22.06.2017 0
Today, banks offer many services to the population, the most popular of which are lending and deposits. The policy regarding loans and deposits is largely controlled by the Central Bank of the Russian Federation, as well as legislative acts Russia. However, banks retain the right to provide loans and place deposits under certain conditions, if this does not contradict the law.
According to statistics, every 10th Russian is a client of one bank or another. This is why the question of how annual interest on a loan or bank deposit is calculated is so important. In most cases, interest refers to the size of the bet. The total amount of the overpayment on the loan, as well as the size of the monthly payment, depends on the rate.
Annual percentage of deposits: calculation using the formula
First of all, let's look at bank deposits. The conditions are specified in the agreement at the time of opening a deposit account. Interest is charged on the deposited amount. This is a monetary reward that the bank pays to the depositor for using his money.
The Civil Code of the Russian Federation provides for the opportunity for citizens to withdraw their deposit at any time along with accrued interest.
All nuances, conditions and requirements for the deposit are reflected in the agreement between the bank and the depositor. Annual interest is calculated in two ways:
Annual loan interest: calculation using formula
Today, the demand for loans is huge, but the popularity of a particular loan product depends on the annual interest rate. In turn, the amount of the monthly payment depends on the interest rate.
When considering the issue of calculating interest on a loan, it is necessary to familiarize yourself with the basic definitions and features of lending in Russian banking institutions.
The annual interest rate is the amount of money that the borrower agrees to pay at the end of the year. However, interest is usually calculated on a monthly or daily basis in the case of short-term loans.
No matter how attractive the loan interest rate may seem, it is worth understanding that loans are never issued free of charge. It doesn’t matter what type of loan is taken: mortgage, consumer or car loan, the bank will still be paid an amount greater than what was taken. To calculate the amount monthly payments, you must divide the annual rate by 12. In some cases, the lender sets a daily interest rate.
Example: a loan was taken out at 20% per annum. How much percentage of the loan amount is required to be paid daily? We count: 20% : 365 = 0,054% .
Before signing a loan agreement, it is recommended to carefully analyze your financial situation, as well as make a forecast for the future. Today, the average rate in Russian banks is approximately 14%, so overpayments on the loan and monthly payments can be quite large. If the borrower is unable to repay the debt, this will result in penalties, lawsuits and loss of property.
It's also worth knowing that interest rates may vary depending on your condition.:
- constant - the rate does not change and is set for the entire loan repayment period;
- floating depends on many parameters, for example, exchange rates, inflation, refinancing rates, etc.;
- multi-level - The main criterion for the rate is the amount of remaining debt.
Having familiarized yourself with the basic concepts, you can proceed to calculating the interest rate on the loan. To do this you need:
- Find out the balance at the time of settlement and the amount of debt. For example, the balance is 3000 rubles.
- Find out the cost of all elements of the loan by taking a statement of the loan account: 30 rubles.
Using the formula, divide 30 by 3000 to get 0.01. - We multiply the resulting value by 100. The result is a rate that regulates monthly payments: 0.01 x 100 = 1%.
To calculate the annual rate, you need to multiply 1% by 12 months: 1 x 12 = 12% per annum. 
Mortgage loans are much more complicated to calculate because... include many variables. For a correct calculation, the loan amount and interest rate will not be enough. It is better to use a calculator that will help you calculate the approximate rate and amount of monthly mortgage payments.
Calculation of annual interest on a loan. Online calculator (balance by month and overpayment amount)
To determine in detail the annual interest on the loan, distribute the balance of the loan by month and year, as well as display information in the form of a graph or table, you can use the online calculator for calculating
Banking organizations are engaged in issuing borrowed funds, for the use of which the borrower has to pay a certain percentage. To save on overpayments, every person strives to find an offer with the lowest annual rate and considers real happiness a loan program with a zero annual rate.
Not everyone thinks about why financial organizations develop proposals that will not bring them any benefit. Having come across a credit program under which the bank offers to issue a loan at 0%, you should not immediately sign an agreement; it is important to carefully study all its conditions stated in the agreement.
Who has to pay for an interest-free loan?
Banking organizations do not engage in charity, and therefore they will not enter into transactions that do not benefit them. The conditions that a person sees in advertising can be very different from reality. This should always be remembered. Every interest-free loan issued by a bank brings it profit, and sometimes such profit turns out to be significant.When issuing such loans, the main part of the income comes to the bank from commissions. These can be monthly or one-time commissions. Some such commissions are included immediately in the price of the goods, by agreement with the seller. A credit consultant will never talk about such methods of earning money; on the contrary, the financial institution will carefully hide all this, including in the loan agreement, otherwise it may lose a potential borrower. It is for this reason that experts recommend that when receiving an interest-free loan, you especially carefully study the loan agreement, including small print and all kinds of footnotes, since they often try to hide important information in them.
Disguising commissions
Commissions through which a financial institution receives planned earnings may be disguised different ways. In some cases, a financial institution agrees to issue a loan at 0% only upon payment of a one-time fee. Many borrowers consider it a down payment; in reality, the funds do not go to pay off the debt, but are the lender’s net income. With the remaining payments, the borrower will repay his debt in full.There are still financial organizations that have not abandoned the use of a commission, which is a fee for opening a credit account and other bank operations, which by law the financial organization is required to provide free of charge. There are financial organizations that should be paid at all just for accepting the application for consideration, but it may be refused to issue a loan and no one will return the payment to the person.
In the case of a trade loan, you may not find any additional fees in the agreement, because the lender’s income is already included in the price of the goods that can be purchased under the interest-free lending program. So it turns out that the cost of an interest-free loan may be higher than the cost of a standard bank loan.
We talked about it in more detail in one of our previous reviews.
Use this calculator to calculate monthly payment amounts, effective interest rate which all banks are now required to indicate and overpayment amounts on loan. After completing the calculation, you will find out how much of the money goes to repay the principal debt on the loan, and how much to pay interest.
There are two types of calculators. This calculator allows you to do both types of calculations:
- Annuity payment - equal monthly payments, including the amount of interest plus the amount of principal. This method of calculation is no more popular;
- Differentiated payment - payments that decrease towards the end of the term. Include permanent part principal plus interest on the remaining balance of the loan.
On our website you can use a loan calculator to evaluate various lending programs and also obtain a monthly payment schedule without contacting the bank.
The loan calculator presented to you is extremely simple compared to other similar services. Some of them may offer calculations in Excel by downloading a file, which in our time may seem anachronistic. This calculator takes into account the loan size, term, interest on the loan according to the program chosen by the borrower.
Car loan at 0% per annum
Competition in the car lending market is becoming more intense every day.
Bankers, together with car dealerships, come up with various marketing tactics to squeeze out their competitors.
Many banks today offer to purchase a car of domestic or foreign production without paying interest, unnecessary time costs and with a minimum package of documents.
The “interest-free installment plan” program allows you to purchase both a new foreign-made car and a domestic one at the dealership of an official dealer. This car loan program is especially convenient for those who already have an accumulated amount for a down payment.
Natalya Bondareva, head of the car lending department of RosEvroBank, believes that the advantage of the car loan program at 0% per annum is obvious - there is no need to overpay interest on the loan. According to her, only borrowers who have a substantial down payment can purchase a car using this offer. “Such car loan programs are beneficial only to borrowers with a good level of income who are purchasing a new foreign car, which implies the purchase of expensive insurance,” she notes.
The car loan program at 0% per annum today operates in Avangard banks, Impexbank, IMB, RosEvroBank, Sobinbank and the Retail Lending Company. In some banks, in order to get a loan for the car you like, it is necessary that the bank and the car dealership have an agreement.
According to Natalya Bondareva, under the “interest-free installment plan” car loan program, basically all banks have the same standard requirements as for classic car loans, namely: the borrower’s age is from 18 to 60 years (possibly over 60 years, subject to life insurance). “The monthly payment amount should not exceed 40% of the borrower’s income. The terms of the “Loan at 0” program require car insurance with an insurance company that is a partner of the bank,” she says.
When choosing an interest-free loan, you need to take into account that the insurance conditions, alas, are not always beneficial to clients. Unlike a classic car loan, the insurance premium for CASCO will be calculated annually based on the original cost of the car without taking into account depreciation. In addition, the disadvantage of such programs is the large commission for issuing a loan - $150-200. Data on banks is given in the table.
According to IMB experts, the effective interest rate depends on the cost of the car and the loan term, as well as on the insurance rate. Thus, in an IMB, the client pays the bank monthly in annuity payments for the cost of the car, and also makes a one-time payment in the form of a commission for arranging the loan, plus an insurance rate for 1 year.
In addition, the borrower must take into account that if the schedule established by the agreement is violated, the bank will impose fines. Valery Torkhov, deputy chairman of the board of Avangard Bank, explained that if the borrower violates its obligations, our bank charges interest at a rate of 12% and a fine of 1% of the overdue amount.
Today, car loan programs at 0% are among the most popular on the Russian market. According to experts, even despite the increased rates on insurance tariffs, the final overpayment on such loans is less than in other car loan programs.
A banker is a merchant. He buys money interest on deposit at low price and sells them loan interest at a higher. The resulting difference constitutes his income.
There are more people who want to borrow than those who want to deposit money at interest. Therefore, commercial banks can obtain loans from TSB RF Central Bank of the country. As of September 2016, under "key rate"
(aka “refinancing rate”) 11% per annum. It is logical to assume that it is not very profitable for commercial banks to accept contribution deposits with an interest rate above this value. An exception can be made only for VIP clients - owners of factories, newspapers, and ships.
For others, a high interest rate on the deposit may be marketing ploy, as it will be compensated through various commissions.
How to calculate the amount that the depositor will receive if interest is accrued at the end of the deposit period
Annual deposits
A person opened a deposit of 5,000 rubles at 9% per annum for 2 years:
in a year: 5000 rubles is 100% x rubles is 9% x=5000*9/100=450 rubles in two years: 450 rubles for 1 year x rubles for 2 years x=450*2/1=900 rubles 5900 rubles the investor will receive at the end of the term * What is 100? - “A percentage is a hundredth of a number.” Cm. .Monthly deposits
A person opened a deposit of 5,000 rubles at 9% per annum for 3 months:
in a year: 5000*9/100=450 rubles in 90 days: 450 rubles for 365 days x rubles for 90 days x=450*90/365=110 rubles 96 kopecks 5110 rubles 96 kopecks the investor will receive at the end of the term * 365 is . In a leap year there will be 366. .Deposit interest calculator
| date | coming | amount on account |
|---|---|---|
| 5000 | 5000 | |
* interest begins to accrue from the day following the day the money is received by the bank, that is, from (Article 839 of the Civil Code of the Russian Federation).
How to calculate the profitability of a replenished deposit with interest payment at the end of the term
The interest rate on replenished deposits is lower. This is explained by the fact that during the term of the deposit agreement the refinancing rate may decrease and the deposit will no longer be beneficial to the bank. That is, the bank will have to pay interest on the deposit higher than the interest that creditors will pay the bank.
Exception: if the deposit rate depends on the refinancing rate. In other words, the refinancing rate increases - the interest on the deposit increases, the refinancing rate decreases - the interest on the deposit decreases.
An example of calculating interest on a replenished deposit
A person opened a deposit of 5,000 rubles at 9% per annum for 3 months. A month later, he deposited another 3,000 rubles:
in a year: 5000*9/100=450 rubles in 30 days: 450*30/365=36,986 rubles balance after 30 days: 5000+3000=8000 rubles recalculation for the year: 8000*9/100=720 rubles for the remaining 60 days: 720*60/365=118.356 rubles Total interest: 36.986+118.356=155 rubles 34 kopecks The total amount that the investor will receive: 5000+3000+155.34=8155 rubles 34 kopecksDeposit calculator with replenishment
| contribute | ||||
| date | coming | consumption | amount on account | |
|---|---|---|---|---|
| 5000 | 0 | 5000 | ||
| 0 |
How to calculate interest on a deposit with capitalization. What is this: “deposit capitalization”
Interest may be paid:
- total amount at [ ending | termination | on the day of signing] deposit agreements.
- the total amount is divided into parts and paid monthly, annually. The client can choose the most suitable option for himself:
- at the frequency specified in the agreement or less frequently, come to the bank and withdraw the amount of accrued interest or automatically transfer it to a plastic card. That is, “live on interest.”
- capitalization of interest, also known as compound interest add accrued interest to the deposit balance. Just as if you came on the day of interest accrual, withdrew the amount of interest and replenished the deposit with it. The deposit balance increases and it turns out that interest is accrued on interest. Deposits with interest capitalization should be chosen by those who do not plan to withdraw the interest amount in installments. This advice does not apply to deposits where, under the terms of the agreement, partial withdrawal in the amount of capitalized interest is possible.
Formula for calculating deposit with capitalization
S = s × ⎛ ⎝ 1 + P×d 100×D⎞ ⎠ n S - the total amount that the investor will receive, s - the initial amount, P - the annual interest rate, d - the amount calendar days in the period, D — number of days in a calendar year, n — number of capitalizationsAn example of calculating interest on a deposit with capitalization
On January 1, a person opened a deposit with a capitalization of 5,000 rubles at 9% per annum at 6 months 180 days. Interest is calculated and capitalized on the last day of each month.
5000 × (1 + 9/100 × 30/365)^3 × (1 + 9/100 × 28/365) × (1 + 9/100 × 31/365)^2 = 5000 × 1.02235634396 × 1, 00690410959 × 1.01534609946 = 5226.06 Refer to the table above:
- There will be 30 days in three months: January, April, June.
- There can only be 28 days in one month - February.
- 31 days will be in March and May.
How to check the correctness of interest calculation on a deposit, accurate to the penny
The technology malfunctions. When you have an account statement, it is not so difficult to manually recalculate the interest due.
Example: on January 20, a person opened a deposit with capitalization once a quarter for 5,000 rubles at 9% per annum at 9 months 273 days. On March 10, I topped up my account with 30,000 rubles. On July 15, he withdrew 10,000 rubles. April 20, 2014 and July 20, 2014 fall on a Sunday.
20.01-10.03: 5000*9/100*49/365=60,41 10.03-21.04: 35000*9/100*42/365=362,47 20.01-21.04: 60,41+362,47=422,88 21.04-15.07: 35422,88*9/100*85/365=742,42 15.07-21.07: 25422,88*9/100*6/365=37,61 21.04-21.07: 742,42+37,61=780,03 21.07-20.10: 26202,91*9/100*91/365=587,95Is interest on deposits taxable? What deposits are taxable?
I assume that there may be a question about taxes, why a corresponding calculator has not been made.
Let us turn to the law (Article 214.2 of the Tax Code of the Russian Federation): if at the time of conclusion or prolongation extension agreements up to 3 years, the interest on ruble deposits exceeds as of February 2014: 8.25% + 5% = 13.25% refinancing rate by 5 percentage points, That deposit rate minus 13.25% on interest income above this value A citizen of the Russian Federation needs to pay 35% tax. The bank must prepare the relevant documents.
In practice, no one sets a percentage higher than 13.25%: