Refinancing a loan, "Bank of Moscow": conditions

Many financial institutions offer refinancing a loan. The Bank of Moscow is one of them. The service is indispensable for those borrowers who have temporary material difficulties. With its help it will be possible to repay the debt, but on acceptable terms.

The concept of

Restructuring refers to changes in terms of a formal contract. This may be an extension of the loan term, a deferment, a reduction in the amount of payment. Also this concept implies the issuance of a new loan, thanks to which the acting debt is paid.

When the economic situation in the country changes, the loan refinancing comes to the rescue. "Bank of Moscow" offers customers to make loans for a long period, which will reduce the financial burden.

Types of loans

With the mortgage, consumer and other loans, the Bank of Moscow works. Refinancing loans of other banks, reviews of which can be found various, allows you to reduce the financial burden of the client. Many borrowers use this service. They recommend resorting to it at a lower cost.

New refinancing packages appear regularly. They are relevant for those who took a mortgage at high rates. But the service can not be used if the bank has set a limit on early payment of the debt.

Advantages and disadvantages

Customers can come across different offers. Refinancing loans allows you to lower your bid and change other loan conditions. Payment of debts becomes convenient. But this service has its drawbacks:

• A new registration procedure is required;
• Can be charged commissions;
• Often requires the registration of insurance;
• A secondary assessment of property is needed.

Because of the desire to change the terms of the contract may not be very profitable. Therefore, you need to carefully calculate everything before you make out the document.

Features of the procedure

On-lending is possible both in the same organization where the loan will be paid, and in another. It is more profitable to arrange a loan in the second institution, if there are better conditions, and pay off the debt in the first one. And then you can safely repay the debt under the contract. So it will be a little to save.

For many customers, it is beneficial to refinance a loan. "Bank of Moscow" offers a procedure for borrowers who have credit cards. Making a new loan allows you to pay the previous debt.

Conditions

Refinancing a loan in the "Bank of Moscow" an individual is offered on the following terms:

• Period up to 2 years;
• Amount up to 3 000 000 rubles;
• Rate of 16.9%, but there are special offers;
• There are no commissions for issuance, redemption.

The borrower must meet all the requirements so that he can become a client of the bank:

• Citizenship of the Russian Federation;
• The age of 21-70 years;
• The work experience from 3 months.

Customers can issue a special refinance loan. "Bank of Moscow" offers a special program for re-crediting customers who suffered from the disaster in the Far East. There are special conditions for these clients.

Documentation

In each bank, the conditions and the list of documents may differ. In the "Bank of Moscow" they are practically the same as everywhere else. To conclude a new contract, the following list of securities will be required:

• The passport of the Russian Federation;
• INN;
• Certificate of income;
• Contract and repayment schedule;
• A certificate of duty;
• Information about the loan;
• Statement of payments;
• A pledge agreement and an act of appraised value.

In addition, you can provide a work record. All documents are submitted to the bank, which will carry out on-lending. Then we should expect a solution. Then you need to contact the organization where the loan was issued, warning the specialist about the early repayment of the debt. When the contract is signed, the funds are transferred to pay the debt. If a pledge was issued, then it is also transferred.

How does the procedure work?

There are several stages of refinancing loans, which must be done to formalize the contract:

• It is necessary to apply at the bank's office or by phone.
• Application is considered 30 days.
• The operator informs the client about the decision of the bank by phone. If the answer is positive, then the details are specified.
• At the appointed time, the client must visit the bank's office, sign the papers. The given amount immediately goes to pay off the debt.

This completes the procedure. In this way, a mortgage loan can be refinanced. "Bank of Moscow" offers favorable conditions for customers, due to which it will be much easier to repay the debt.

Tips for borrowers

• The procedure is beneficial for clients if the new loan is issued at a lower interest rate, and the period of the current debt and the balance are long.
• It is necessary to calculate the costs of early repayment of the loan, as well as compare them with the benefits of reducing the rate. If the latter is invisible due to the cost of closing the loan, then do not resort to the service we are considering.
• Refinancing of consumer loans in Moscow allows you to write off fines;
• You should carefully read the documents that are provided for signing. And if something is unclear, then it should be clarified immediately.

The difference from the restructuring

This service is often provided by the Bank of Moscow. Refinancing loans of other lending institutions should not be confused with restructuring. The latter involves changing the amount, term, rate and other conditions under the current contract. In this case, you need to visit the bank, write a statement, for example, about extending the crediting period. Then there is an examination of the application, and then a decision is made. The client receives a new debt repayment schedule, but the contract is the same.

Refinancing involves the conclusion of a new contract. Usually the subjects of the agreement change. The procedure is carried out both in the bank that provided the loan, and in another financial institution. But it rarely refinances its loans, because it is unprofitable. Therefore, clients should be referred to those institutions that have special programs.

Nuances

If refinancing of consumer loans in Moscow is performed, the following data should be indicated:

• Category: doctor, teacher or civil servant. In this case, a favorable rate is distributed under a special program.
• For salary clients, special conditions apply for granting a new loan.
• Corporate employees can hope for advantages in the design of a loan.

It is necessary to designate a payment in another bank, a debt in that financial institution. After registration of the application for the phone, a message is received about the preliminary decision. If the answer is yes, then you need to contact the bank office. The money will be transferred to another organization on time. If the client has drawn up a contract with additional funds, then the credit is credited to the card or account.

If you contact any institution, including the Bank of Moscow, refinancing loans from other banks may have some pitfalls. Therefore, all documentation must be studied carefully. You also need to see how interest is charged: it is important that this happens after the transfer of money, and not with the signing of the contract.

It is necessary to find out whether the full cost of the loan is indicated, and whether the repayment schedule in the contract coincides with that prescribed in the annex. The client should be aware of the terms of early repayment. When the debt is not repaid in time, the bank has the right to issue fines, as well as write-off of funds from accounts, but only if it is specified in the contract. Usually in this document it is indicated that the financial institution has the right to the property of the borrower in the event of refusal to fulfill its obligations. Therefore, you must fully read the contract before signing it.