interest rates in banks, what are the interest rates in Russian banks?

Buying a car is always a significant event in life: now you can forget about public transport and get used to the freedom of movement.

According to statistics for 2012-2013, almost half of all privately owned vehicles were purchased on credit.

The trend did not change in 2014, and although there are no complete statistics for 2014 yet, the topic of car loans has not lost its relevance.

Russian banks offer, to put it mildly, more or less tolerable conditions, so people decide to take out a loan and overpay a certain amount. Indeed, if you apply for a car loan worth from 500 thousand, then at a rate of 12-15 percent per year, the overpayment for this period will be 36-45 percent - about 5-6 thousand per month. With a salary of 25-50 thousand rubles, this is not so much.

We have already considered conditions in many banks on Vodi.su: Sberbank, Rosselkhozbank, Home Credit, VTB-24.

Now I would like to look at the situation as a whole.

Interest rates on car loans in Russia

First of all, it must be said that Russia is still very, very far from Europe and the USA, where interest rates are on average 2-3 times lower than in our vaunted banks:

• USA - from 3,88% per annum;
• Germany - 4-5 per annum;
• France 5-7 per annum;
• Portugal has one of the lowest rates of 2,75-3 percent.

Reading such data, you involuntarily plunge into depression, it turns out that the richest people in the world live in Russia. Indeed, in terms of the number of oligarchs and millionaires, we are ahead of the rest. But what is the reason for such a sharp discrepancy? After all, the average American or European earns several times more than a Russian, why do they have such low rates?

The answer is very simple - currency instability. In 2013, inflation in Russia amounted to about 6%, while in Europe it fluctuated between 1,5-2%. With this level of inflation, the National Banks set a lending rate, below which the interest cannot be. In the EU, the discount rate is 0,75 percent, in the US - 0,25, well, in Russia - 8,25%, that is, you will not find a car loan with an annual interest rate below 8, besides, the bank needs profit and they add their risks, expenses, commissions, salaries and so on to these eight percent.

Forecasts at the moment are not encouraging, the inflation rate in Russia since the beginning of 2014 has amounted to more than seven percent, which indicates an increase in interest rates on loans. Although there is still an opinion that at the current level of inflation, the discount interest rate of the Central Bank of Russia is too high.

Based on these data, we can approach the consideration of lending conditions in different banks:

• Sberbank - 13,5-16%;
• Gazprombank - 10,5-13,5;
• Alfa-Bank - 13,5-15,5;
• UralSib - 9-15;
• VTB-24 - 12,5-20,99;
• UniCreditBank - 11,5-19,5.

The list can go on and on, but the picture as a whole is clear - banks are trying to completely minimize their risks by setting interest rates not lower than the refinancing rate of the Central Bank of Russia - 8,25%, and plus they take into account their expenses.

The above figures may fluctuate slightly, both up and down, we examined in detail on Vodi.su the terms of lending in some banks. So, pensioners or clients of a particular bank can receive a loan not at 13,5%, but 0,5-1 percent lower if they keep deposits here or receive a salary on a bank card.

The amount of permanent income, total experience, real estate, the presence of guarantors, and so on are also taken into account. The best option is to apply for a loan at a large bank, after fulfilling all the conditions, the most important of which is making an initial payment of 10-15 percent, but if you make 30 or even 50 percent, then this will be a huge plus and you can count on the most comfortable conditions.

There is also a state car loan program on more favorable terms. According to her, you can:

• purchase a domestically assembled car;
• loan term up to three years;
• initial payment - from 15 percent;
• the rate is from 8 to 10 percent;
• loan amount - not more than 750 thousand.

Some automakers enter into partnership agreements with banks and also offer their own programs. This offer applies to cars Skoda, Volkswagen, Seat, Opel, Audi, Chevrolet. The conditions are the same, with the only difference that the loan term can be up to five years.

The essence of this program is that you get a loan at the usual 13-15 percent, but the state covers 3-5 percent and you have to pay 8-10 percent. This program started in 2012.

In 2014, some changes were made: the down payment is at least 30 percent, but a loan can be issued with just two documents. Not all banks were able to pass the selection, in addition, certain requirements are put forward for borrowers:

• positive credit history;
• having a permanent income.

This type of car loan is not issued to women who have children under six months old.

From the foregoing, the following conclusions can be drawn:

• in Russia, taking a car loan is not very profitable;
• the state is trying to raise the prestige of domestic producers by offering more favorable conditions for their products;
• you need to carefully approach the choice of a bank, carefully read the contract and not agree to onerous conditions.

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