Interest-free loan in cash

Lately many banks tout service providing interest-free loans in cash. External attractiveness of this service contributes to the growth of its popularity among potential borrowers. So what’s the secret to interest-free loans in cash and what was the interest of banks to such kind of lending?

In fact, the sharp aggravation of competition among banks in the sphere of consumer lending, there is an urgent need for the introduction of new forms of attracting customers. Implement a fast cash loan, and yes even without interest-what could be more appealing to the borrower? But it’s only apparent attractiveness.

Banks and interest-free cash loans

Carrying out this kind of lending, banks did not refuse receipt of income. In this case, they simply change their structure. Lost interest rates more than offset by the payment of related and complementary services provided by bank loans.

Studies show that when personal maneuvering cost various additional services, the Bank may not only avoid your own profits, but also to enlarge them. In some cases, additional services for non-interest-bearing loans can bring more than 25% of the annual income.

Very often interest free loans compared with popular earlier form of purchase of goods by instalments. But between them there is an important and fundamental difference. Installment involved only gradual, stretched in time, payment of the value of the goods, and an interest-free loan means inevitable, at least 25 per cent, overpayments for goods.

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The structure of the potential earnings of the Bank while non-interest-bearing cash lending:
The Commission fee per room taken by processing the loan application and on his extradition.
the Commission paid by the client upon receipt of cash loan.
Monthly payments and loan service escort.
Profit from operations with credit cards.
A portion of the profits of the various insurance companies (credit insurance).
Mutually beneficial cooperation with banks, travel companies, car dealers and other trading organizations.

Interest-free credit cash order

For decision on lending, the customer shall submit to the employees of the Bank the following documents:

Passport.
individual tax identification number.
Certificate of income for the last 6 months.
In addition, Bank staff during the loan may require additional documents certifying the local registration of the client, his work experience at the last location, which shall not be less than one year, and for men aged under 25 years military service.
In the event that the documents submitted meet all the requirements of the Bank, a decision on crediting may take from several hours to several days.

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