Borrowing is a very legitimate need of individuals and households to serve investment and consumption purposes in life. However, not everyone knows how to choose the right financial institution to avoid incurring many costs.
According to Dr. Nguyen Thi Nhu Quynh - Lecturer of the Faculty of Finance, Banking University of Ho Chi Minh City, before borrowing, people need to clearly understand the fees when borrowing capital, including:
- Interest on the loan, paid monthly, is calculated based on the loan rate.
- Prepayment fee of the loan if the customer wants to pay off the loan early.
- Other fees and charges such as notary fees for collateral, asset valuation fees, etc.
"Depending on the purpose and amount of the loan, you should conduct a preliminary survey with friends and relatives about the financial institutions they have worked with before to estimate the specific costs when making the loan. In addition, finding more information about the financial institution you are interested in is also a good thing to do at this stage. You need to find a list of financial institutions that you think are suitable for your needs" - Ms. Quynh said.
According to experts, most financial institutions currently have preferential loan packages with fixed interest rates in the initial loan period, then floating deposit interest rates plus the margin required by the bank. In this case, you also need to pay attention to the interest rate after the preferential period and the penalty fees if you repay the loan early.
For example, Bank A offers an interest rate package of 6% fixed for the first 6 months, then the interest rate will be floating according to the formula of 13-month savings interest rate plus margin, for example 3%. Then, you understand that the interest rate in the first 6 months from the time of receiving the loan is 6%. Then the loan interest rate will be the 12-month savings interest rate plus margin of 3%. If the 13-month mobilization interest rate is 5%, the interest rate is 8%/year.
In addition, Dr. Nguyen Thi Nhu Quynh said that borrowers also need to pay attention to penalty fees. Usually, financial institutions often divide each period of time you pay in advance to calculate penalty fees. The earlier you pay in advance, the higher the penalty fee will be. The penalty fee is calculated on the amount you pay in advance to the financial institution.
The Smart Finance program is jointly produced by Lao Dong Newspaper and FIDT Investment Consulting and Asset Management JSC. The video series is broadcast at 7:00 p.m. every Thursday with the participation of leading prestigious financial experts sharing knowledge and skills in personal financial management and investment with readers/viewers.
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Source: https://laodong.vn/kinh-doanh/nhung-luu-y-khi-vay-von-de-tranh-ap-luc-boi-lai-suat-1347650.ldo
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