An application for a loan can be filed at the bank branch or through the Sberbank Online service. When you visit the office of a potential borrower should take a passport and a plastic card, if he is already a customer of the Savings Bank. The loan will be processed by a loan specialist. He will tell the borrower about the current loan programs and help calculate the parameters of each of them. After choosing a loan, the application with the customer data will be sent to the central office for consideration.
When submitting an application through Sberbank Online, you should log in to the Dashboard on the official Sberbank website or in the mobile application. Then click on the “Take credit” link in the upper left corner of the page and select the product from the drop-down list. After that, a page with a description of the loan product will appear, where you can read about the terms of the loan and calculate its parameters using an online calculator.
Check: eligibility for a VA loan
The application can be approved in online mode only 15 minutes after sending the application. If the application form was submitted through the Sberbank office, the approval procedure will take up to two business days. After making a decision on the client’s application, they will be notified of the results via a phone call or SMS message.
Procedure for obtaining
The procedure for obtaining a loan is standard for almost all loan programs of the Savings Bank, except for military mortgages. After approval of the application, the borrower comes to the bank branch with a package of necessary documents and signs an individual loan agreement. In the presence of guarantors, a contract is also signed with them.
Nuances of credit service
Repayment of the loan is made by equal payments with a frequency of once a month. If desired, the borrower can increase the frequency of payment or the amount of payment. It is also possible to repay the debt ahead of schedule: partial or full. Penalties for early repayment is not provided, it is necessary only to warn the bank in advance about its intention to pay off the debt ahead of schedule.
Like any credit and financial institution, Sberbank levies a penalty for late payments. Its amount is 20% per annum of the amount of the monthly payment. The delay is calculated from the date following the last day of payment of the credit contribution.
Pros and cons of loans to Sberbank for veterans
Unconditional advantages of Sberbank’s loan products are relatively low interest rates and a differentiated system of debt repayment. With such a scheme, the entire amount of the loan is divided into equal parts, and the borrower pays both the interest and the principal on a monthly basis. This allows you to significantly reduce the amount of overpayment. The advantages of Sberbank’s loans include the possibility of early repayment and the absence of hidden payments.
As for the minuses, they also exist. First, at present there are no separate preferential programs for veterans of military operations in Sberbank, as it was several years ago. Secondly, the bank takes into account only official revenues and requires a fairly large package of documents. If such disadvantages do not alienate the borrower, entering into a loan agreement with Sberbank will be a bargain.