Even in pre-crisis times, loans did not go unnoticed by the family budget. Needless to say, how onerous loans have become now, when real wages of the population are falling, and prices are rising at a double-digit pace?
Since last year, borrowers who are unable to pay their loans have been able to use judicial mechanisms for bankruptcy or debt restructuring. And what about those who are still able to service the loan? Is it possible to legally reduce the credit burden? AiF.ru understood.
Early repayment
Early repayment is the easiest way to save on a loan.
Until mid-2014, the loan agreements of a number of banks often included a clause on penalties for early repayment of loans. Thus, financial institutions tried to offset losses if the borrower brings the borrowed amount ahead of schedule. The Consumer Credit Act made such fines illegal. However, it must be borne in mind that if the loan was issued before mid-2014 and the document refers to penalties for early repayment, then the bank has the right to apply them.
If you took a loan after this period, then you do not need to pay any fines: within the first month after receiving the money, you can repay the debt at any time and pay only for the days of using the loan.
In the event that you decide to repay the loan later than the first month, then you must notify the bank 30 days before the date of early repayment. Within 5 days after you submitted the relevant application, the bank is obliged to provide you with an accurate calculation of how much money you have to pay on the day of early repayment.
“At the same time, you most likely will not be able to return the money given for insurance that you took out on a loan. The Russian law on insurance activities, on the one hand, allows a citizen to terminate an insurance policy at any time, but on the other hand, it allows insurers to keep the entire insurance premium received, even if the insurance contract was actually valid for several days. However, sometimes insurance companies include in the policy their own obligation to pay the paid insurance premium for the unused period, ”emphasizes General Director of the Institute for the Stock Market and Management (IFRU) Viktor Maydanyuk.
Refinancing at another bank
If you had to apply for a loan at a high rate (for example, after the Central Bank sharply raised the key rate in December 2014, which caused the increase in loan rates for the population), then you can reduce your debt burden by obtaining a less expensive loan from another bank . If you have a good credit history and a stable income, then financial institutions will be happy to "poach" you from a competitor. Keep in mind that the bank at the expense of which you want to reduce loan payments must be sure that the appeal to it is not related to financial problems and is caused by a simple desire to save money.
When applying to another bank for on-lending, there are a few things to consider that will ultimately determine whether you can gain anything from switching to a new lender.
“Firstly, when applying for a new loan, it is important to avoid imposing “voluntary” but unnecessary additional services. One imposed insurance policy will eat up all your possible savings.
Secondly, when evaluating the feasibility of switching to another lender, compare not so much interest rates or TFR (full cost of the loan), but the estimated amount of interest that you have to pay. This amount must be indicated in the payment schedule. With an annuity repayment system, you may well find that, despite the seemingly very attractive TIC and monthly installments, you end up paying more interest in the new bank than in the old one. The probability of such an effect is especially high if you have already paid off most of your debt on the old loan, and the new bank offers you a loan for a longer period, ”explains Viktor Maydanyuk.
Restructuring
You can try to lower the loan rate without contacting another financial institution. If you applied for a loan on not the most favorable terms, and then the bank significantly reduced interest rates on loans, you can contact a credit institution with a request to refinance or restructure the debt on new terms. By law, the bank is not obliged to meet you halfway and change the conditions in your favor, but it understands that you can close your loan obligations within a month by taking a loan from a competitor. Therefore, theoretically, they can change the terms of the contract or offer to refinance the debt in the bank itself. In this case, the first loan (with a higher rate) will be repaid at the expense of the second one.
Changing the terms of the contract is the preferred option for the borrower, Maydanyuk says. The fact is that when refinancing, you have to close the old loan under the old conditions. If the loan was issued more than two years ago and penalties for early repayment were assumed, then you will have to pay a fine. If the loan involves other mandatory payments, you will have to pay them when applying for a new one. Again, you will have to be persistent when bank employees try to impose additional services on you.
How to reduce the loan payment at Sberbank on a monthly basis is a question that interests almost all future borrowers. Basically, the bank sets the interest rate on a particular loan within a certain range. But what kind of interest will be offered to the client depends on many factors.
Decreased loan payment
What can affect the size of the interest rate and, consequently, the monthly payments:
- providing more documents;
- loan terms;
- loan amount;
- the presence of a guarantor;
- the purpose of the borrowed funds used;
- credit history.
Decrease Secrets
To understand how to reduce a payment on a loan at Sberbank, you should figure out what the credit institution is guided by when setting an interest rate. There are three factors at play here. The first is related to the risks that the bank takes on. This is the risk of non-repayment of borrowed funds. And the worse the bank evaluates the solvency and reliability of the client, the higher the rate will be offered to him. The proof of such a strategy is express loans with high interest, where a minimum package of documents is presented during registration. The second factor affecting the rate is the term of the loan. The longer the term, the greater the risk of unforeseen life situations that do not allow the client to repay the debt on time. Therefore, loans up to 3 years are established with lower interest rates. And the third factor is the key rate of the Central Bank and the refinancing rate. An ordinary citizen can only influence the first two factors and reduce the bank's risks.
Ways to reduce a payment on a loan at Sberbank
There are a number of ways in which the borrower can influence the reduction of monthly payments. These include:
- extended package of documents;
- registration of an insurance policy;
- on-lending;
- restructuring.
Let's consider each separately.
Restructuring
Reducing monthly payments through restructuring is a moot point. Yes, it allows you to reduce the payment for each month, but as a result, the overpayment on the loan increases. The essence of the restructuring is to reduce the monthly payment by increasing the loan term. Banks are reluctant to make such a decision, and it will be necessary to attach sufficiently strong and convincing evidence of the need for this procedure. To do this, when applying for a restructuring, it is required to provide documents as evidence of the reason that led to the inability to repay the debt on time and in full. A banking institution is more loyal to those borrowers who applied before the delay occurred.
Refinancing
There is another way to reduce monthly payments and the total amount of debt - to refinance loans. It is worth resorting to this procedure if the conditions on previously taken loans turned out to be onerous.
There are several other reasons why refinancing makes sense:
- if the borrower, in order to repay the previous loan, takes the next one and is drawn into this endless process;
- There are several loans with different interest rates from different lending institutions.
Refinancing means the transfer of one loan from one bank to another on more favorable terms. Today, the bank offers refinancing of 5 loans at once: mortgage, car loan, consumer loans and credit cards. The amount must be at least 15 thousand rubles, but not more than 1 million rubles. The final rate of the refinanced loan depends on the term and size of the debt, and varies from 13.25% to 25.5%. The procedure for refinancing is similar to applying for a loan, where the same documents are required.
Extended package of documents
One of the ways to reduce the loan payment at Sberbank is to demonstrate the solvency and reliability of the future borrower. A credit institution, having convinced itself of insignificant risks when issuing a loan, as a rule , is more loyal to such a client. And so the interest rate can be significantly lower than for other loan applicants. The borrower must provide an extended package of documents, which is proof of its financial potential. This can be a diploma of higher education, a certificate of ownership of an apartment, house or car, as well as provided certificates of additional earnings. The main purpose of providing such documents is to prove to the credit institution that the borrower is able to return the borrowed funds in a timely manner and in full.
Insurance
Another step to reduce the interest rate is to take out a personal insurance policy that includes disability, health and life insurance. This will be proof that the risk of loan default has been reduced. Insurance is not mandatory when applying for a loan, but in order to protect yourself, a banking institution recommends concluding an insurance contract.
How to find out the payment schedule for a Sberbank loan
When applying for a loan, the borrower, along with the loan agreement, receives an individual loan repayment schedule. This is a special table where the data of a particular client is indicated:
- debt repayment date;
- sum;
- breakdown into the body of the loan and interest on it;
- column on early repayment;
- the amount owed at the end of the credit period.
Depending on the method of repayment, the schedule is calculated according to differentiated (on a descending basis) or annuity (same) payments.
The bank specialist is obliged to familiarize the client with the contents of the table and explain all the components of this schedule. This document is developed by the credit department in accordance with the terms of the concluded agreement, in the appendix of which all fixed amounts of payments for each month have already been previously calculated. This allows the borrower to avoid the time-consuming procedure of monthly calculations. Of course, the borrower can make such calculations himself using the loan calculator on the site, but it is worth considering that the data obtained is approximate and more for informational purposes. It is better to use them before you plan to conclude a contract.
How else can I find out the payment schedule for a bank loan? Such an opportunity is provided on the Online Service. To do this, you need to log in to the system and select the "Loans" section, follow the link "Detailed information", and then "Repayment method". A page will open where you can find out all the information: user status (borrower, guarantor), payment status, amount, as well as its itemized breakdown - which part goes to repay the principal debt, and which part goes to interest. Here you can also get acquainted with fines and pennies for delay, if any, and the full amount, taking into account the debt.
Conclusion
Knowing how to reduce the monthly loan payment at Sberbank, you can significantly reduce the financial burden on the family budget. There are enough ways to do this. But the most not burdensome for the wallet of the future borrower is the opportunity to convince the credit institution of its financial discipline and reliability, which will significantly reduce the risk of non-repayment of borrowed funds. This is the provision of a positive credit history and more documents indicating a stable and sufficient income for payments.
Delay and non-payment of loan payments is regarded as a failure to fulfill obligations to the bank. If you have any difficulties, it is better to contact the bank in advance, when there is no debt yet, and indicate the reason in a written statement. Most often they are associated with a decrease in income, serious health problems, family circumstances.
When applying to a credit institution, the application must not only indicate the grounds, but also confirm them with relevant documents (certificate of salary reduction from the place of work, copies of orders, health certificate). All documents are carefully checked.
How can I reduce the payment on a bank loan? How to write a statement and where to apply with it - we will consider in the material presented.
Legal ways to reduce monthly payments to the bank
You can change the monthly loan payment down as a result of restructuring and refinancing. In the first case, the term of the agreement concluded earlier is terminated and a new agreement is signed with amendments to the credit conditions. Sometimes the previous contract remains valid, to which an additional agreement is drawn up.
Note! Restructuring has both the advantage of reducing the amount of monthly payments, and the disadvantages of increasing the amount of overpayment on the loan, increasing the repayment period.
On the issue of loan restructuring, a decision is not always made in favor of the borrower, since receiving a penalty for late payments is more beneficial for the lender. In order to make a positive decision to provide such a service, the borrower must have a good credit history and a clear plan for solving the financial problems that have arisen. In such a situation, the creditor may grant the request.
If the bank refuses to change the terms of the agreement and reduce the monthly installments on the loan, you can try to resolve the issue by refinancing. This procedure consists in obtaining a new loan from another bank to repay the old loan.
Its advantage is that new credit can be provided on more favorable terms. Maybe:
- interest rate reduction;
- reduction in the amount of monthly contributions;
- loan repayments in other currencies.
However, the service has its drawbacks. Banks usually refuse to refinance loans with a term of less than 6 months, and the amount of debt remaining to be repaid is less than 30 thousand rubles.
When contacting a bank on the issue of reducing monthly payments, it is necessary to consider:
- late payments may be the reason for refusal;
- in the case of lending under express programs, it is impossible to reduce loan payments;
- the possibility of offering the borrower credit holidays as a temporary way to defer payments;
- restrictions on loan restructuring (the service can be used 1 time).
What documents are needed to reduce the amount of the loan payment?
To reduce the loan payment, the following documents must be submitted to the bank:
- application in the form of a questionnaire;
- passport to confirm citizenship of the Russian Federation;
- certificate of the established form (2-NDFL);
- loan agreement;
- documents that indicate the debt and the balance of the principal debt;
- collateral documents (for mortgage lending).
When applying to the bank with a statement, the borrower may ask to reduce the interest rate; provide an installment plan; establish credit holidays.
In what cases can the monthly payment under the loan agreement be reduced?
The bank may reduce the monthly payment on the loan if there are the following reasons:
- illness of the borrower or his close relative;
- pregnancy of a client who received a loan from a bank, as well as the client's spouse;
- other good reasons.
To reduce the loan payment due to the deterioration of the financial situation, supporting documents should be provided to the bank (a copy of the work book, a certificate of temporary disability, salary reduction, a copy of the disability certificate).
New loan payment schedule
When drawing up the schedule, the date of making payments on the loan is determined. If the established date creates inconvenience for the client, he can apply to the bank to set a new schedule. The borrower will need to fill out a special application.
When restructuring, a new schedule is also set in connection with an increase in the loan term, a change in currency, or the replacement of a scheme that is usually used to repay debts with an annuity (even distribution of payments over the entire period for the principal amount, as well as for interest accrued on the principal debt ). When changing the debt repayment schedule to the loan agreement, an agreement must be additionally drawn up.
How to reduce a payment on a loan at Sberbank?
Reducing the loan payment at Sberbank is possible by:
- partial early repayment of the loan, in which the total loan term is not reduced;
- restructuring;
- refinancing;
- requesting a reduction in interest rates. To get a positive response, it is better to apply during a period of active reduction in borrowing rates in the market.
Deferral of payment on a loan in Sberbank
It is worth contacting Sberbank with a request for a loan holiday if the financial situation worsens during the period of repayment of the loan debt.
In this case, you can get the following types of deferred payments:
- 12 months under loan agreements for up to 2 years;
- 2 years when applying for a loan for a period of 25 to 60 months.
Note! The deferment is provided only for the principal debt, and the interest on the loan in Sberbank is paid on an urgent basis.
To do this, you must write a statement in any form, in which you must indicate your details and the circumstances that have arisen.
How to get a loan from Sberbank with a deferred payment for a year?
You can get a deferred payment for a specified period when applying for almost all loans. For this you need:
- apply to Sberbank with a passport and a loan agreement;
- explain to the specialist the reason why the client is not able to pay monthly contributions. For example, loss of a job, difficult circumstances (illness, natural disasters) leading to unforeseen costs;
- provide evidence confirming temporary disability;
- fill out an application when the bank makes a positive decision.
Transferring the date of payment on a loan in Sberbank
The date of payment is specified in the loan agreement, and is also indicated in the loan repayment schedule. It is prohibited to transfer it unilaterally, as this is considered a change in the terms of the agreement.
Therefore, in order to resolve this issue, it is necessary:
- apply to a credit institution;
- write a statement explaining the essence of the problem and the reasons for changing the conditions;
- sign the document and send it to the manager.
The borrower is informed of the decision by phone. You can positively resolve the issue of reducing the loan payment by contacting our lawyers. Qualified specialists will help to draw up all the necessary documents, as well as advise on choosing the most profitable way to reduce loan payments, which will solve the problem as soon as possible and minimize possible costs.
ATTENTION! Due to recent changes in legislation, the information in the article could be out of date! Our lawyer will advise you free of charge - write in the form below.
Anyone can face difficult financial situations in their life. This is especially difficult for people who have a valid loan. Is it possible to reduce the monthly payment and what if the bank does not make concessions?
In the practice of Russian lending, there are two ways to reduce monthly payments - restructuring and refinancing.
Restructuring
Restructuring involves changing the original terms of repayment of the loan. When restructuring, there is a decrease in monthly payments due to the extension of the loan term. At the same time, the interest rate remains stable. The disadvantage of this option for the borrower is an increase in the amount of overpayment on the loan.
To restructure a loan, you must apply to the bank with an application and provide documents confirming the inability to pay the loan according to the previous schedule. This, for example, illness or dismissal from work.
It is important to contact the bank before the delay occurs, otherwise the likelihood of refusal to restructure increases significantly. Sometimes the bank provides "credit holidays" and allows you to temporarily pay only the interest on the loan or only the amount of the debt.
For example, the Bank of Moscow has the opportunity to arrange vacations for yourself or extend the loan term for consumer and car loans for up to 2 years, for mortgages - within a maximum period of up to 30 years. Raiffeisenbank offers to apply for restructuring online.
But banks are not always ready to restructure loans, since fines and delays are their additional income. If the bank refused, you can try to "refinance" in another bank or refinance the loan.
Refinancing
Refinancing allows you to get a loan from another bank on more favorable terms for the borrower. The goal can be either to reduce the amount of monthly payments, interest rates, or change the currency of the loan. The latter can be especially beneficial in the face of a strengthening ruble.
Today, up to 10% of total lending is accounted for by refinancing. Banks usually refinance loans with a term of more than 6 months. Sometimes among the requirements is listed - payments on loans must be made for at least a year. There are also restrictions on the balance of the debt - to refinance a loan with a balance of less than 30 thousand rubles. will not work.
Mortgage refinancing
The most popular type of refinancing loan is a mortgage. It only makes sense to refinance a mortgage until the five-year repayment period is reached and if the principal balance is greater than 30%.
The fact is that in most banks, the payment schedule is drawn up in such a way that in the first years it is mainly the interest on the loan that is paid off, and not the principal debt.
The benefit to the borrower may consist of both a reduction in the credit burden and a reduction in the rate. So, several years ago, mortgage rates were at the level of 18-20%, but now they are 11-13%. Thus, even with an increase in the loan term, the amount of overpayment may be lower.
The procedure for refinancing a mortgage is similar to obtaining a mortgage loan itself. The borrower is required to provide a complete package of documents:
- application form for refinancing;
- passports of the borrower and co-borrower;
- documents confirming income;
- pledge documents.
The decision is made by the bank within 5-12 days. For banks, such loans are less risky than the original mortgage, so failures are less common. The decision to refinance is influenced by the financial condition of the borrower, the absence of delays, as well as the property itself.
We must not forget about the additional costs that you will have to face when reissuing a mortgage - they can reach up to 45 thousand rubles. This, in particular, is a commission for issuing a new loan, re-registering a property, concluding a new insurance contract.
Despite the benefits of refinancing your mortgage, there may be some challenges. So, some loan agreements directly indicate a ban on refinancing, others allow it to be done only for a fee to the former lender.
But banks that provide loans within the framework of refinancing help the borrower in solving this problem. In case of refusal of the previous creditor, they transfer money at the expense of the borrower, and he fully repays the previous loan and removes the encumbrance from the property.
1. Mortgage "Refinancing" from Alfa-Bank
Loan amount: from 1 million rubles. up to 60 million rubles
Loan rate: from 12.2 - 14%
2. Mortgage "Refinancing of housing loans" from "Sberbank"
Loan amount: not more than the balance of the principal debt and 80% of the appraised value of the purchased housing.
Loan term: from 5 years to 25 years
Loan rate: from 13.25 – 14.75%.
3. Mortgage "Refinancing" from "Gazprombank"
Loan amount: from 300 thousand rubles. up to 45 million rubles
Loan term: up to 30 years
Loan rate: from 12.45 - 13.75%.
At the same time, banks, until the moment of registration of a new collateral, either take a guarantee or additional collateral as security, or temporarily increase the loan rate by 1-3%.
A number of lenders, in order to retain a borrower who plans to resort to refinancing, offer the client to reduce interest rates.
Refinancing of consumer loans
Some banks provide the possibility of refinancing consumer loans and credit cards. From the borrower, in addition to the standard package of documents, it is required to provide a certificate of the refinanced loan (containing the number and date of the agreement, interest rate, amount of monthly payments, debt balance, etc.), as well as a certificate from the account opened for refinancing.
Such a loan is not issued into the hands of the borrower, but is transferred immediately to his credit account.
1. Loan "Refinancing" from VTB24
Loan amount: from 30 thousand rubles. up to 1 million rubles
Term: from 6-60 months.
Rates: from 15-25%.
Remaining term of the loan: at least 3 months.
2. Loan "Refinancing" from "Rosselkhozbank"
Loan amount: up to 1 million rubles.
Term: up to 60 months.
Rates: from 18.5% (in the absence of insurance + 1.75%)
3. Loan "For the refinancing of external loans" from "Sberbank"
Sberbank is ready to refinance up to 5 loans simultaneously. These include consumer loans, car loans and credit cards.
Loan amount: from 15 to 1 million rubles.
Term: up to 60 months.
Rates: from 17% to 25.5% (rate 17% for up to a year in the amount of 150 thousand rubles)
There are also refinancing programs in MDM Bank (rate from 14.5%, amount - up to 750 thousand rubles), Rosbank (rate from 16.5-19.5%, in the amount of up to 1.5 million rubles).
The Raiffeisenbank refinancing program allows you to purchase a new car, while the old one is rented to a car dealership and the money for its sale is counted towards the first installment.
An unstable economy, rising inflation, job cuts and a decline in living standards lead to the fact that people who have assumed obligations under a loan agreement are no longer able to fulfill them.
This leads to a violation of the terms of the contract, and according to statistics, more than 20% of borrowers are unable to pay monthly loan payments.
In modern conditions, you can try to reduce the monthly loan payment, this is beneficial for the bank and for the lender.
Is it possible to reduce
If financial difficulties arise, there is the possibility of reducing monthly payments. To do this, you need to apply to the bank with an application.
However, it is worth noting that financial institutions meet only those borrowers who have an ideal credit history, i.е. There were no delays in loan payments.
If you cannot make the next payment in full, you need to contact the bank with a corresponding application before the due date for the next payment of the amount.
In addition, to make a positive decision, objective reasons are needed, which are documented. These grounds can be:
- decrease in wages (confirmed by a certificate from the place of work);
- dismissal from work (which confirms the entry in the work book);
- illness or temporary disability (confirmed by a certificate from the hospital).
These reasons do not depend on the actions of the borrower and give grounds for the creditor bank to decide in favor of reducing monthly payments.
This right is exercised in several ways;
- lowering the interest rate;
- early repayment of the loan ahead of schedule.
Let's take a closer look at the most common ones.
Bank loan refinancing
Refinancing is an opportunity to repay a loan in another bank or financial institution on terms that are more favorable for the borrower. This can be done in the same bank where the original loan was taken.
The effect of the procedure is explained by the fact that a new loan can be taken with a lower interest rate, lower monthly repayments or a longer loan term, which also reduces the amount of the monthly payment.
Often such offers are present in the same bank where the loan was taken. But it happens that financial institutions themselves offer more favorable conditions for refinancing third-party loans.
However, there are also side effects to debt refinancing. An example is an auto loan.
When refinancing the residual amount of debt on such a loan, it will not be possible to issue a CASCO insurance policy for a car. This happens when such a loan is refinanced with the help of a consumer loan.
The opportunity to reduce monthly payments is given only to those borrowers who do not have overdue payments, otherwise banks are very reluctant to agree to the refinancing procedure.
In addition, it should be borne in mind that with this procedure, a new loan will be secured by real estate or a car, which is also not suitable for everyone. You can take another opportunity.
Restructuring of the taken loan
Restructuring involves the conclusion between the creditor bank and the borrower of an agreement under which the original terms of the loan agreement are changed. The bank can change them in the following form:
- reduce the amount of the monthly repayment;
- increase the maturity of the debt up to 10 years by reducing the interest rate;
- diversify the repayment (for example, pay only interest on the loan for some time). This measure is temporary.
However, it should also be taken into account here that in the end, the borrower pays an even larger amount in interest.
Restructuring, like refinancing, is provided by the bank only if there are no overdue payments in the borrower's credit history.
Otherwise, financial institutions very rarely go forward. Therefore, it is extremely important to apply to the bank with a request for a debt restructuring before the moment when the monthly repayment period has already passed.
Another point that you should pay attention to when is that the bank, in the event of a delay in repaying the loan under the new conditions, has the right to require the client to return the entire amount of the debt in full.
In this case, the financial institution sends the Closing Request, which indicates the final maturity of the loan debt.
Which banks are ready to restructure
The procedure for restructuring credit debt is not mandatory for the bank, and is not enshrined in any regulatory acts by law. Therefore, a financial institution has every right to refuse a borrower who has made such a request.
But it is in the interests of the bank to maintain the solvency of the client, otherwise his debt to the financial institution seems to be outstanding, and the bank will lose not only the amount of interest on the loan, but also the entire balance of the loan issued if the borrower goes bankrupt.
Almost all large banks of the Russian Federation go to meet their customers who find themselves in a difficult life situation. In addition, large state-supported banks insure such risks from the outset. These banks include:
- Gazprombank;
- Bank FC Otkritie;
- Rosselkhozbank;
- Alfa Bank.
These banks were recognized as the most reliable according to the results of inspections by the Central Bank of Russia in 2016.
But in order to find out whether your financial institution provides such an opportunity to reduce monthly payments as restructuring, you must apply directly to the bank with the appropriate application.
Applying to the bank
If any conditions occur that make it impossible to pay monthly loan payments in full, you should immediately contact the bank with a request to reduce the interest rate, without waiting for the payment to become overdue.
Then the chances of success will be significantly reduced.
When applying, you need to prepare the following documents:
- a written request for debt restructuring, where it is necessary to indicate the reasons why payments in full are not possible;
- the passport;
- documents related to the conclusion of a loan agreement and confirming payments;
- documents related to the confirmation of the conditions that prevent the repayment of the debt in the same volume;
- other documents at the request of the bank.
In the application, in addition to the reasons why monthly payments have become unbearable, you need to indicate your vision of solving the problem that has arisen, for example, reducing the interest rate.
If the bank does not go to reduce monthly payments
If the bank refuses to restructure the loan debt, monthly payments can be reduced by refinancing, taking another loan on better terms and paying off the first one with it.
You can also apply to a financial institution with a request for a loan holiday. This will make it possible not to pay it for some time, until the circumstances preventing repayment disappear.
Another opportunity will be to change the currency of lending, which is important in case of sharp fluctuations in the exchange rate. If a loan is taken in a foreign currency, then you can ask to convert it into a ruble equivalent, however, in this case, the interest rate increases. In this case, you need to calculate what will be a more profitable solution.
Loan repayment ahead of schedule
Another way to save on interest is to pay off your loan early. If every month you pay an amount greater than necessary (when this does not contradict the loan agreement), then the bank will recalculate interest, reducing either monthly payments or the maturity of the debt.
Both options will reduce the amount of interest, giving you the opportunity to save.
