We may not always be able to meet our current income level for what we want to do because of some of the challenges that the living conditions offer us. In such cases, loans are coming to our rescue. It’s easy to get a loan and get things done, and then the real challenge starts. Even if you try to stay true to payment plans, you may have to perform different maneuvers when certain circumstances change. One of these maneuvers is the “credit configuration cak that will allow you to pay more easily.
Why are Credits Restructured?
The process of credit restructuring is also called refinancing. Let’s say that you already have a housing loan that you have already paid, when you want to restructure it, your existing loan is closed and the remaining amount is recalculated with new interest rates. If you have had to borrow a mortgage using high interest rates, you can take advantage of the low interest rates available through the credit restructuring process. You can also reduce your installments. You may also pay less interest.
What are the Loan Structuring Requirements?
If you want to restructure your credits, you’ll first need to know if this is profitable for you. To do this, you can use the applications that you can easily calculate on the internet or you can get detailed information by consulting a specialist.
First of all, you should consider;
– How long your debt remains
– How much difference exists between past and current interest rates
– How much monthly installments will be
– Total amount of credit costs.
Loan Structuring Interest Rates
It should be noted that interest rates on loan structuring are different from current signage interest rates. They also vary from bank to bank. It is advisable to call your bank and learn the interest rate of loan restructuring in order to get a more accurate solution as soon as you have the idea of restructuring credit.
You do not have to use the bank to which you have drawn the loan to structure your loan. You can also configure from another bank. For this; additional charges, such as file charges, early debt settlement fees, and appraisal fees.
You will get more profit if your loans are going to be housing loans. As general purpose loans are generally short-term, it is not highly recommended to go for restructuring. However, if you want to extend your maturity by reducing the installments of your existing credit or increasing your installment payments by shortening the maturity, you can go to the configuration path.
It is very important that you determine the right time for credit configuration. Decreasing interest rates does not necessarily mean that you will profit. You need to make your calculations well and determine whether the decrease in interest amounts is enough for you to enter the configuration. If you do not intend to make any changes to your payment process and interest rates will not bring you any profit, it will not make sense to configure them. You can start your configuration process by applying to your banks according to your high earnings.
When it comes to credit restructuring, we can say that we have a new type of credit. In addition to specially classified loans such as housing loans, general purpose loans, debt closure loans have also entered into our lives with this application. Debt settlement loan is an application made by almost every bank. Moreover, for those who want to close and configure the loan debt periodically, they offer some campaigns that will provide convenience to users. Of course, the terms of these loans and campaigns vary from bank to bank. It is worth recalling that interest rates have changed from bank to bank.
This type of loan, which will be used in the credit restructuring process, is included in the scope of consumer credit. Therefore, all banks have a maximum maturity. A configuration should be made not to exceed 48 months.
Profit or Loss?
If you want to calculate whether you will be in profit or loss to configure your debt, you should calculate your monthly installments with the new interest rate over the total amount you will pay. However, this is not enough for you to see your profit and loss situation clearly. Many additional charges must be taken into account for loans. Banks receive a commission of 2 per thousand when you close the loan early. Taking this into account, you can get an average of how profitable the configuration will be for you. Doing this research through not only one bank but also several banks will provide you with a healthier result.
Are you going to reduce the cost for the configuration process, reduce the installment amount or do you want to pay at a lower interest rate? After choosing the one that suits you, you can make your evaluations.