Today it’s enough just to take a loan and buy what you have wanted for so long, and not save for months for your desired purchase simply enough. However, as often happens, paying off such a loan people often regret their haste. And therefore, many experts recommend correctly assessing their capabilities before applying for a loan for goods or services.
To many, these conditions may seem rather strange. Why evaluate your capabilities if the creditworthiness of each applicant is already carefully analyzed by the lender? In fact, it is simply necessary to do this, since it is the bank that will first and foremost take care of timely repayment of the loan. But about how balanced family life is, and the financial well-being of the client can only he himself. In order to ensure a balanced and consistent loan repayments, it’s enough to simply follow some simple rules. Experts say that the most optimal amount of monthly payments on loans should not exceed the value of 40% of the total number of human income.
It is believed that only with this ratio, even if the borrower's income decreases, he will still be able to repay the loan and live on the remaining amount. However, they still do not recommend bringing credit commitments to 40%. Best of all, it will take at the border of 20-30% of the total income. And then, even with unplanned difficulties, it will be possible not only to repay the loan without problems, but also to maintain a fairly acceptable standard of living.
Calculating the optimal loan terms is also recommended from the above percentage. That is, it is best to choose a loan period in which monthly payments will amount to 20-30% of the total income. Obviously, the longer the loan term, the smaller the amount will be paid as a monthly payment. However, on the other hand, the longer the loan term, the more the borrower will have to overpay for it. In addition, when determining the loan term, it is best to determine the total life of your purchase. It’s better not to take a long-term loan for equipment that is morally obsolete very quickly.
In this case, the borrower has the full right to contact the lender with a request to defer payment of the loan. As a rule, in such a situation, the borrower has the right to count on a positive outcome of his application, if his personal or family circumstances have changed since the signing of the agreement. Such circumstances may include the birth of children, the death of relatives or relatives, serious illness, as well as the onset of temporary or permanent disability as a result of the onset of a serious illness.