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.

Loan cost: calculation formula

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.

What is not included in the calculation of the cost of the loan

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.

The cost of a consumer loan: an example of calculation

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 expenses: equipment insurance - 1000 rubles, loan issuance fee - 2% of the loan amount, monthly maintenance 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%.

car loan price

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.

Mortgage cost

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.

Maximum loan value

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.

TFR (Total Cost of Loan) shows the actual interest rate on a loan. Previously, this criterion was called the effective interest rate. The parameter takes into account not only the principal amount of the debt and interest, but also almost all additional payments of the borrower according to the terms of the loan agreement (commissions, credit card fees, insurance premiums and premiums, 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 PSC

Since September 1, 2014, a new formula for calculating the total cost of a loan has been in force. Reason - 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 TIC, legislators have established a formula that is used in a number of foreign countries to find the effective annual interest rate (APR, or Annual Percentage Rate).

The formula itself:

UCS = i * NBP * 100 .

• NBP is the number of base periods in a calendar year. The duration of a 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 indicator will be 4. For annual payments - 1.
• i is the interest rate of the base period in decimal form. It is found by fitting as the smallest positive value of the following equation:

Let's analyze the components:

• DP k - the value of the k-th 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 - with a plus sign.
• m is the number of payments (the number of amounts in the cash flow).
• e k is the period expressed in parts of the established base period, calculated from the end of the qkth period to the date of the kth monetary payment;
• q k - the number of base periods from the date of the loan to the k-th cash payment;
• i is the base period rate in decimal form.

Let's show the calculation with an example.



An example of calculating UCS in Excel

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

Enter the input data into an Excel spreadsheet:

Let's calculate:

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

The formula for calculating UCS in Excel is simple:

The value cell is formatted as a percentage, so there is no need to multiply by 100%. We simply found the product of the term of the loan and the interest rate of the base period.

The calculation according to the new formula showed TIC equal to the contractual interest rate. However, in this example, the borrower does not pay the lender additional amounts (commissions, fees). Only percentages.

Consider another example, with additional costs.

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

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

This is understandable, because the borrower, in addition to interest, pays a commission and a fee to the lender. And the fee is monthly. Therefore, there is such a noticeable increase in PSC. Accordingly, the cost of the loan product will cost more.

The loan agreement contains the conditions under which the borrower takes a loan and undertakes to repay it. Along with such important provisions as the amount, interest for use, term, date of payment and amount of monthly payments, the lender is obliged to notify the client of the full cost of the loan (TCP). This indicator allows you to see the big picture and understand what a loan will cost in a particular bank, as well as compare where it is more profitable to get it.

Full cost of the loan: what is it, what does it consist of

The concept of PSK first appeared in Russia in 2008. The Central Bank of the Russian Federation, by its instruction, obliged credit institutions to provide the client with full information on the amount of payments before signing the contract. Later, 21.12. 2013, FZ-353 was adopted, which regulates the issuance of consumer loans. Its goal is to protect consumers by making the lending mechanism more transparent. Based on this, Article 6 of the Law obliges banks, MFOs and pawnshops to inform their customers about the upcoming costs when obtaining and paying off a loan.

In the first part of Article 6, it is established that information about the PSK is placed:

• in the upper right corner of the agreement, in front of individual lending conditions;
• in a square frame, the size of which is at least 5% of the page;
• capital letters in black;
• by highlighting in font (the maximum size used on the page).

The calculation is made on a case-by-case basis. This takes into account:

• principal and interest payments;
• bank commission;
• the cost of issuing and servicing bank cards;
• possible payments to third parties related to lending (collateral assessment);
• insurance premiums under an insurance contract, except for those related to the execution of federal laws (for example, OSAGO).

Penalties and penalties, fees for cashing out funds, for foreign exchange transactions, card reissuance, insurance of property that is not a pledge are not taken into account in the calculations.

Thus, TIC is a set of all payments known at the time of applying for a consumer loan. In other words, this is the approximate amount of overpayment for the borrower, expressed as a percentage. Why indicative? Because it can change when deviating from the original conditions: it decreases with early repayment of the loan or increases with the payment of late fees and other violations in the process of executing the contract.

So, for example, in the first quarter of 2018, a consumer loan at Sberbank will cost the borrower:

How to calculate the total cost of a loan

The formula for calculating the TIC, which is used by banks and other financial organizations, is enshrined in Part 2 of Article 6 of FZ-353. But at the same time, lenders are guided by the indicator set by the Central Bank of the Russian Federation on a quarterly basis for each category of consumer loans by analyzing the lending market. The result obtained should not exceed the market average by more than one third.

Full loan cost: formula

It looks like:

PSK = i x NBP x 100,

where i is the interest rate of the base period and NBP is the number of such periods.

The base period is the time interval set by the payment schedule. If it contains intervals:

• no or they are equal to a year, one year is taken as a BP period;
• several, the smaller of them is taken as the base period;
• not defined, all numbers are added for the base and divided by their number (rounded to days, months and years).

To calculate the TIC using the formula, you need to find out the value of i - the BP rate. For this, a complex mathematical equation with numerous indicators is used:

Used parameters:

• DP k - the amount of payment under the contract;
• q k is the number of full base periods;
• e k – shares of base periods;
• m is the number of payments;
• i is the interest rate of the base period.

To avoid doing the calculations manually, you can use the excel program. To do this, enter the data in the table:

• loan amount in rubles;
• period of use in months;
• rate (percentage per annum);
• monthly payment;
• commissions and fees (if any).

All amounts are presented as cash flows over the period of the lending. Payments are painted by months, highlighting interest and the body of the loan. The last column is the monthly loan balance. The value of i is determined using the IRR function.

Since it is rather difficult to calculate TIC in long-term loans with numerous payments, the borrower can use another, simplified formula:

Designations:

• S - the sum of all payments (interest, commissions, insurance, etc.);
• S 0 - loan amount;
• n is the loan term (in years).

As you can see, in this case, everything is much simpler. The cost of a loan can be calculated in a few seconds, but the result will be approximate.

Calculation of TIC by credit card

Credit cards operate on a different lending mechanism - an overdraft. This means that the borrower uses the money as needed within the set amount. Part 15 of Article 7 of FZ-353 determines that the scheduling of payments does not apply to lending with a limit. Therefore, when calculating, one should be guided by part 7 of article 6 of the said law and make it based on:

• card account limit;
• maximum return period;
• the amount of the monthly repayment of principal, interest and other payments determined by the terms of the agreement

In any case, the actual value of the total amount of overpayments will differ from the preliminary total.

Example of calculation of UCS

For example, let's calculate the full cost of a loan for short-term lending in an MFI.

Initial data:

• loan amount - 20,000 rubles;
• interest rate - 1.5% per day;
• term of use - 10 days;
• repayment of interest is carried out simultaneously with the return of the loan;
• no fees or insurance.

Repayment of interest and principal debt will be made in one payment, which means that 10 days are taken for the base period.

Find the amount of interest on the loan:

20000 rub. x 1.5% x 10 days = 3000 rubles.

The total amount of payments under the contract ( DP k):

20000 rub. + 3000 rub. = 23,000 rubles.

Now you can determine the base interest rate (i). Parameter e k will not be in the equation, since the loan is repaid in a one-time payment. Further, substituting the initial data, we do mathematical calculations to find the value of i. It is equal to 0.15.

To use the formula for finding the PSC, you need to know the FBP. To do this, the number of days in a year must be divided by the loan period:

365 days: 10 days = 36.5 - the number of base periods in a year.

We substitute the results into the formula UCS = i x NBP x 100:

PSK \u003d 0.15 x 36.5 x 100 \u003d 547.500% per annum.

The result shows how much the borrower will have to pay to the lender for 10 days of using the microcredit. From 01.01.2018, for MFIs and pawnshops, the limit values ​​of TIC are set within the limits of 42.829-819.423% per annum, depending on the term, collateral and amount. This is a lot compared to banks.

For example, a loan in the amount of 1.5 million rubles. for a period of 15 years, the borrower of Sberbank will cost:

Individual indicators can vary from 12.48 to 26.09 percent, taking into account the program and lending conditions.

Having received an agreement with the derived UCS value in hand, the borrower is not required to sign it at the same minute. According to Article 7 of FZ-353, he has 5 working days to familiarize himself with the terms of the loan.

If the proposal does not suit him, he can refuse to sign the document without any consequences. In addition, you can demand to recalculate the TIC for him in case of early repayment of the loan. The creditor is obliged to do this at the request of the client. Otherwise, you can file a complaint with Rospotrebnadzor or the Central Bank of the Russian Federation.

PSK calculator online

1. Loan amount.
2. Interest rate (annual).
3. Loan term in months.
4. The amount of the commission (if any), including the cost of a loan broker.

The calculator will automatically give you how much you will overpay in monetary terms and as a percentage. You can change the loan term, amount, interest rate to choose the most profitable option. Having familiarized yourself with the offers of several lenders, you can easily determine for yourself who you will work with.

Questions and answers

Calculate the total cost of the mortgage loan. It turned out to be more than the rate set by the bank under this program. Why did it happen, are there any hidden fees?

It should be so, because PSK is interest + other expenses of the borrower when obtaining a loan. The rate and the full cost can be equal if the repayment of the issued loan and interest is provided for at a time, at the end of the loan period.

Under the terms of the loan, payments were made in equal amounts. They did not allow delays, but the overpayment turned out to be more than the calculated PSK. Why?

First, there are payments that are not included in the calculation of TIC. They arise in the process of fulfilling the contract and cannot be known in advance. In addition, the calculation does not take into account early repayment, fines, penalties. Ask the bank what and when you paid. Secondly, with an annuity, a significant proportion of the monthly payment falls on interest and only at the end of the repayment period, on the contrary, on the body of the loan. The actual size of the PSK may differ slightly from that established in the contract. This may be due to the peculiarities of the schedule, when the terms or volumes, or both values ​​of the principal debt are shifted to the date of the last payment. It is impossible to calculate the TIC in advance for annuity payments, since it will change every month.

​The total cost of a loan (FCC) is one of the most important indicators, the definition of which makes it possible to judge the financial costs of the borrower, stipulated by the loan agreement and arising from it. Moreover, if the bank does not comply with the calculation rules or the borrower is not properly informed about the CPS before the conclusion of the contract, this is considered as a violation of the requirements stipulated by law, which may lead to its invalidation and the return to the borrower of illegally withheld amounts.

In Russian banking practice, the term "full cost of a loan" has been used since 2008, replacing the term "effective interest rate". The rules for calculating the TIC (formula and algorithm), as well as the conditions for applying in relation to certain credit products, are established by the Central Bank and the law. They are subject to change, therefore, if it is necessary to carry out independent calculations of the TIC, you should always refer to the current regulatory legal acts at the time of calculation and take into account the date of conclusion of the loan agreement and its conditions.

Currently, the so-called updated formula for calculating the PSC is used, which appeared after the amendments to the Consumer Credit Law. It approached real lending conditions and became more accurate, but most importantly, it made it possible to make the conditions of microloans more understandable and transparent to the population, under which huge interest and the final cost of a loan were previously hidden under small daily charges.

The concept of the full cost of the loan

The amount, expressed as a percentage, that the borrower has to pay to repay the loan debt and for servicing the loan. CIC reflects the borrower's real costs associated with the loan, but includes only those payments that are due to the proper execution and servicing of the loan and in compliance with the conditions specified in the loan agreement. It is for this reason that the CPS does not take into account the costs associated with penalties, compliance with legal requirements, such as OSAGO, commissions and penalties, which depend on the actions of the borrower and leave him the right to choose whether to take such costs or not.

PSK should include the amounts:

• principal debt and interest on it;
• commissions for processing and (or) issuing a loan, opening and (or) servicing a loan (credit) account, performing settlement operations on a loan, etc., if such payments are provided;
• commissions for issuing and (or) servicing a credit card;
• additional payments arising from the loan agreement, in particular, related to the borrower's liability insurance, valuation and insurance of collateral, notary registration of the transaction.

The calculation of TIC and its size must be given in the terms of the loan agreement, and are often published by the bank in advance in the information description of a particular loan product. Moreover, often on the bank's website or on other Internet resources where banking offers are published, an online calculator is provided for calculating the TIC.

What does the TIC indicator itself and its analysis give the borrower? For the vast majority of people, the real size of the overpayment on the loan is important. For this, it is not necessary to calculate anything on your own. The annual percentage of the TIC itself will clearly show how much the overpayment will be based on the amount received in debt, interest, loan term and the debt repayment system used (differentiated or annuity). Thus, you can easily analyze the cost of different loan products and choose the one that will be more profitable. True, it should be noted that a competent analysis involves a deeper understanding of the specifics of the calculation of the TIC and the content of the loan conditions. The full cost will give an idea of ​​the possible amount of the overpayment, but it does not, and cannot take into account situations in which the borrower decides to repay the loan ahead of schedule, thereby reducing the amount of the overpayment. In addition, the CPS itself does not allow one to analyze how beneficial a particular product will be qualitatively, and not quantitatively. Therefore, PSK is a good, but not the only guideline when choosing a loan. Everything must be considered together.

PSK calculation

The algorithm and formula for calculating the TIC are the same for all banks. However, taking into account the fact that individual loan products (consumer, car loans, mortgages, etc.) have nuances in terms of the mandatory inclusion of specific parameters in the calculation and the specifics of their formation, some individual features of the algorithm application and calculations are acceptable. In any case, this should not affect the principles and rules of settlements provided for by regulatory legal acts.

To calculate the TIC, say, for a consumer loan, you must be guided by the rules of article 6 of the Consumer Loan Law. It also lists the requirements for informing the borrower about the CPS and ways to display the full cost of the loan in the terms of the contract. The requirements established for consumer loans also apply to microfinance organizations that issue microloans to the population. However, they do not apply to mortgages - here you need to be guided by the acts of the Central Bank.

Taking into account the need for mathematical knowledge, understanding the specifics of the algorithms and calculations of the TPS, the current regulations, the ability to analyze the terms of loan agreements, independent calculations are a laborious process. In addition, it is impossible to unconditionally apply the provisions of laws in terms of the established rules for calculating the TIC, which does not provide for recourse to the relevant acts (instructions, explanations, provisions) of the Central Bank. The need for this is also indicated in the laws themselves, where references to the parameters and conditions established by the Bank of Russia are often used. In this regard, almost none of the borrowers do independent calculations of the TIC, or software is used, including online calculators, which do not require understanding the calculation algorithm.

To simplify your task, just refer to the terms of your loan agreement. Banks are required to indicate the PSK in the contract, while it is assumed that they have fulfilled their obligation to inform the client in full. In case of inaccurate information, the bank or MFO bears administrative responsibility, and the borrower has the right to claim the correct recalculation of the TIC, the return of illegally withheld amounts and compensation for losses.

When analyzing the TIC specified in a consumer loan (microloan) agreement, it is important to pay attention to the fact that its size does not exceed by more than 1/3 the average market TIC value calculated by the Central Bank for a similar category of loans and used in the calendar quarter of the contract. However, by its decision, the Central Bank has the right to limit the application of this rule. This opportunity was already used by the Bank of Russia in the first half of 2015. The average market value of the TIC and restrictions on its use (if any) can be found on the website of the Central Bank of the Russian Federation or from other official sources.

Without exception, all banks are required to calculate and indicate TIC on the first page of their loan agreements. This is what the law "On consumer credit (loan)" requires. Here is what it literally says: "The full cost of a consumer loan (loan) is determined both in annual percentage and in monetary terms and is calculated in the manner established by this Federal Law. The full cost of a consumer loan (loan) is placed in square boxes in the upper right corner of the first page of the consumer credit (loan) agreement in front of the table containing the individual terms of the consumer credit (loan) agreement, and is applied in numbers and capital letters in black on a white background in a clear, well-read font of the maximum size of the font sizes used on this page. consumer credit (loan) in monetary terms is placed to the right of the total cost of the consumer credit (loan), determined as a percentage per annum. The area of ​​​​each square frame must be at least 5 percent of the area of ​​the first page of the consumer credit (loan) agreement. " If we simplify what is written in the law, then the point is that the client does not miss the PSK in the contract. Why such a concern?

Banks must indicate the TIC so that the client can immediately visually assess what the real, and not indicated in the interest rate on the loan, will be the cost of the loan as a percentage per annum, taking into account all commissions and mandatory additional payments, and how much money he needs to return to the bank as a result.

This was also done for the convenience of comparing loan products of different banks, which may have completely different commissions and additional payments (it is easy to get confused in them). That is, a client, knowing the PSK in several banks, can understand where it is more profitable for him to take a loan.

This is how it happens

Not necessarily a loan with a stated rate of 30% may be less profitable than with a rate of 25% per annum. When calculating the total cost, it may turn out that in the second case it is higher: for example, if the bank, in addition to the interest rate, charges various commissions - for opening an account, maintaining it, for issuing a card, payments in favor of third parties and, of course, insurance fees. Thus, at a lower interest rate, the real amount of overpayments can be many times greater than in another bank, where the interest rate is higher, but there are no commissions and insurance. However, banks did not always provide such convenience for the client.

BACKGROUND

Until 2007, banks did not indicate in the contracts any full cost of the loan, and even this concept and calculation formula did not officially exist.

This is how it happens

In 2007, before the regulation of this moment was introduced, according to the statistics of the Central Bank, the real rate on consumer loans varied from 90 to 124% per annum, while the stated 29%. For example, in one bank for a loan of 40 thousand rubles. for a period of 18 months, this real rate was 72% per annum with the stated interest rate for using the loan at 24%.

Therefore, it is not surprising that at that time, according to Zhanna Efimova, a lawyer at the Moscow Society for the Protection of Consumers, complaints from citizens about violations of their rights when concluding consumer lending agreements were received daily. Some banks generally refused to report the effective interest rate until the entire package of documents required for issuing a loan was provided. And then the client, who had already passed through all the checks, was too lazy or didn’t have time to go to another bank, where it’s not a fact that the final rate would be lower. The outbreak of the 2007-2008 crisis clearly showed the disadvantages of this approach and forced the Central Bank to intervene and resolve this issue.

First, the Central Bank fixed the obligation of banks to disclose TICs in its regulation. “The regulatory document of the Central Bank, of course, does not have the status of a law, but it is mandatory for execution,” Alexei Simanovsky, director of the Central Bank’s banking regulation and supervision department, said then, presenting the innovation. “Unfortunately, our powers are not enough to oblige all banks to do this. Those that deal with borrowers and loans on a case-by-case basis are not required to disclose TFRs." Q.E.D. The measures taken by the Bank of Russia turned out to be insufficient: not everyone counted TICs, but clearly showed even fewer banks to customers. As a result, in March 2008, the State Duma fixed the obligation of banks to calculate TIC at the level of the law "On Banks and Banking Activity".

It worked. Seeing the real full cost of a loan, a potential borrower will think three times whether it is worth taking it. This eventually disciplined the banks.

This is how it happens

Three years later, in 2010, the real cost of loans issued in retail chains almost equaled the rates declared by banks. The maximum difference between these indicators did not exceed 10 percentage points.

But here, like mushrooms after rain, the microfinance market sprang up, which was not covered by the law on banks. And then, already in the second decade of the 2000s, the concept of PSK and the obligation to disclose it to the borrower were enshrined at the level of the law "On consumer credit (loan)", which also applies to microfinance organizations.

COMPLETE BUT NOT INFINITE

And yet this was not enough. There were such borrowers who were ready to take loans at any interest, and lenders who were ready to issue obviously bad loans at thousands of percent per annum.

In order to eradicate this, in 2013 the idea came up to limit the maximum total cost of loans and borrowings. It should not deviate from the average TIC for the market by more than a third and in any case be no more than 365% per annum. The new average TIC for the market for different amounts and terms of loans and other loans is quarterly calculated by the Central Bank for banks, MFIs, cooperatives, pawnshops. The results of the calculations are posted on the official portal of the Central Bank.

This is how it happens

For example, the average market PSK of consumer loans from 30 thousand rubles. up to 100 thousand rubles for a period of more than a year is 19.628%, which means that the limit cannot exceed 26.171%. It is not necessary to count yourself - you can see the values ​​\u200b\u200bin the link above.

An exception to these restrictions is loans without collateral for a period of not more than 15 days in the amount of up to 10 thousand rubles. But they are special, these are the so-called payday loans - they are not considered in this article.

PSK BY SYLLABLES

So, what is included in the PSC and how is it calculated?

1. the amount of the principal debt (how much money you received from the bank);
2. interest on this amount;
3. various payments in favor of the creditor, if they are specified in the contract;
4. fee for the issuance and maintenance of an electronic means of payment (in simple words - a plastic card), with which you will repay the loan;
5. various payments in favor of third parties (for example, insurance companies, developers, notaries, etc.);
6. the amount of the insurance premium (if this is the so-called collective insurance scheme, when the beneficiary under the contract is the bank);
7. the amount of the insurance premium under a voluntary insurance agreement, if, depending on its conclusion, the bank offers other conditions for the loan (for example, when the repayment period, TIC, interest rate, other payments and commissions change).

This is the cost of the client under the loan agreement.

The following are not taken into account in the calculation of the PSC:

1. fines for non-compliance by the client with the terms of the contract;
2. compulsory types of insurance (hull insurance or apartment insurance to protect the collateral);
3. commissions for currency transactions (for example, if the loan was taken in dollars);
4. penalties under the contract;
5. commission for suspension of operations;
6. fee for non-cash money transfer;
7. payment for obtaining (repaying) a loan in cash (settlement and cash services);
8. commission for using online or mobile banking, SMS notification.

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When applying for a loan, do not ignore, among other things, commissions that are not included in the calculation of TIC. In some cases, they can be significant. So, some banks set a high fee, for example, for an SMS alert or a chat with an employee through a mobile application. Subsequently, these expenses may come as an unpleasant surprise for you if you did not pay attention to them when signing the documents. To avoid surprises, in no case do not rush when signing a loan agreement.

PSK IN FORMULA AND FIGURES

Article 6 of the Law "On Consumer Credit (Loan)" establishes the formula for calculating the TIC. For the calculation, information from the bank is required - it can be obtained from an employee of the credit department. The formula is quite simple:

PSC = i x NBP x 100

TIC, as we already know, is the total cost of the loan as a percentage per annum.

NBP - the number of base periods for the term of the loan, that is, how much the client must make payments. Standard NBP per year with monthly payments on the loan = 12. That is, for a three-year loan, NBP will be 36. For quarterly payments, NBP per year = 4. For payments once a year or less NBP = 1. The base period in the loan agreement is the standard time interval . It is most often found in the payment schedule, which is necessarily issued along with the contract.

i - the interest rate of the base period, expressed in decimal form. That is, if the annual rate is 12%, then with monthly loan payments per month it will be 1%, and in decimal form - 0.01.

As you can see, nothing complicated, but only at this stage. The main difficulty is the formula for calculating the interest rate of the base period:

Theoretically, to calculate this indicator, you need to have a sample loan agreement that reflects all the necessary data. In practice, it is possible to request the number of base periods and the interest rate of the base period from the loan officer of the bank both verbally and in writing. Please note that the lender cannot refuse to provide this information. If you were refused to provide information, you should file a complaint with the Central Bank.

But this is an extreme case. The bank is obliged to consider the PSK as a client, and in practice this is what happens. You can double-check for yourself, if there is such a need, in a simpler way.

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If you do not want to bother with independent calculations, you can enter data into an online or mobile calculator. Better yet, do this in several calculators at once, so that later you can compare the results with each other and with what the bank indicates in the PSK. Of course, it will take time, but in the future it will pay off in full thanks to the money saved on the loan.

TIC in rubles - the second value that the law requires to indicate - is calculated according to the following formula:

PSK = cost of the loan + additional payments + overpayment.

To calculate additional payments, add up all the estimated expenses: commissions, payments (monthly, etc.) for the entire period of the contract. Details of the overpayment can be found in the payment schedule.

This is how it happens

Having learned the specific data, you can calculate the total cost using a simple formula. For example, there is a loan worth 220 thousand rubles. Term - 24 months at 17% per annum. There are additional fees: 1.5% for the provision, 1.2% for the service.

With an annuity payment, that is, with a monthly payment of the same contribution, the overpayment will be 41 thousand rubles. It can be calculated in a loan calculator - for example, in this one: http://calculator-credit.ru/calculator.php.

For the issuance of money you will have to pay:

220,000 * 1.5 / 100 \u003d 3.3 thousand rubles.

The service fee will be:

(220,000 + 41,000) * 1.2 / 100 \u003d 3.132 thousand rubles.

PSK \u003d 220 + 41 + 3.3 + 3.132 \u003d 267.432 thousand rubles.

It should be borne in mind that PSK takes into account all payments that the client will make for the entire term of the loan. In other words, if you are going to pay off the loan ahead of schedule, then this value will change.

This is how it happens

Consider an example: take a mortgage loan. In the case of a long repayment period, it may be advantageous to take out a loan with a commission for lowering the interest rate, however, in case of early repayment, the commission is not refundable. In another case, a loan is taken at a higher interest rate, also for a long period, but repaid ahead of schedule. The final payment amount will be lower than in the case of a non-refundable commission.

So, despite the importance of the TIC indicator, it often depends not only on the bank, but also on the client's plans.

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To compare and choose the most advantageous option, you should use a loan calculator in which you can compare different options.

In it, you must first drive in the option with a commission for downgrading. Then calculate the option when you repay a loan with a higher interest rate, but for a shorter period. You will immediately clearly see where the overpayment amount will be higher, and where lower.

A SPECIAL CASE

They say that the calculation of TIC for credit cards is a special case. Why?

Calculating TIC for credit cards is a very complex process because there is a grace period and a revolving line of credit. To calculate the TIC of credit cards, the bank uses the maximum possible credit limit with debt repayment equal to frequent (meaning a monthly payment).

Let's take an example to show how it works.

This is how it happens

The card is issued for a certain period (say, 3 years) with a limit of 100,000 rubles. The bank believes that the client uses the entire amount at once and will repay the loan for all 3 years, making a minimum monthly payment of 10% plus interest. But banks can calculate the TIC for credit cards in various ways, so you should be more careful when studying the conditions on a credit card.

The PSK includes the money available to the client on the loan. This gives rise to an interesting feature. Even if you do not pay for annual maintenance, commissions and always fit into the grace period, that is, you actually use the loan for free, then the TIC will still be higher than the interest rate.

Therefore, it should be remembered that TIC is a theoretical value and can sometimes distort the amount of overpayment on a loan.

HOW IS IT BETTER TO TAKE A LOAN?

Experts offer a range of advice on this matter.

According to Alor Broker analyst Aleksey Antonenko, the approach to reducing the total cost of a loan or loan might look like this:

1. Provide proof of your income.
2. If you do not plan to repay the loan ahead of schedule, then you should choose the product with the lowest TIC, paying attention to additional fees, fines and penalties that are not included in it.
3. Consider whether you need insurance or not. If you are confident in your abilities and the source of your income, then it may be worth giving up insurance if the interest rate reduction does not compensate for the cost of it. Moreover, often the insurance payment is included in the loan, increasing it. For calculations, you can use a loan calculator.
4. Perhaps it makes sense for you to conclude a loan agreement with a differentiated payment scheme. In this case, the borrower decides how much he will repay in excess of the minimum payment. When making a larger payment, the amount of the principal debt is reduced, and the rest is repaid gradually. At the same time, monthly payments are reduced. This scheme allows you to reduce the final overpayment.
5. Make a choice in favor of loans without penalties for early repayment.
6. If you plan to repay the loan in advance, then calculate the approximate time in which you want to meet. Compare which is more profitable: to take a loan with a commission for lowering interest or with a higher interest rate and early repayment.
7. Avoid late repayments to avoid paying fines and penalties. Moreover, a damaged credit history will affect the ability to take a loan in the future. If you experience temporary difficulties, you need to contact the bank for refinancing. It is worth doing this before the delays begin.
8. Make a choice in favor of your payroll bank. Most often, he offers the most favorable conditions to his payroll clients.

Another very important tip: despite all the PSK, pay attention to the amount of payment per month in rubles. This figure is more practical, and most importantly, easily comparable with the income of the borrower, it will allow him to understand whether he will pull the loan or not, or even be able to save up for it, experts advise.

Well, and most importantly. Read the loan agreement carefully. Ask about anything you don't understand. "Ask questions to the loan officer, and if it so happened that you doubt the veracity of his words, turn on the recorder and warn him about it under the recording," Antonenko advises.