Archive April 2020

Credit Calculation and Interest Calculation

The amount of fees that people need on the basis of a certain period of time ( 1 month or 48 months ) is paid in return for the amounts given with the forms of payment arranged with maturity and this banking service is called a loan.

How to Calculate Credit?

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Firstly, banks are divided into almost 3 groups according to their types. Private banks are classified as public banks, participation banks. In another article, we will inform you about the banks in these 3 groups and located in our country.

And the purpose of this bank community is to collect deposits on certain criteria and give it to those in need with a certain interest. Our aim is to find the bank that makes the cheapest loan calculation among them.

Loan installment calculations usually take place in some months. Banks charge funds and taxes apart from interest when calculating loan installments. Apart from the loan installment calculation (BSMV) and (KKDF), monthly payment amounts appear.

Resource utilization is a support fund.

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Since there are so many banks in our country, it is not that easy to find a bank that performs the cheapest loan calculation and cuts the fees such as minimum file expense. However, we have collected the loan interest rates of 15 banks that made the cheapest loan calculations for you on a single page.

Credit Interest Calculation Rates 2019 Year?

The loan we withdraw from the banks is recalculated by applying interest to the principal remaining from each payment month. The remaining principal amount and the interest rate applied by the bank are multiplied and the BITT, RUSF taxes, and funds mentioned above are added.

Since the principal amount decreases and the interest rate decreases after the payment made every month in the loan interest rate calculation method, the installments we may start to decrease.

Below is the loan calculation chart. You can calculate the amount of credit in your mind without going to the bank by using the loan calculation table ?

When calculating loan interest rates, we can compare them in three ways. The first is the loan calculation without entering the interest rate. The second is the loan calculation by entering the rate. Thirdly, calculation by monthly installment.

Below are the bank loan interest rates for 23 banks with a maturity of 36 months to 10,000 thousand USD. Bank loan interest rates may change according to our credit rating?

How to Calculate Vehicle and Vehicle Loans?

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There are tools for banks’ loan tools or loan calculation sites to calculate used car loan or calculate that car loan. We can benefit from them for free.

Thanks to these free credit tools used, they can get detailed information about the loan we will take without going to the bank, such as monthly payment installments, down payments and interest rates. Second-hand car loan calculations can be done by benefiting from the loan calculation tool on our site.

Generally, vehicle loan term (1 month or 48 months) is calculated with maturity in all banks. Some exception banks (36 months) calculate with maturity. Another name for money withdrawn by calculating zero and a second hand car loan is a personal loan. Interest rates vary among them.

Things to know before doing that car loan calculation or second-hand car loan calculation.

  • To get this car loan, we must be over 18 years old.
  • In order to use car loans, we need to document income.
  • Life insurance is compulsory when taking a car loan. Some banks require motor insurance, as well as life insurance.
  • Mortgages are put into the cars you bought and banks are seized if the debt is not paid.

The documents required for calculating and applying for a second-hand car loan or zero (O) car loan are as follows.

  • First of all, the application form.
  • The personal identity card can be a passport or driver’s license.
  • Document showing the place of residence of the person.
  • Income documents that the person enters into his household. (Payroll)

Zero (o) car loan and second-hand car loan interest rates are given in the table below with interest rates of 30.000 thousand USD 36 months maturity for October. Interest rates may vary depending on our credit rating. 

What is Structuring of vehicle loans

The configuration of the vehicle loan is made by recalculating the remaining debt at the interest rate in the vehicle loan at the bank where you use the loan and recalculating over the new interest rate. You can find detailed information about structuring in vehicle loans in the rest of our article.

What is Vehicle Loan Structuring?

What is Vehicle Loan Structuring?

The vehicle loan structuring process may provide more favorable interest rates or decrease the installment rates while extending the maturity. However, what needs to be known and paid attention at this point is that the current interest rates offered by the bank are different from the structuring interest rates. Answers to questions such as car loan structuring, what are the advantages, what are the conditions actually change according to the offers offered by banks.

What are the Advantages of Structuring in Vehicle Loans?

What are the Advantages of Structuring in Vehicle Loans?

Car loan structuring is requested by the loan owner due to the change in interest rates. In addition, due to difficulties in repayments or a decrease in income, it can be requested by the loan owner or offered by the bank when the payments are delayed. The advantages offered by credit structuring are as follows;

  • It helps to reduce the remaining debt amount. It is possible to reduce the total interest amount of the loan by making use of a lower interest rate than when you withdraw the loan.
  • Reorganization of the reimbursement plan enables lower installments to be created. Thus, payments can be made more easily.
  • Credit ratings are not affected negatively. Structuring and regular payment of the debt positively affects the credit rating.
  • By structuring the debt, you can eliminate the negative effects that will occur in your bank record when you are unable to pay back.

How to Apply for a Configuration for Vehicle Loan?

How to Apply for a Configuration for Vehicle Loan?

The application for restructuring in vehicle loans can be made with a petition submitted to the branch of the relevant bank. You can request a configuration for your vehicle loan by going to the branch of the bank where you get vehicle loan. The relevant customer representative will provide you with offers on interest rates and a repayment plan that can be reshaped. You can configure your loan with the proposal that suits you. In some cases, due to the delay in your payments, the bank can offer you a configuration. These offers are usually made through telephone banking.

Points to Consider in Car Loan Structuring Procedures?

Structuring can be done in order to benefit from low interest rates in vehicle or housing loans. However, in this transaction, profit and loss calculations should be done well. While the decrease in interest rates in credit structuring provides profit, the prolongation of the maturity period may also constitute a disadvantage. For this reason, calculations must be done carefully.

Since you have delayed your repayments, you will configure your vehicle loan, it is useful to examine the offer offered to you by the bank. Since you are in a difficult situation, it may be harmful for you to accept the offer without examining it. You can evaluate the offers made to you and make an agreement with the bank in the parts that are in your interest.

What are the consumer loan costs and How much?

When it comes to consumer loan expenses, some types of expenses will come to mind. While the loans are taken, a contract is signed between you and the bank. This contract also includes items to be spent on credit.

These items show the expenses you will make in the loan. The consumer loan aims to meet the cash needs of consumers in many areas from vehicle to marriage.

The low cost and easy-to-use credit have extended the use of general-purpose loans. Moreover, the length of the maturity ratios determined according to the loan you get in this loan may increase your payment opportunity.

Costs in Consumer Loan?

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Housing loan expenses differed in 2019 and other years according to consumer loans. The reason for this is that housing loan has a much more difficult and sophisticated process.

However, a general-purpose loan comes with many facilities both in terms of process and payment. Costs in consumer loans are much more affordable than other types of loans. You can easily see that it requires much less expense, especially compared to housing and vehicles.

However, the disadvantage here is that the bank takes the consumer loan expenses from the loan amount with an automatic deduction. Therefore, you cannot get the loan amount you want.

What Costs are Collected in Consumer Loan?

When it comes to consumer loan costs, it is possible to officially mention 2 cost titles. These titles are:

  1. Credit allocation fee
  2. Insurance costs

As you will come across. Regardless of which bank you borrowed from, what 2 terms are likely to come across you. Moreover, unlike other loan types, these types of expenses will automatically decrease from the loan amount you will be given. This will prevent you from drawing your money exactly the way you want.

What is the Credit Allocation Fee?

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The question of what is the loan allocation fee, which is similar to the question of what is the file cost, appears, especially in general-purpose loans. As with other loans, it is possible to collect a certain fee from this loan type in accordance with the BRSA regulation. Although the amount allocated is 0.5 percent in general, it is possible to change. Some banks offer general purpose loans without loan allocation fees, but it is noteworthy that the interest rate is higher in these loans.

Insurance Costs in Consumer Loans:

When it comes to questioning the loan file expense, another expense that comes to mind is insurance expenses. Insurance is mandatory for some types of credit.

Although there is no such requirement in consumer loans, some banks may request insurance as per their agreements. In such cases, insurance costs will arise.

Especially in cases such as death, this insurance, which includes banks’ guaranteeing debt, may vary according to the characteristics of the customer.

Loan Costs and Personal Loan:

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Many issues ranging from housing loan insurance fees to consumer loan allocation fees are included in loan expenses of loan types. The interest and payment plan determined in each loan type are different.

However, in general, the general-purpose loan is determined according to the total cost rates. While calculating the total cost ratio, it is possible to mention the following 3 terms:

  1. Taxes
  2. Interest rate
  3. Credit allocation fee

These 3 terms play an important role in determining loan costs. The main consideration is the total cost while also calculating the credit insurance costs and also considering all the other costs.

Although the loan offered to you includes favorable interest and long terms, the cost rates included in it may change your mind. In this respect, it will be important to look at the total cost ratio when choosing the most suitable consumer loan.