How to get a large loan

How to get a large loan

To decide on the bank where you want to get a loan, visit each of their websites. Review the tariffs and overpayment amounts for your desired loan amount and term. Next, the algorithm for obtaining any credit product across all financial institutions is approximately the same.

1. Filling out the application. You can contact a branch in person or use online banking. First, the application must include full name, mobile phone number, passport details, desired loan amount and term. You can simplify the process by logging in via the Gosuslugi portal — many fields will be filled in automatically. Next, you need to indicate your income level, registration and actual residential address, place of last employment, contact persons, and the purpose of the loan (consumer loan, auto loan, etc.).
2. Application review. Usually takes 2-3 days. The bank usually reports the results via SMS, after which an operator contacts the potential borrower and informs them about the further procedure for concluding the agreement.
3. Personal visit to the branch. Necessary to bring original documents, including those confirming monthly income.
4. Signing the agreement and receiving the money. If final approval is received from the lender after submitting the documents, all that remains is to sign the agreement. In some cases, this can be done by sending a code received via SMS. The money is usually credited to the lending bank's card, and can also be issued in cash through the branch cashier.

Please note that the full amount you specified in the application may not be approved. The bank may consider that your income level does not ensure timely fulfillment of obligations and offer a smaller loan amount instead of a refusal. The loan approval is valid for 30 days. During this month, there is no point in contacting the bank again — the conditions will not be revised. It is better to try to find a more interesting offer elsewhere, and if no one offers a better interest rate, return and take out the loan.

Borrower requirements and necessary documents

The standard set of requirements for a credit organization's client looks like this:

• age from 18 to 65 years (may vary depending on the bank);
• registration in the lender's region of operation;
• official employment at the last place of work for at least half a year;
• work record over the last 5 years of at least one year.

To confirm your identity and solvency, you will need to provide certain documents:

• passport;
• employment record book or another document confirming employment;
• A INSURANCE NUMBER (SNILS);
• A TAX ID (INN);
• 2-NDFL income statement.

Providing the latter statement is optional if the application is submitted via Gosuslugi — it is sufficient to grant the bank website access to your profile, specifically to your income data.

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What matters when reviewing a loan application

Everyone knows that when making a decision on issuing a loan, the lender checks the client's history of applications to financial institutions. The credit history bureau contains information on the timeliness of payments on previous agreements, all existing debts, and decisions on past applications. If you have allowed overdue payments in the past, you are unlikely to be approved for a large loan. It is equally bad if your credit history is completely empty — the bank has nothing to rely on when making a decision and does not know what to expect from you.

Similarly, problems may arise with a low income level or informal income that cannot be documented.

Banks take into account various types of income, including:

• salary from primary and secondary employment;
• social benefits;
• income from individual entrepreneurship;
• income from renting out property;
• income from intellectual property;
• remuneration under civil law contracts.

For a small loan amount, partial income confirmation is still permissible; however, for 0.5 million RUB and above, the bank is unlikely to accept such a situation.

You should also keep in mind the contact persons you indicate in the application. It is advisable to provide the numbers of close relatives — spouse, parents, children, etc. The lender may call them to clarify your relationship, where you work, whether you will be able to pay under the agreement, and so on. Similarly, the bank may check your place of employment specified in the application. It is sufficient to provide the number of the HR department, an employee of which can confirm employment, rather than the head of the organization.

How to increase your chances of application approval

The main factor evaluated by the bank when analyzing a potential client is the ability to repay the loan. You can reduce risks for the lender and increase your chances of application approval in two ways — collateral provision or a guarantor.

If you own an apartment, house, or land plot, they can serve as a guarantee for the repayment of borrowed funds. For the entire duration of the loan agreement, an encumbrance on the property rights will be applied. You will be able to sell or donate it only with the bank's consent; no other restrictions on the use of the property will be imposed. However, if you fail to fulfill your obligations under the deal, the collateral object may be seized and sold to ensure the return of funds to the bank.

Having a guarantor or co-borrower for the loan significantly increases the possibility of a positive application review. In this case, the bank gets another individual who bears the obligation to repay the debt. The co-borrower is liable under the agreement to the same extent as the primary borrower — their financial burden increases, all actions will be reflected in their credit history, and in case of default by one of them, this obligation falls on the shoulders of the other. A guarantor, meanwhile, guarantees that the debt will be paid off one way or another, but only becomes liable if arrears arise.

It is worth noting that a guarantor and collateral not only increase the chances of application approval but can also significantly reduce the interest rate under the agreement. If the debt load at the time of application is high, getting a new large loan is unlikely even under such circumstances. In this situation, you can use refinancing — a procedure that combines several loans into one or issues a new loan instead of the old one, plus an extra amount that the borrower can spend at their discretion. If you cannot get a large loan, you can consider contacting a credit broker who will help achieve application approval for a certain fee.