Dear customers, when making decision on a loan, please check the below conditions!

Find out:

  • Interest rate of the loan
  • Loan amount
  • Credit term
  • Conditions for early repayment of a loan

Remember:

  • A contract is a legal document
  • Your rights and obligations
  • Confidentiality
  • The amount and term of the loan
  • Interest rate

Make sure:

  • The information provided to you is understandable
  • Ask questions

Contract:

  • It is signed in 2 copies
  • The legal addresses of the parties are indicated
  • Details of the parties
  • The person from the fund is indicated

 

Financial terms

Interest rate – the amount specified in percentage terms to the amount of the loan that the recipient pays for using it for a certain period (month, quarter, year).

Annual interest rate is the interest rate per 1 year for the use of the loan.

Effective interest rate determines the real value of the loan. That is, in addition to the interest rate on the loan, it takes into account all related costs (commissions) for its servicing.

Repayment schedule – a document that indicates: the amount of monthly payments; recommended terms of monthly payments; other information required by the borrower for timely repayment of the loan.

Monthly payment is the amount that the borrower is obliged to pay each month to pay off the loan debt under the contract. The method of calculating monthly payments can be 2 types, which the client can choose.

The method of annuity payments (for the decreasing balance of the principal debt), in which the repayment of microcredit debt is effected by equal payments throughout the term of the microcredit, including increasing payments on the principal debt and decreasing payments for the compensation accrued for the period for the balance of the principal debt.

The method of differentiated payments (equal shares of the principal debt), in which the repayment of microcredit debt is effected by decreasing payments, including equal amounts of payments on the principal debt and interest charged for the period for the remainder of the principal debt.

A guarantee is a surety for the fulfillment by a certain person of monetary or material obligations, a form of responsibility for the fulfillment of the obligations assumed.

Pledge – certain material assets that the borrower transfers to the creditor as a guarantee of its debt obligations.

The collateral value is the market value of the property securing the loan (collateral). Often the maximum loan amount depends on it.

The Credit Bureau is a specialized organization engaged in collecting and disseminating information on the positive and negative aspects of the activities of legal entities and individuals applying for a loan. Information on all loans you receive can be obtained from this credit bureau (in your consent).

Delinquency – outstanding debt on the principal debt and / or planned interest for the use of the loan.

Penalty – a certain amount of money that is paid in the event of late payments (violation of the repayment schedule).

Early repayment of a loan is the repayment of a loan before the loan term. Interest in this case is recalculated by the date of early repayment.