you involuntarily think: “Is there at least some kind of justice for these guys? Or is this lawlessness not controlled by anyone?

Don't panic, friends! The situation is under control, and there is “control over these guys”! All of them are "under the hood" of the Central Bank Russian Federation. One of its functions is to calculate the average market total cost of credit for all types of consumer loans, as well as to ensure that the TIC of credit institutions does not exceed the limit values. But let's talk about everything in order.

How PSK from the Central Bank of the Russian Federation restrains the appetites of creditors

The average market value of the total cost of a loan from the Central Bank of the Russian Federation is a tool that regulates the activities of creditors in the field of consumer lending. The algorithm of operation of this tool is prescribed in parts 8, 9, 10, 11 of the sixth article of the Federal Law of December 21, 2013. No. 353-FZ "On consumer credit(loan). The legislator has established the following rules:

1. 1. Terms of calculation and publication of the average market TIC. Part 8 of Article 6 of Law No. 353-FZ states that the Bank of Russia quarterly calculates and publishes the average market value of the full cost of the loan, no later than 45 days before the start of the quarter in which this value is to be applied.
2. 2. The procedure for determining the categories of consumer loans by the Bank of Russia. This paragraph regulates part 9 of article 6 of Law No. 353-FZ. Here is what it says:

   Categories of consumer credits (loans) are determined by the Bank of Russia in the manner established by it, taking into account the following indicators (their ranges) - the amount of the credit (loan), the repayment period of the consumer credit (loan), the availability of collateral for the credit (loan), the type of lender, the purpose of the loan, use of an electronic means of payment, the presence of a credit limit.
   According to this list of criteria, the Central Bank groups consumer loans, and then calculates the average market value of TIC for each group.

3. 3. Initial data for calculating the average market TIC. According to part 10 of article 6 of Law No. 353-FZ, the Central Bank of the Russian Federation calculates the average market value of TIC based on data received from at least 100 largest lenders or at least 1/3 of the total number of lenders providing loans of the corresponding category.
4. 4. Limit values ​​of TIC established by the Central Bank of the Russian Federation. Part 11 of Article 6 of Law No. 353-FZ states that the total cost of a consumer loan should not exceed by more than 1/3 the average market value of TIC calculated by the Central Bank for loans of this category.

Summarize. So, financial activity in the consumer loan market is regulated by Federal Law No. 353-FZ, which does not allow greedy lenders to rob their customers by setting exorbitant values ​​of TIC. And it's great, friends!

Where are the average market values ​​of the total cost of loans published?

Information on the average market values ​​of the full cost of consumer loans (loans) is posted on the website of the Central Bank of the Russian Federation. By clicking on the given link, you will find yourself on a page with these data.

On its website, the Central Bank of the Russian Federation publishes average market values ​​of TIC for the following financial institutions:

• Credit organizations.
• microfinance organizations.
• Credit consumer cooperatives.
• Agricultural credit consumer cooperatives.
• Pawnshops.

No later than 45 days before the start of a new quarter, pdf-files with calculations from the Bank of Russia are posted on the website. Any visitor can download the file of interest to him for free and get acquainted with up-to-date information on the average market values ​​of the total cost of the loan. This data is presented in the form of a table consisting of four columns. It looks like this:

• First column– serial number of the category line (lines within the main categories are indicated in the format of subparagraphs, for example, 1.1, 1.2 or 2.1, 2.2, 2.3, etc.).
• Second column– name of the category of consumer credits (loans).
• Third column– average market values ​​of the total cost of consumer credits (loans). This indicates the same weighted average calculated value obtained on the basis of data from at least 100 largest creditors or at least 1/3 of the total number of creditors, in accordance with Part 10 of Article 6 of Law No. 353-FZ.
• Fourth column– marginal values ​​of the total cost of consumer credits (loans) in annual percentages. This is the same "bar", above which no creditor providing loans of this category has the right to "jump". The limit values ​​​​are calculated very simply - 1/3 of its value is added to the average market TIC from the third column, in accordance with Part 11 of Article 6 of Law No. 353-FZ.

As you can see, the table is compiled in a simple and understandable format for the user, and most importantly, there is nothing superfluous in it.

Friends, this concludes the series of publications on the full cost of the loan. We hope we managed to reveal this topic as much as possible, and you found answers to all your questions.!

When applying for loans (loans), each borrower probably paid attention to the square frame in the upper right corner of the first page of the loan agreement, in which a certain interest rate was printed in large letters. As a rule, this rate confuses the client, since its value significantly exceeds the annual interest rate announced by bank employees for a loan issued by a person. After some explanations, the borrower calms down and signs the contract with a slight degree of distrust - this is the first reaction to the full cost of the loan (formerly the effective interest rate), which sometimes baffles the bank employees themselves. Consider what it is, what is its formula, the nuances of the calculation, and how it can affect the choice of a bank loan offer.

The full cost of the loan. What it is?

The total cost of the loan (FCC) is the totality of all payments that will be collected from the borrower as part of the conclusion and execution of the loan agreement. The term and amount of such payments are calculated in advance, even at the time of registration of credit documentation - in the form of a table of monthly payments, and the obligation to pay them is established by the terms of the loan agreement.

This indicator is calculated as a percentage per annum and is calculated according to the formula in Article 7 of Federal Law No. 353-FZ “On Consumer Credit (Loan)” - there are also explanations for the calculation, which we will analyze in the article.

Now a few excerpts from the law, and let's start with the formula for calculating the PSK, which is given below.

We believe that there is no particular point in going into the details of each value, let certified economists do it. We are more interested in the practical meaning of the value obtained and what it includes.

Based on the Directive of the Central Bank of the Russian Federation dated May 13, 2008 No. 2008-U “On the procedure for calculating and communicating to the borrower - an individual of the full cost of the loan”, any financial institution is obliged to inform its borrowers about the rate of the full cost of the loan.

The PSK is displayed in a clear black font on a white background in a square frame in the upper right corner of the first page of the consumer loan agreement. The area of ​​the frame must be at least five percent of the area of ​​the contract page. The font size must exceed the maximum size of all fonts used on this page.

The TIC established in relation to the loan agreement cannot exceed its average market value by more than 1/3, which is calculated and published by the Central Bank of the Russian Federation once a quarter.

As you can see, the Central Bank cares a lot about borrowers and seeks to bring to it the real cost of overpayments on a loan. Does the full cost of the loan reflect all the real overpayments of the borrower and can it be used to evaluate all real overpayments? We will give an answer to this question a little later, but for now we will show which payments are included in the TIC and which are excluded from the calculation.

What is included in the calculation of the PSC?

The calculation of the final cost of the loan, which until 2008 was called the effective interest rate, includes:

1. All expenses (payments) of the borrower as part of the conclusion and execution of the loan agreement, which consist of:

• the debt itself (loan body);
• payment of interest on the loan in accordance with the loan agreement;
• commissions and fees associated with the consideration of a loan application and the issuance of a loan (for example, a commission for issuing a loan,);
• fees for opening and maintaining accounts directly related to the transaction being concluded;
• payments related to settlement and cash services;
• commissions for the issuance and maintenance of plastic bank cards (credit and debit), which can be used to periodically receive credit funds to the card account within the framework of an open credit line or.

2. Payment for services of third parties, if such conditions are specified in the loan documentation. This may include:

• the cost of paying for life insurance of the borrower or his liability, as well as property pledged;
• costs for valuation of collateral;
• notary fees.

If the loan agreement clearly states which organization is the third party (for example, an insurance company), then the TIC is calculated in accordance with the tariffs of this company. In the event that the cost of the services of a third party cannot be unambiguously determined before the end of the loan term, the full cost of a consumer loan is calculated for the entire loan period using the tariffs that are in effect at the time of such calculation.

Collateral insurance costs are included in the calculation of the effective rate in proportion to the amount attributable to borrowed funds. For example, if a car bought on credit costs 600 thousand rubles, and the borrower's own funds amounted to 200 thousand rubles, then that part of the insurance premium that "fell" by 400 thousand credit money will be included in the CIC.

Expenses not taken into account when calculating the full cost of a consumer loan

Not all additional payments that are associated with a loan agreement may be taken into account when calculating the TIC. These exceptions include:

1. Expenses incurred by the borrower due to the requirements of the law and not taken into account in the terms of lending. This includes OSAGO insurance when buying a car on credit.

2. Payment of penalties by the bank for failure to comply with the terms of the loan agreement. For example, some banks increase the interest rate on targeted loans if there are facts of misuse of loan money or in the absence of insurance of pledged property, if such a condition is contained in the loan documentation. The most common case is for delay.

3. Commissions stipulated in the consumer loan agreement, the amount and term of payment of which are not known in advance. The collection of such payments directly depends on the behavioral factors of the borrower and the decisions taken by him. These include:

• fee for early repayment of the loan;
• commission for obtaining credit funds. For example, often a loan is transferred to a free debit card of a bank, but if you withdraw money from a "foreign" ATM, or want to receive it at the bank's cash desk, you will have to pay a fee for this;
• penalties accrued for delay or other violations of the terms of the loan agreement, including for exceeding the limits on overdraft lending;
• payment to the bank for providing certificates of the state of the debt or for the state of the debt in electronic form (by SMS or e-mail);
• commission payments for conducting banking operations in a currency other than the currency of the loan, for example, for converting from rubles into dollars when paying for goods in an online store with a credit card;
• a fee charged for crediting funds received from other credit institutions to a bank card;
• fees for the suspension of banking operations on the card (card blocking).

How useful is information about the CPS for the borrower?

To begin with, when calculating the total cost of a loan, the maximum possible amount of the loan (loan) and its repayment period are taken as a basis, and it is understood that the client will repay payments evenly in accordance with the payment table in the individual terms of the contract. This does not reflect the real cost of the loan, because if it is repaid ahead of schedule, then the overpayment for it will be much less.

Thus, TIC is some conditional value that banks are required to calculate based on the expected actions of the borrower. And it really can be used to compare loans in the same “weight category”, i.e. needs with needs, and mortgage with mortgage.

The situation is more interesting. As you know, a credit card has a certain credit limit, it is provided (usually 5-10%), and there is also (the main highlight of the card) when the bank does not have to pay interest if you have time to pay off the debt on time.

How to calculate the PSC in this case? Typically, banks assume that you borrow to the maximum (the entire amount of the credit limit), and pay the debt in minimum payments for the entire life of the card. The interest is, to put it mildly, unrealistic, so another calculation is usually added to this calculation, provided that the client falls within the grace period. And sometimes there can be more calculations (depending on the number of tariff plans). All of them reflect possible options credit card payments. Although it is unlikely that these payments will receive the attention of future cardholders, although if you compare credit cards from different banks, then the full cost of the loan may give rise to reflection and incline a person to choose one or another banking product.

A small example - a person chooses a credit card, paying attention to the amount of the annual interest rate on the loan. If this parameter does not differ for two cards of different banks, then less people will overpay for the card with the minimum monthly payment higher, which means that this credit card has less TIC.

Unfortunately, PSK does not reflect such information about the company as its reliability, literacy and courtesy of employees, popular rating(negative and positive reviews), ease of obtaining and repaying, and much more that a borrower needs to pay attention to when obtaining a loan ...

Banks, private and public, are trying to lure customers with their loan offers. For this reason, you can often see attractive loan rates in advertisements, but in reality, the overpayment is a large amount. The full cost of the loan is a formula, the decoding of which includes, in addition to the interest rate, all additional payments on a consumer or any other loan.

What is the total cost of the loan

Taking advantage of the offer of the bank to borrow money from him, you should always know that interest is only a payment for using money. In addition, there are additional commissions, which are also added to monthly payments. The sum of these components is called the total interest rate. PSK, such an abbreviation of this indicator, is the main value that you need to focus on when choosing a loan. Providing information on the amount of the total cost of the loan is carried out in annual percentages and is indicated in the upper right corner of the bank loan agreement.

Previously, the concept of the effective interest rate was used. It was calculated using the compound interest formula, which included the shortfall in income by the borrower from the possible investment of the amount of interest payments on the loan over the term of the loan at the same interest rate as the loan. For this reason, even in the absence of additional payments, the value of the rate was higher than the nominal value. It did not reflect the borrower's real costs of servicing the debt, which the bank's client found out about only when it was time to pay for the loan.

Legal regulation

Seeing this state of affairs, the Central Bank took the side of ordinary people and obliged all financial institutions to convey to customers the full cost of the loan. In 2008, the Bank of Russia issued an instruction "On the procedure for calculating and communicating to the borrower - an individual the full cost of the loan." After the entry into force of the federal law "On consumer credit (loan)", which happened on July 1, 2014, the value of the total cost of borrowed funds is determined depending on the average market value of the loan established by the Central Bank.

How to find out the price of a loan

It is noteworthy that microfinance companies always indicate the full cost of the loan, and all other payments relate only to penalties and fines for delays and defaults. In the bank, the main indicator is the interest rate for using the loan, additional payments that relate to the loan are indicated by separate clauses in the contract and additional agreements to it.

Notification of the total cost of the loan

Previously, the TIC indicator could be indicated in the contract, but the value was written there in small print, which was not immediately evident. According to federal law, the loan agreement is divided into 2 parts: general and individual conditions. So, in the second part, which has a tabular form, the UCS number is necessarily written in the largest font that is used in the design. Information is indicated in a frame, which should cover at least 5% of the area of ​​the entire sheet, on which individual lending conditions are written.

What does the full cost of the loan include?

The maximum possible value of the TIC should not exceed one third of the average market value and is communicated to the borrower without fail. In order to figure out where the final TIC figure comes from and why it can sometimes differ from the value in advertising or on the website of a credit institution, you need to know all its components. These include:

• loan body and interest on it;
• fee for consideration of the application;
• commissions for registration of credit agreements and their issuance;
• interest for opening and annual maintenance of an account (loan) or credit card;
• borrower's liability insurance;
• assessment and insurance of collateral;
• voluntary insurance;
• notarial registration.

What expenses do not increase the cost of the loan

In addition to the mandatory payments that are included in the TIC, the borrower may be charged other payments that do not affect the calculation of the effective, i.e. full rate:

• payment for non-performance of the contract. This includes all kinds of fines and penalties accrued in connection with the late payment of the next payment.
• voluntary payments. These include a bank commission for early repayment of a loan, payment for statements and certificates, restoration of a lost credit card, etc.
• additional contributions. Here we are talking about payments that have nothing to do with the agreement, but may be mandatory in connection with Russian law (for example, an OSAGO policy) or initiated by the borrower himself (additional insurance).

How to calculate the total cost of a loan

You can ask about the PSK formula even before concluding an agreement at a bank branch. It must also be provided before signing the agreement. You can also calculate it yourself. However, in this case, it is necessary to carefully approach the calculation and not to miss a single moment, since this can lead to inaccuracies. Very often, borrowers make gross mistakes by inattentively reading the contract and missing certain data.

PSK formula

The calculation of the full cost of the loan is made on the basis of the norms established by the Central Bank of Russia. The formula itself and the calculation algorithm are constantly being improved, therefore, when independently determining the TIC, you need to apply for the latest up-to-date data that are published on the regulator's website. Recent changes in the methodology were made in connection with the adoption of the law on consumer lending. The UCS size is calculated as follows:

PSC = i × FBP × 100, where

PSK - the total cost of the loan, expressed as a percentage to the third decimal place;

NBP - the number of base periods during the calendar year (according to the methodology of the Central Bank, one year is equal to 365 days);

i is the interest rate of the base period, which is expressed in decimal form.

(FORMULA)

Σ is "sigma", which means summation (in this formula - from the first payment to the m-th).

DPk is the sum of the k-th cash payment under contract. The amount of the loan provided to the borrower is marked with a “-” sign, and repayment payments are marked with a “+” sign.

qk is the number of complete base periods from the date of loan disbursement to the date of the kth payment.

ek is the term, expressed in shares of the base period, from the end of the qk-th base period to the date of the k-th payment. If the payment of the debt is carried out strictly according to the repayment schedule, then the value will be equal to zero. In this case, the formula has a simplified form.

m is the number of payments.

i - the interest rate of the base period, expressed not in percentage, but in decimal form.

Calculation algorithm

As can be seen from the calculation formula above, the loan rate is calculated simply, with the exception of an indicator called the base period interest rate. This is the most difficult indicator to calculate, which not everyone can handle. It is physically unrealistic to calculate multi-year loans. To simplify the calculations, you can refer to online calculators or directly to the bank. In addition, if you think that the rate given in the contract is not accurate, you can send a copy of the contract to the Central Bank with a request to calculate the correct value.

Full cost of consumer credit

Before concluding a consumer loan agreement, a bank employee is obliged to inform the borrower about the real cost of the loan, which is often confused with the interest rate. Banks may impose fees for services such as internet banking or SMS alerts, which are charged only with the permission of the borrower. The full cost includes not only the amount of the overpayment formed in connection with the accrued interest, but also the payment for the following operations:

• consideration of the application;
• issuance of a loan;
• issue of a bank card;
• withdrawal of cash from the cash desk;
• life insurance (optional).

The cost of a loan when buying a car

When buying a car on credit, you should know that four parties are involved in the transaction at once. Firstly, it is the buyer himself and the bank that credits the purchase, and secondly, the seller, who can be a car dealership or an individual, and an insurance company. It should be said right away that car insurance under the CASCO system is mandatory if vehicle transferred to the bank as collateral. Otherwise, the requirement to purchase an insurance policy is illegal.

The total cost of a car loan is calculated taking into account payments for the following items:

• interest charges;
• commissions for transferring funds to the seller's account;
• pledge insurance;
• additional costs of the borrower associated with the notarization of documents.

The cost of mortgage lending

Becoming the owner of your own meters has become easier with the advent of mortgages. Banks offer various lending options - with or without a down payment, with government subsidies or the use of maternity capital - all this will affect the total cost of the loan. In addition to paying interest to the TIC for the purchase of real estate, the following list of payments must be added:

• insurance of collateralized property (payments by the borrower for insurance of the collateral are included in the calculation of the TIC in the amount proportional to the part of the price of real estate paid for by the loan, as well as the ratio of the loan period and the insurance period, if the borrowing period is less than the insurance period);
• property valuation;
• notarization of the transaction;
• payment for registration of a mortgage loan and transfer of funds to the account.

All payments to third parties (notary, insurance and other companies) are made using the tariffs of these organizations. If the contract provides for a minimum monthly payment, the calculation of the total cost of a consumer loan is based on this condition.

Example of calculation of UCS

• the principal amount of the loan is 340,000 rubles;
• loan term - 24 months;
• rate - 13% per annum;
• commission for granting a loan - 2.8% of the total amount;
• commission for the issuance of cash from the bank's cash desk - 2.5%.

Below is a system with monthly equal payments. The amount of interest accrued for the period will be 72,414 rubles (you can see it in the agreement or payment schedule).

Then we calculate the amount of the commission for issuing a loan and cashing out funds:

340000 × 2.8% = 9520 rubles;

340000 × 2.5% = 8500 rubles.

After that, we sum up all the indicators and get:

340000 + 72414 + 9520 + 8500 = 430434 rubles.

Online calculator

A large number of loan calculators are available online to help you calculate the TFR for standard loans, microloans, and even overdrafts. However, you need to understand that due to the fact that each bank uses its own version of the rate calculation, the data may differ. In addition, it is necessary to take into account the date of issuance of the loan and its repayment, as well as ways to repay the amount of debt: annuity, differentiated or bullet.

Maximum and weighted average of the total cost of consumer loans

The Central Bank quarterly calculates and publishes the average market value of TIC for various types of consumer loans. The main thing is that the maximum rate on the loan does not exceed the weighted average rate by more than a third. Below are the values ​​for Q3 2019, taken from official sources:

What does the analysis of PSK give to the borrower

For most people, knowing the TIC is understanding how much borrowing will cost them, because sometimes a loan that only pays interest will end up costing the same amount as a loan with a lower interest rate, but with additional fees. This even occurs in the same bank, and was created in order to attract more customers. When receiving a loan agreement where the TIC is indicated, or by independently calculating the indicator, you need to understand that certain nuances may not always be taken into account, such as, for example, early repayment of the principal debt.

How to reduce the cost of a loan

Having received information about the full cost of the loan, sometimes there is no desire to borrow money. However, if you approach this issue wisely, you can eventually reduce the figure offered by the bank. There are a number of different ways to do this:

• Early repayment of a loan. If you partially or completely repay the debt outside the schedule, this will help reduce the credit burden in the form of unaccrued interest. However, you need to carefully read the contract for penalties, which, on the contrary, can make the loan expensive.
• Issuance of money to a bank card. Many lenders offer cash loans, but they do not advertise that a certain percentage will have to be paid for issuing them from the cash desk. You can ask if it is possible to transfer money to an existing card or account (it can be opened for free) and whether a fee will be charged for this. Most likely, this option will be cheaper.
• Read the terms of the loan agreement carefully. Sometimes bank managers do not act correctly by not announcing all additional contributions. In some cases, the agreement includes payments for SMS informing, voluntary life insurance, Internet banking and similar services. If you know that you do not need them - feel free to refuse, thereby saving money.

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