Despite the law on consumer lending, which has come into force, a part of bank loans is still issued only in conjunction with an insurance policy. But is it possible to refuse the service imposed by bankers, or whether customers have no chance to get a loan without insurance.
What is the root of the problem
If the borrower has set himself the goal of obtaining a favorable loan from a bank, then even before visiting a financial institution’s office, understand the terms of the lending it offers.
- what will be the interest rate;
- whether they will give a loan without insurance in case of voluntary refusal;
- as will be the case with additional commissions for registration of the contract, issue of cash on hand, work.
Such information need a claim on the Internet. Moreover, it is worthwhile to focus on the official banking sites and forums, where hundreds of existing borrowers share their opinions and experience every day.
By the way, about the latter. The claim put forward by online reviewers for credit institutions is the inability to refuse insurance. To refuse directly, as dissatisfied customers write, no one seems to prohibit. Only here the very fact of “renunciation” almost certainly deprives the borrower of the chances for approval of the application.
So really loans without commissions and insurance myth. And why do bankers behave in this way
Unfortunately, the problem is in the greed of individual banks. Some, having on hand a cooperation agreement with a specific insurer, receive a percentage for each policy sold. Others work with subsidiary insurance companies altogether, and therefore the expected profit is, in essence, clac pocket. And who among them will refuse additional money …
Credit managers are peculiar hostages of the situation. Having received instructions from the management, they aggressively offer insurance to customers. Those who refuse, consultants banally reject, supplementing credit questionnaires with untrue information: “the applicant was nervous and behaved inadequately”, “the client came drunk”, etc. And they cannot do otherwise, because the salary actually depends on the number of such sales.
And yet, how to get a loan without insurance
Contrary to popular opinion, the borrowers of most banks are not deprived of the right to choose. Only here what alternative offer bankers …
As practice shows, it is not profitable. If the borrower refuses to purchase an insurance policy, you will have to insure the risks of the bank yourself. Well, the interest rate, which the lender unilaterally will raise by at least 2-4 points, will be called upon to help in this.
With the result that would be more profitable – to issue a loan without fees and insurance, or to receive a loan at the bank initially stated conditions – a controversial issue. However, the credit institution will receive a profit, and the borrower will pay an approved loan.
Another interesting point. From personal insurance according to the law of, then the insurance of the subject of pledge is a mandatory procedure. So it turns out that an express loan or an unsecured consumer loan without insurance can still be issued, and a conditional car loan or mortgage loan is already in any way.
A little specifics
So, as we managed to find out above, you can get a cash loan without insurance only if you increase the base rate. Otherwise, failure. But do banks disclose such information?
Let us turn, for example, to the product line of the country’s largest creditor. If you believe the information that is presented on the official website, a loan is issued at a savings bank without insurance. Moreover, it is issued at 18.5% per annum, which in the current economic situation in the country makes the offer attractive.
H Sberbank privatiruet.
Such a conclusion is based on the latest reviews of failed borrowers. There are no questions to the interest rate and additional credit conditions – here the bank has not announced conditions. And with insurance, according to borrowers, a lot of problems arise. Some complain that they are openly imposing insurance at the bank, others are angry at all that without prior approval for the purchase of a policy, bank managers do not even accept a boom, and there is little reason to not believe.
The bank VTB24 loan without insurance is issued in a similar way.
H ere, however, accept without question the ADA sent for review. However, the bad news is waiting for the borrower on the day of the cash withdrawal: it is not possible to enter into a loan agreement without insurance. Naturally, an enthusiastic applicant compromises and acquires this insurance. But the product is ultimately imposed in such an aggressive manner that the bank does not make a reputation.
Would learn from the “Agricultural Bank”!
Yes, here too, borrowers are pushed to draw up an insurance policy, but at the same time a bank provides some choices: the client will give consent – the minimum interest rate, refuse – add 2.5% to the total cost of the loan. By the way, like the politician bank “Ak Bars”. Is that the refusal of insurance, he agrees to compensate for an increase of 2%.
What if the bank does not give a loan without insurance. Guide to action.
- If bankers strongly recommend getting insurance, do not go with them to confrontation. On the contrary, it is better to express understanding and agree to conclude an insurance contract. Do not worry, the big expenses in the end it will not turn around. The law in this case, if you don’t waste time, you will calmly deal with those banks that do not issue loans without insurance and impose services without regard to the opinions of customers.
- Having signed a loan agreement and having received the stated amount, do not forget to pick up an insurance policy or two policies from the manager if the bank also imposes job loss insurance. When you come home, make copies of it, and at the same time find the official details of the insured organization on the Internet.
- The very next day, write a statement addressed to the general director of the insurance company, in which you clearly express a desire to terminate the contract “due to the absence of the need for insurance services.” Do not forget to indicate in the application the number and date of conclusion of the insurance contract. And also leave the account details in the crediting bank, which you will find in the loan agreement.
- Make a copy of the application: send one by fax, the other to the email address. Please send the original along with the certified copy of the insurance policy by registered mail with a notification. At the same time, do not forget that if you have two insurances on your hands (the first one “insures” life and health, the second is stability of work), then there will be two statements.
- The insurance company will consider the application within two weeks. After this time, the cost of insurance, initially added to the loan amount, go to the specified loan account. In order not to lose sight of this moment, periodically call the insurer and check with the employees at what stage the application is considered.
- As soon as the due amount will be on the loan account (if at the deal, this will happen before the first payment date of the loan), go to the bank and write a statement about the use of these funds for the purpose of early repayment of a part of the debt. In the meantime, try to close the obligatory payment with other money.
After the funds are discharged, the bank will create a new payment schedule.
And already on it you will pay exactly as much as you would have provided a loan without insurance. Interestingly, the savings will reach 20-25% of the original amount of the overpayment.
Understanding those borrowers that they are trying to get a loan without insurance by hook or by crook is not so difficult. A bank loan in itself is not a cheap pleasure, especially when deliberately supplementing with paid services, the final figures for future expenses are completely frightening.
However, insurance on the loan is not required. Yes, it is possible that when you make a consumer loan you should refuse it, but in the case of a large and long-term loan, for example, a mortgage, insurance will play a big role.
Mortgage is issued at least ten years. During this time, the borrower can become seriously ill or, for example, lose his job. Bankers will not be interested in problems: he took the money, which means he is obliged to return, moreover, without going beyond the billing schedule.
Someone who, and the insurer in this case will help. The loan company will contribute.
As for the costs of personal insurance – in a large loan they will dissolve. And the calculations clearly prove this: in the long run, a mortgage loan without insurance (and issued at an overvalued rate) costs no less than a loan from the insured.