The origin of the term “credit” has several interpretations. Some experts consider it to be derived from the Latin credit (translated as “he believes”), others from creditum (loan, debt). In fact, credit is the movement of loan capital, or a loan in monetary or commodity form. The concept and practice of lending existed several thousand years ago in physical and monetary forms. Both of these developed in parallel, acquiring their own scale and significance.

The essence of the loan

Let us briefly consider the essence, functions, and principles of credit and what they represent in practice. The concept of the essence of credit, which denotes between lenders and borrowers on the issue of return movement of monetary value or value in commodity form, is stable and unchangeable.

The subjects in credit relations are legal entities or capable citizens: lenders are individuals who transfer value for temporary use, and borrowers receive a loan and are obliged to repay it within the agreed period. At the modern level of organization of commodity-money relations, an entity can simultaneously perform the functions of a lender and a borrower, for example, a bank. The object of a credit transaction is the loaned assets in monetary and commodity form, transferred to the borrower by the lender with subsequent return.

Credit functions

There are two main functions of lending in modern conditions: redistribution and the function of replacing transactions with cash with non-cash loans. With the help of the redistribution function, money and goods belonging to one economic entity are transferred for use to another economic entity for a certain time with the condition of repayment, urgency and payment.

The function of substitution is to create, on the basis of a loan, means of payment, when used, a saving effect is observed. The above-mentioned function appeared as a result of the specific organization of modern payments, with a predominance of non-cash forms of payments. By storing money in banks, the client thus enters into credit relations with the latter and creates the opportunity to carry out credit transactions in the form of bank records, instead of using cash.

Principles of credit

In the process of credit relations, the basic principles of credit are applied, these include urgency and repayment, material security, targeted nature, payment.

. Loan repayment implies timely repayment of the loan received after completion of its use.
. Loan term stipulates the terms within which the loan must be repaid by the borrower; they are fixed in the loan agreement or other equivalent document. Due to the borrower's violation of the specified deadlines, the lender has the right to apply economic sanctions to him.

. Loan payment - this is the profit received from using a loan and distributed between the lender and the borrower in the form of loan interest. Through this principle, the borrower not only repays the loan received from the bank, but also pays for the right to use it.

. Loan security - The loan is provided against collateral or a financial guarantee. This ensures the protection of the lender's interests in the event of a violation by the borrower of the obligations assumed under the loan.

. Targeted nature of the loan - provides for the use of loan funds for specific purposes specified in the loan agreement.

In addition to these basic ones, there are other principles of credit. Thus, the differentiated nature provides for a different approach to potential borrowers of different categories.

Of course, a borrower can take and use credit funds without knowing the fundamental principles of credit and the rules of operation of this financial instrument. However, the lack of information can lead to various misunderstandings. In order to confidently and safely take advantage of the economic benefit of lending, you must have basic information. Having learned the principles of credit, you will be able to calculate your own capabilities in advance and enter into legal relations with the bank, without incurring huge losses and feeling confident in the future.

The basic principles of lending are urgency and repayment, payment, material security of the loan, differentiation of the loan, targeted nature of the loan.

Urgency is the main distinguishing feature of a loan and lies in the fact that the funds provided to the borrower by the lender must be returned to the intermediary after a certain time. This implies recurrence as the logical conclusion of the principle of urgency.

Repayment finds its practical expression in the repayment of a specific loan by transferring the corresponding amount of funds to the account of the credit institution that provided it, which ensures the renewability of the bank’s credit resources, as a necessary condition for the continuation of its statutory activities.

Credit term– this is one of the main indicators characterizing the terms of the loan and is reflected in the loan agreement. The entire period of validity of the loan under the agreement is considered urgent. If the loan is not repaid after the agreed period, it becomes overdue.

Payment A loan means that the loaned funds are provided by the lender to the borrower not free of charge, but on the terms of returning an amount slightly larger than the amount originally invested. In practice, the loan fee acts as a percentage for using the loan, which provides a kind of loan price.

The principle of material security of a loan. This principle has existed almost since the emergence of credit as an economic category, but over time the understanding of this principle and its content has changed.

This principle presupposes the actual collateral of loans provided to the borrower by various types of property or obligations of the parties. To ensure timely repayment of the loan, creditors under the agreement assign pledges, guarantees, guarantees, loan insurance, as well as obligations in other forms accepted in practice.

Differentiated nature of the loan. This principle determines a differentiated approach on the part of a credit institution to various categories of potential borrowers. Banks strive to provide loans to those clients who are able to repay them in a timely manner.

For these purposes, the bank, based on creditworthiness indicators, determines the financial condition of the enterprise.

For this purpose, it evaluates the enterprise’s balance sheet for liquidity, its level of profitability, development prospects, as well as the enterprise’s security with its own sources. By carrying out such work, the bank insures itself against the risks of late loan repayment. Targeted nature of the loan. This principle applies to most credit transactions, expressing the need for the targeted use of funds received from the lender. Finds practical expression in the relevant section of the loan agreement, which establishes the specific purpose of the loan, as well as in the process of bank control over compliance with this condition by the borrower.

Violation of this obligation may be grounds for early revocation of the loan or the introduction of increased interest.

Loan forms

The forms of credit are related to its structure and, to a certain extent, to the essence of credit relations. The loan structure includes the lender, the borrower and the value lent. Therefore, loan forms can be considered depending on the nature:

Lent value;

Lender and borrower;

Target needs of the borrower.

Depending on the 1, loaned value distinguish between commodity, monetary and mixed (commodity-money) forms of credit.

Product form credit existed before the monetary form of value, when individual goods (furs, livestock) were used in equivalent exchange. The first creditors were entities with surplus consumer goods.

In modern practice, the commodity form of credit is not fundamental. The predominant form of credit is cash. The commodity form of credit is used when selling goods in installments, when renting property, including leasing equipment, and renting things. The creditor, who provided the goods in installments, himself feels the need for a loan, and mainly in cash.

Monetary form credit is predominant in the modern economy, since money is the universal equivalent in the exchange of commodity values, a universal means of circulation and payment. This form is actively used by both the state and individual citizens, both within the country and in external economic circulation.

Mixed form credit arises when credit operates simultaneously in commodity and monetary form. For example, to purchase expensive equipment, you will need not only a leasing form of credit, but also a monetary form for installation and commissioning of the purchased equipment.

A mixed form of credit is often used in the economies of developing countries, which pay for money loans with periodic deliveries of their goods. In the domestic economy, the sale of goods in installments is accompanied by a gradual return in cash.

In this case, if the loan was provided in the form of goods and returned in money or vice versa, then it is more correct to consider that there is a mixed form of loan. The commodity form of credit can be recognized only in those credit transactions in which the provision and return of the loaned funds occurs in the form of commodity values.

If the loan was provided in cash and its return was also made in cash, then this transaction represents a cash loan.

Depending on who is in the credit transaction is a creditor, the following forms of credit are distinguished: banking, commercial (economic), state, international, civil (private, personal).

Bank loan form- the most common form. The lender is a commercial bank or a specialized financial institution that has the right to engage in lending activities. The subject of lending (borrower) from the perspective of classical banking is legal entities or individuals. The subject of receiving a loan can be of very different levels, ranging from an individual private person, enterprise, firm, right up to the state. Nowadays, the following classification of lending entities is accepted:

State enterprises and organizations;

Cooperatives;

Citizens engaged in ITD, tenants;

Other banks;

Other entities, including authorities, joint ventures, international associations and organizations.

Banks most often provide their loans to entities in need of temporary financial assistance.

The purpose of borrowing a loan can be either to maintain or renew production, or for the purpose of exchange or consumption.

In a commercial (economic) form creditors and borrowers are economic organizations (enterprises, firms, companies). Due to historical events, this form of loan is more often called a commercial loan, and sometimes a bill of exchange loan, since it is based on a deferment by the seller company of payment for the goods and the provision by the buyer company of a bill as its debt obligation to pay the purchase price after a certain period. The main purpose of a commercial loan is to speed up the process of selling goods, and therefore extract the profit inherent in them.

Features of the commercial (economic) form of credit:

1. its source is both employed and unemployed capital. In the commodity form of a business loan, deferred payment serves as a continuation of the process of selling products; what is lent is not the temporarily released value, but ordinary goods with deferred payment.

In the monetary form of a business loan, its source is funds temporarily released from economic circulation.

2. in the commodity form of a business loan, ownership of the object of transfer passes from the seller-lender to the buyer; in the monetary form of a business loan, ownership of the loaned value does not pass from the lender to the borrower, the latter receives it only for temporary use.

3. With a commercial business loan, the fee for deferred payment is included in the price of the goods; with a cash business loan, the fee for using the loan is charged in an open form - in addition to the amount of the loan returned to the lender, the borrower pays a loan percentage.

4. Business credit is provided mainly for short periods, while bank credit is often long-term in nature.

State form of loan. The main feature of the state form of credit is the indispensable participation of the state represented by executive authorities at various levels.

There are different points of view on the concept of state credit.

That the state form of credit arises if the state, as a creditor, provides credit to various entities. And the concept of a state loan should be distinguished from a government loan, where the state places its obligations, most often bonds, and acts as a borrower.

Another group of economists believe that this type of loan should be divided into government credit itself and government debt.

In the first case, the state acts as a creditor and provides lending through its credit institutions (banks and other financial institutions).

Features of the state loan:

1. if for a bank loan some specific values ​​are usually used as collateral, then when borrowing funds by the state, the collateral for the loan is all the property in its ownership, the property of any territorial unit or any of its income.

2. at the level of the central government, government loans do not have a specific target nature. Whereas borrowing funds at a lower level quite often has a clearly defined target orientation (construction of a road, residential area).

3. like any borrower, the state raises funds for a predetermined period, which is determined in the terms of the loan, but cannot exceed 30 years

Civil (personal) form of loan. This form of credit is based on the participation of individuals in a credit transaction as a lender and a borrower. This form can be both monetary and commodity in nature, often of a friendly nature, when the loan interest is set at a lower amount than in banks, and in some cases is not charged at all.

A loan agreement is not concluded, but more often a promissory note is used, but often this is not used. The element of trust takes on increased importance. The term of such a loan is not strictly limited, but is most often conditional.

International credit. It is considered as a set of credit relations operating at the international level, the direct participants of which may be international financial institutions (International Monetary Fund, International Bank for Reconstruction and Development), governments of various states, individual legal entities, including credit organizations.

International credit in relations with the participation of states and international institutions appears in monetary form, and in foreign trade activities, it can also act in commodity form as a type of commercial loan.

Although Russia provides loans to foreign entities, it acts more as a borrower than as a lender.

Depending on the target needs of borrowers, two forms are distinguished:

1. Productive form of credit;

2. Consumer form of credit.

Productive form of credit It is common to use loans for the purposes of production and circulation.

Consumer form historically arose at the beginning of the development of credit relations, when some subjects felt an excess of consumer goods, while others had a need for their temporary use. Over time, this form has become widespread in the modern economy, allowing entities to speed up the satisfaction of the needs of the population, primarily in durable goods.

Old form of loan- a form that appeared at the beginning of the development of credit relations. For example, a commodity loan against property is the oldest form used in the early stages of social development. A slave-owning society was characterized by a usurious form of credit, which subsequently exhausted itself, however, under certain conditions, usurious payments for borrowed funds can arise in modern life.

The old form can be modernized and acquire modern features.

New forms include a leasing loan. The object of collateral becomes not only traditional real estate, but also modern types of equipment, new goods that are a sign of modern life (cars, yachts, computers, expensive video equipment). Modern credit serves as a new form of credit compared to its usurious form.

The main form of new credit is cash credit, while commodity credit acts as an additional form, which is not secondary. Each of the forms, taking into account the various criteria for their classification, complements each other, forming a specific system adequate to the corresponding level of commodity-money relations.

Developed and undeveloped forms of credit characterize the degree of its development. In this sense, a pawnshop loan is called antediluvian, not corresponding to the modern level of relations. Despite this, this loan is used in modern society; it is not developed widely enough compared to bank loans.

Types of loan

Type of loan- this is a more detailed description of it based on organizational and economic characteristics, used to classify loans.

The economic properties of a credit transaction are the properties of the loan itself; they are the same (repayment, pay).

Organizational properties in each individual case may vary - the procedure for issuing and repaying loans may be different. In each individual case, types of loans may have their own instructions regulating the procedure for their issuance and repayment.

There are no uniform world standards for their classification. Each country has its own characteristics. In Russia, loans are classified depending on:

Stages of reproduction served by credit;

Industry focus;

Lending objects;

His security;

Urgency of lending;

Payments.

Credit is a category of exchange. When selling their products, when purchasing raw materials, equipment and other goods necessary to continue their activities, commodity producers experience a significant need for additional means of payment.

1. Credit is divided into types depending on their industry focus. When a loan serves the needs of industrial enterprises, it is an industrial loan. There are agricultural, trade loans, etc. Credit and individual commercial banks are divided by industry.

2. The classification of a loan is also determined by the objects of lending. The object expresses what is opposed to credit

Most often, credit is used for the purchase of various goods (in industry - raw materials, basic and auxiliary materials, fuel, packaging, etc.; in trade - goods of a varied assortment; among the population - durable goods) and here the credit is opposed by various goods and materials.

3. Loan security is distinguished by nature, degree (completeness) and forms.

Based on the nature of the collateral, loans are divided into those that have direct and indirect collateral.

Direct collateral contains, for example, loans issued for a specific material object for the purchase of specific types of inventory items.

Indirect collateral may include, for example, loans issued to cover a gap in the payment turnover. Although the loan is issued to cover the borrower’s payment obligations, there may not be direct payment for goods and materials, which would directly oppose the loan, but indirect material support appears in the form of inventory created from one’s own cash sources.

According to the degree of security, loans can be distinguished with full (sufficient), incomplete (insufficient) security and without security. Full collateral is available if the amount of collateral is equal to or greater than the amount of the loan provided.

Incomplete collateral if its value is less than the loan amount. The loan may not have collateral - it is called a blank loan. It is provided if the bank has sufficient confidence in the borrower, and if the bank is confident in the return of funds provided to the borrower for temporary use.

4. When classifying a loan, depending on the urgency of lending, short-term, medium-term, and long-term loans are distinguished.

Short-term loans serve the current needs of the borrower related to the movement of working capital. According to international standards, the repayment period for such loans does not exceed 1 year. However, in practice their duration may not be the same. This is determined by economic conditions and the degree of inflation. In the 90s in Russia, short-term loans were considered up to 3-6 months.

Medium- and long-term loans serve long-term needs caused by the need to modernize production and make capital expenditures to expand production.

6. Depending on the fee for using a loan, paid and free, expensive and cheap are distinguished. This division is based on the interest rate established for using the loan.

In a modern economy, credit functions as capital, i.e. The lender transfers the loaned value not as a sum of money, but as a self-increasing value, which is returned to him incrementally in the form of loan interest. The borrower must use the funds in such a way as to ensure not only the continuity of production, but also to create new value sufficient to pay off the creditor - to return to him the originally advanced cost and to pay the loan interest. That is why the loan is paid.

Free credit exists in very limited quantities. It is used when lending to insiders (bank employees), and for personal (friendly) forms of credit.

The concept of an expensive loan is associated with the collection of an interest rate that is higher than its market level. This rate is set for loans that have an increased risk of non-repayment of the loan (due to the low credit rating of the borrower, questionable collateral). Loans with a higher interest rate are also used as a kind of sanction for late repayment of the loan, as well as violations that contradict the loan agreement.

The lender differentiates the amount of payment depending on the term of the loan, the quality of the collateral, and the solvency of the borrower. Payments vary according to the economic cycle - boom, depression or economic crisis.

Expensive and cheap loans are a relative concept. For Western practice, the interest rates of Russian banks in the conditions of the economic crisis and inflation of the mid-90s may seem cosmic in terms of their size. However, taking into account the monthly and annual inflation rates, they will no longer be the same, since the depreciation of money in 96-97. reached from 1 to 2% monthly.

In global banking practice, other criteria for classifying loans are used. In particular, loans can be divided into loans issued in national and foreign currency to legal entities and individuals, etc.

Laws of credit

The laws of credit manifest themselves, first of all, as the laws of its movement. A loan as a relationship between a lender and a borrower cannot be imagined without the movement of the loaned value, without its spatial transition from one entity to another, without temporary functioning in the circulation of the borrower’s funds.

The movement of the loaned value depends on the sources of its formation. If such a dependence exists, then it can be expressed in the form of a certain law. When a loan interacts with actually created values, its movement is largely determined by the following circumstance: whether the lender has real funds at his disposal that can be transferred to the borrower.

The law regulating the dependence of credit on the sources of its formation is the law of equilibrium between the resources released and redistributed on the basis of repayment.

Law of conservation of loaned value. Funds provided for temporary use, having returned to the lender, do not lose not only their consumer properties, but also their value; the loaned value, having returned from the borrower, appears in its original equivalent form, ready to enter into new circulation, possessing the same properties as upon initial entry into circulation.

The operating time of the loan also depends on the time of release of resources. The longer the time for which the value is released from the lender, the wider the possibilities for increasing the duration of its functioning for the borrower. The faster the loan turnover, the wider the opportunities for releasing the loaned value and its entry into new circulation.

The laws of credit movement are of great importance for practice .

Thus, violation of loan repayment destabilizes money circulation, leads to bank bankruptcy, aggravates social contradictions, causing discontent among depositors of those banks that have declared their insolvency.

The absence of an imbalance between the resources involved in the lending process increases the money supply and leads to a decrease in the purchasing power of the monetary unit.

Violation of the preservation of the lent value leads to the devaluation of the lender's resources, reducing the amount of real values ​​transferred in order to help the national economy.

Modern inflation.

1. Inflation, its essence and form of manifestation.
2. Forms and methods of anti-inflationary policy.

1. Inflation, its essence and form of manifestation.

Inflation is a subtle socio-economic phenomenon generated by imbalances in various spheres of the country's market economy.

Inflation is an overflow of money circulation, i.e. the excess of the number of banknotes over the commodity collateral in circulation.

In all cases, inflation should be viewed as:

1. - violation of the laws of monetary circulation, which causes disruption of the state monetary system.

2. – explicit or hidden price increases.

3. - naturalization of exchange industries (barter).

4. - decrease in the living standards of the population.

In general, all factors can be classified into two groups: external and internal.

TO internal factors inflation developments include:

Excessive military spending, which contributes to the loss of part of public wealth, creates additional monetary demand through military appropriations without a corresponding supply of goods into circulation, generates a state budget deficit and an increase in public debt.

Excessive investment.

Unreasonable increases in prices and wages.

Public finance crisis.

Credit expansion - expansion of the scale of bank lending beyond the real needs of the economy, which leads to the issue of money in non-cash form, increasing the ability of their circulation.

External factors are caused by rising prices for exported goods, the bank's exchange of foreign currency for national currency, and global crises.

To external factors include:

Structural global crises (raw materials, energy) are accompanied by multiple increases in prices for raw materials, oil, the import of which has become the reason for a sharp increase in prices, goods and services of which have crossed the borders of their own countries and are exported to other countries:

The exchange of national currency by banks for foreign currency, causing the need for additional issue of paper money, which replenishes money circulation channels and leads to inflation.

Inflation as a process is organically associated with rising prices and is measured by values ​​inverse to the rise in prices; rising prices are influenced by many factors, both from the side of money circulation and the supply of goods; inflation follows as the depreciation of money is a phenomenon.

It is necessary to identify a group of factors that are constantly operating and determine the general trend of price movements. First of all, this is the monopolization of the economy, the peculiarities of the functioning of the monetary system, and government spending. An indicator of the depreciation of paper money is the fall in its purchasing power as a result of the increase in retail (consumer) prices at which goods and services are sold to the general public.

Depending on the reasons causing inflation, there are open or price inflation, which is expressed in a systematic increase in the price level and suppressed (hidden ), manifested in a growing shortage of goods, with formal price stability, ensuring the centralized nature of their establishment. Open inflation is expressed in a directly observable increase in the price level, while hidden inflation is manifested in the emergence of a black market with exorbitant prices and commodity shortages. A combination of both types of inflation is possible, that is, a combination of a state budget deficit and a commodity deficit with a rapid rise in prices and a decrease in household incomes.

Classification of the inflation process by its intensity:

1. normal inflation: the rate is growing slowly 3-3.5% per year, the scale of inflation is controllable.

2. – moderate inflation(creeping) - rates of up to 10% per year, such inflation is considered harmless and is fully consistent with the normal economic development of prices.

3. –galloping inflation– characterized by price increases of 20-200% per year; in these conditions, it is impossible to control not only price increases, but the process of economic development.

4. – hyperinflation– begins when prices increase by 50% per month over a long period of time, half a year or more; over the course of a year, prices increase at least 130 times, while money is forced out of circulation, giving way to commodity barter.

From the point of view of macroeconomic analysis, inflation is divided into groups of which:

1 . – rising inflation– is a clearly negative phenomenon for the following reasons: - inflation worries the business world; -unevenness of inflationary price growth; income, other payments; creates conditions for additional economic instability; prone to structural shocks. Social instability, loss of government confidence, political crises are possible, but inflation can be balanced: prices rise relatively moderately and simultaneously for most goods and services: unbalanced; the prices of various goods constantly change in relation to each other in different proportions.

2 . –expected inflation- that inflation that is forecast for any period of time, predictable with a sufficient degree of reliability. Such inflation is often a direct result of government action.

3 . –unexpected(unpredictable inflation) - characterized by a sudden jump in prices, which negatively affects the taxation and monetary circulation system. The following options for the manifestation of unpredictable inflation are possible: if the population has inflationary expectations, a sharp increase in demand occurs, which differentiates the economy and distorts the real picture of aggregate demand: in the absence of inflationary expectations, the “Pigou effect” occurs - a sharp drop in demand among the population in the hope of a quick decline in prices. Due to a decrease in demand, the manufacturer of the product is forced to reduce the price, as a result the situation returns to its original position, i.e. into a state of balance. In countries with underdeveloped market economies, unpredictable inflation is detrimental to big business.

Let us note several more types of inflation:

1. Structural inflation is a theoretical interpretation of inflation; we consider it as a dynamic process caused by imbalances between industries and sectors of the economy, inelastic supply in relation to demand, weak mobility of production factors, inflexibility of prices in the direction of their reduction. Essentially, structural inflation is demand inflation and cost inflation.

2. Inflation of wage growth - the share of wages in the price of goods is small (25-30%), but even in this case, the growth of market wages in a market economy stimulates inflation.

3. Inflation of profits - industrial enterprises and other subjects of economic relations receive excess profits, which leads to an increase in prices that is not compensated to the consumer by an increase in the quality of the goods.

4. Tax inflation is a situation when the state begins to intensively increase taxes and, with their help, covers the costs of defense, administration and social programs.

5. Inflation of growth of material production costs - its causes may be: the costly nature of the economic system, when an increase in production costs and a reduction in the production of cheap goods occurs under the following objective conditions: shortage of goods, lack of competition, absence of mechanisms for the state and consumers to influence production costs: natural factors causing an increase in prices for raw materials: the level of development of the deposit, the conditions for the extraction of mineral raw materials, the level of costs for the extraction of mineral raw materials.

Inflation increases uncertainty in the functioning of the economy and leads to increased costs, both at the micro and macro levels. The consequences of inflation depend not only on the own depreciation of money, but also on the unevenness of their depreciation.

Credit relations in the economy are based on a certain methodological basis, one of the elements of which is the principles that are strictly observed in the practical organization of credit operations. These principles establish the procedure for issuing and repaying loans and their documentation. They reflect the essence and content of credit, as well as the requirements of basic economic laws in the field of credit relations.

The principles of lending are: repayment, urgency, payment, security, intended use of funds.

Loan repayment

This principle expresses the need for timely return of financial resources received from the lender after completion of their use by the borrower. It finds its practical expression in the repayment by the borrower of a specific loan by transferring the corresponding amount of funds to the lender’s account, which ensures the renewability of the bank’s credit resources as a necessary condition for the continuation of its activities.

Credit as a certain system of economic relations differs from other monetary relations in that here the movement of money occurs on the terms of repayment. Consequently, this principle contains the essence of credit relations.

The issue of attributing repayment to the content of the concept of credit is very important, especially at the stage of creating a developed market. The loan is repayable, and it is important to ensure that the funds are repaid within the prescribed period. And in this sense, urgency, which must be ensured in accordance with the established contractual framework, acts as the most important principle, the main condition for the repayment of the loan.

Urgency of lending means that the loan must not only be repaid, but repaid within a strictly defined period. Lending maturity is the rate at which a loan can be repaid. The established loan period is the maximum time the borrowed funds will remain with the borrower. If the term of use of the loan is violated, then the essence of the loan is distorted and it loses its true purpose.

The practice of long-term violation of the principle of urgency in lending to enterprises has a negative impact on the state of money circulation in the country.

In market economic conditions, the principle of urgency acquires special significance. The normal provision of social reproduction with money depends on its observance. Its compliance is necessary to ensure the liquidity of commercial banks themselves. The organization of their work mainly on borrowed resources does not allow them to invest these attracted credit resources in irrevocable investments. In addition, compliance with the principle of repaying the loan on time gives the borrower the opportunity to obtain new loans from the bank and not pay increased interest for overdue loans. The terms of the loan are set by the bank taking into account the turnover time of the material assets being financed and the recoupment of costs.

Loan payment

This principle expresses the need not only for the borrower to directly return the credit resources received from the bank, but also to pay for the right to use them. The economic essence of the loan fee is reflected in the actual distribution of the additional profit received through its use between the borrower and the lender.

The rate (or norm) of loan interest, defined as the ratio of the amount of annual income received on loan capital to the amount of the loan provided, acts as the price of credit resources.

Confirming the role of credit as one of the goods offered on a specialized market, the payment of the loan encourages borrowers to use it in the most productive way.

The principle in question finds its practical expression in the process of establishing the amount of loan interest, which performs three main functions:

• - redistribution of part of the profits of legal entities and income of individuals;
• - regulation of production and circulation through the distribution of loan capital at the sectoral, intersectoral and international levels;
• - anti-inflation protection of cash savings of bank clients.

Fundamentally different from the traditional pricing mechanism for other types of goods, the defining element of which is the socially necessary labor costs for their production, loan price reflects the general relationship between supply and demand in the loan capital market and depends on a number of factors, including those of a purely opportunistic nature:

• - the cyclical nature of the development of a market economy (at the stage of recession, loan interest, as a rule, increases, at the stage of rapid recovery it decreases);
• - the pace of the inflation process (which in practice even lags somewhat behind the rate of increase in loan interest);
• - the effectiveness of state credit regulation, carried out through the accounting policy of the central bank in the process of lending to commercial banks;
• - the situation in the international credit market (for example, the policy of increasing the cost of credit pursued by the United States in the 1980s led to the attraction of foreign capital to American banks, which affected the state of the corresponding national markets);
• - dynamics of cash savings of individuals and legal entities (with a tendency to reduce them, loan interest, as a rule, increases);
• - dynamics of production and circulation, which determine the needs for credit resources of the corresponding categories of potential borrowers;
• - seasonality of production (for example, in Russia the interest rate traditionally increases in August-September, which is associated with the need to provide agricultural loans and loans for the import of goods to the Far North);
• - the relationship between the size of loans provided by the state and its debt (loan interest steadily increases with an increase in public debt).

The interest rate on a specific loan of a legal entity depends on:

• - from the base interest rate of a given bank, which is determined taking into account the structure of banking resources and the bank’s income;
• - on the amount and term of the loan;
• - on the liquidity of the collateral;
• - on the creditworthiness of the borrower.

Loan security indicates that the borrower’s property, valuables, real estate or a solid guarantor allows the lender to be confident that the repayment of the loaned funds will be ensured on time. This principle implies the actual collateral of loans provided to the borrower by various types of property or obligations of the parties.

To ensure timely repayment of the loan, creditors under the agreement accept collateral, surety, guarantee and obligations in other forms provided for by law. In some cases, a loan can be provided without collateral, in which case it is called a blank loan.

The borrower must provide the ability to control the security of the loan. Failure to fulfill obligations to ensure repayment of the loan is grounds for its early collection.

The main form of loan security currently is pledge. In accordance with the law, the subject of pledge can be any property, including things and property rights (claims), with the exception of property withdrawn from circulation, claims inextricably linked with the personality of the creditor (Article 336 of the Civil Code of the Russian Federation).

The lender, when providing a secured loan, evaluates the quality and liquidity of the collateral. Liquidity inventory assets, securities, financial claims on third parties, etc. - this is the ability of values ​​to be converted into cash (with a certain degree of risk). Depending on the extent to which the pledged property meets these requirements, the volume of the loan issued is determined.

The loan amount secured by property is set as a percentage of the market value of the collateral at the time of concluding the loan agreement. The excess of the price of the collateral over the size of the loan serves to compensate for the risk of loss, damage, changes in property prices, etc. In the event of insolvency of the borrower, the lender has the right to sell the collateral to reimburse the borrower's debt and sales costs from the proceeds. The remainder of the proceeds is returned to the borrower. If the proceeds were insufficient, the lender has the right to demand compensation for damages from the borrower.

Surety - this is the obligation of the guarantor to return the borrower's debt to the lender if the borrower does not fulfill his obligation by the time the loan is repaid.

Guarantee - a written obligation of a credit or insurance organization, at the request of the borrower, to pay the creditor, in accordance with the terms of the obligation, a sum of money upon submission by the creditor of a written demand for its payment.

There is a difference between a guarantee and surety, which is that with a surety, the obligations of the guarantor extend only to the amount of debt that the debtor acknowledges. The surety applies to obligations recognized by the debtor (the guarantor), and with a guarantee, the guarantor undertakes to return the entire amount of the guaranteed debt, regardless of whether the debtor fully recognizes it or not. Guarantees and guarantees are documented in the form of a letter of guarantee or surety, or an endorsement (endorsement).

There is also such a form of loan security as assignment of receivables, i.e., amounts due from someone to a borrower. In such an assignment, the borrower, as security for the loan, transfers to the bank the payable invoices for goods supplied by the supplier (work performed, services) or funds given to someone. In this case, two transfer options are possible:

• 1) without notifying debtors of the assignment. The borrower sends proceeds from debtors to the bank;
• 2) with notification to debtors when debtors make payments directly to the bank.

Targeted nature of the loan

This principle applies to most types of credit transactions, expressing the need for the targeted use of funds received from the lender. Finds practical expression in the relevant section of the loan agreement, which establishes the specific purpose of the loan, as well as in the process of bank control over compliance with this condition by the borrower. Violation of this obligation may become the basis for early revocation of the loan or the introduction of increased loan interest.

Differentiation of lending means that commercial banks should not have the same approach to resolving the issue of issuing loans to customers applying for a loan. Banks strive to provide loans only to those clients who are able to repay them on time.

For these purposes, the bank, based on creditworthiness indicators, determines the financial condition of the enterprise in order to be confident in the borrower’s ability to repay the loan within the period stipulated by the agreement. The bank evaluates the enterprise's balance sheet for liquidity, the enterprise's availability of its own sources, its profitability and development prospects. By carrying out such preliminary work, the bank reduces the risk of late loan repayment.

Credit is a system of economic relations in connection with the transfer from one owner to another for temporary use of values ​​in any form (commodity, monetary, intangible) on the terms of repayment, urgency, payment.

Credit- a product sold for a specific price - loan interest and on specific conditions - for a period of time, with return.

• The seller of the loan is the lender, the lender.
• The buyer of the loan is the debtor, debtor, borrower, borrower.
• The specific conditions under which the loan is provided constitute the basic principles of lending.

Main lending principles are repayment, urgency And paid. Repayment assumes that the values ​​transferred into debt in a form agreed upon in advance (loan agreement), most often monetary, will be returned credit seller (creditor). Violation of the principle of repayment can cause irreparable damage to the creditor, therefore, in modern conditions, it is customary in credit agreements to stipulate methods for insuring credit risk. Targeted lending ensures repayment and repayment of the loan.

Credit agreement- a written agreement between the creditor and the debtor when granting and receiving a loan, detailing the conditions of repayment, urgency and payment.

According to Art. 819 of the Civil Code of the Russian Federation, under a loan agreement, a bank or other credit organization (lender) undertakes to provide funds (loan) to the borrower in the amount and on the terms stipulated by the agreement, and the borrower undertakes to return the amount of money received and pay interest on it. The loan agreement must be concluded in writing. Failure to comply with the written form entails the invalidity of the loan agreement.

Credit risk— the risk of the debtor not repaying the loan to the creditor. Credit risk insurance is a system of measures to ensure that the loan is repaid to the lender on time.

Loan term

Urgency of lending- This is a natural form of ensuring loan repayment. It means that the loan must not only be repaid, but repaid within the period strictly specified in the loan agreement. For this purpose, the loan agreement elaborates in detail loan repayment and interest schedule. For example, the repayment schedule for a loan issued with the condition of repayment in 10 years at 10% per annum is as follows (Fig. 64):

Rice. 64. Loan repayment schedule for 10 years at 10% per annum

Loan security

Loan security- an additional lending principle that is always included in the loan agreement.

With the adoption of the law “On Banks and Banking Activities”, commercial banks were able to issue loans to their clients against various forms of collateral.

The most common types of loan collateral are:

• material assets, registered collateral obligation;
• guarantees of intermediaries of solvent and individuals (etc.);
• insurance policies issued by borrowers with an insurance company for the risk of loan non-repayment;
• liquid.

Loan payment

Principle paid A loan means that the borrower of money must pay a certain one-time fee for using the loan or pay over a specified period.

Loan target orientation

Additional principle lending is his target orientation, which creates conditions for compliance with the principles of repayment and repayment of loans, as well as, to a certain extent, their urgency. This principle involves issuing a loan for a clear purpose for its use (stipulated in the loan agreement). The targeted nature of the loan allows the lender to clearly understand the borrower’s ability to repay the loan on time with interest. Lending for productive purposes is considered the most stable, when the money invested gives a real return - profit.

Loan differentiation

Principle loan differentiation means a different approach to borrowers depending on their real ability to repay the loan.

The principle of a differentiated approach to borrowers, depending on their real ability to repay the loan taken out, involves dividing borrowers into first-class And dubious. Within these groups, more detailed differentiation is usually applied using the system credit ratings. Within credit ratings, debtors are differentiated in sufficient detail, taking into account a whole set of criteria.

Solvency is the borrower’s ability to repay the loan on time with interest. Depends on economic and socio-political factors.

The combined application in practice of all the principles of bank lending makes it possible to comply with both the national interests and the interests of both subjects of the credit transaction, the bank and the borrower.

Types of loan

Rice. 66. Types and forms of credit

Historically, the first form of credit was usurious credit, where loans were made for a very high fee. The usurious interest usually exceeded 100% and often reached 300-500% per annum. At usurious interest, mandatory material security for the loan was required.

Commercial loan is the provision of goods by the seller to the buyer with deferred payment. Since there is no immediate payment, the term of the loan is the deferred payment period. Interest is, of course, charged for this loan (Fig. 67).

Bank loan- is the provision of a loan to a borrower, mainly by a credit institution (bank), on the terms of repayment, payment, for a period and for strictly specified purposes, and also most often under guarantees or collateral. Recipients of a bank loan can be both individuals and legal entities (Fig. 68).

Thus, a bank is an institution that trades in loans generated from money mobilized on deposits.

Bank profit= Loan interest - Deposit interest

As follows from the presented formula, a bank, when trading loans, in order to make a profit, must maintain the ratio:

Loan interest ≥ Deposit interest

Thus, the profitability of loans is expressed in the rate of interest, which is the ratio of the amount of interest to the amount of loan capital. The interest rate is a dynamic value and depends primarily on the relationship between demand and supply of loan capital, which, in turn, are determined by many factors, in particular:

• scale of production;
• the size of monetary savings, savings of all classes and strata of society;
• the relationship between the size of loans provided by the state and its debt;
• cyclical fluctuations in production;
• its seasonal conditions;
• the rate of inflation (as it increases, interest rates rise);
• government regulation of interest rates;
• international factors (imbalance in balances of payments, fluctuations in exchange rates, uncontrolled activity of the world market for loan capital, etc.).

A bank loan has a number of features:

• participation in a credit transaction of one of the credit institutions;
• wide range of participants;
• monetary form of loan provision;
• wide variation of loan terms;
• differentiation of loan terms.

The latter gave birth new forms bank lending: , and forfatting. Leasing is an agreement on the long-term lease of movable and immovable expensive property. Credit relations in a leasing transaction arise between the lessor, which can be a bank or financial company, and the lessee, a company that uses leased objects in its activities. Leasing is a combination of credit and rent. Leasing is always serviced by a long-term loan, which is repaid either cash payment, or compensation payment(goods produced on rented equipment).

Factoring— an intermediary operation (dealing) of a credit institution to collect funds from its client’s debtors and manage its debt claims.

Consumer credit is related to bank lending end consumer (population). Its main characteristics:

borrowers are individuals;

The intended purpose of such loans is to use them to meet the final needs of the population.

3. Opening bank accounts.

Principles of credit represent requirements for organizing the credit process. In modern conditions, bank lending is carried out in strict compliance with the principles of lending, therefore, in order to receive a loan, you should clearly understand its basic principles.

Basic principles of credit:

• 1) repayment and maturity of the loan;
• 2) loan differentiation;
• 3) loan security;
• 4) payment of the loan;
• 5) targeted nature of the loan.

Let's take a closer look at each of the principles that, in essence, form the basis of lending.

The principle of repayment and urgency of the loan.

Repayment is the feature that distinguishes credit as an economic category from other economic categories of commodity-money relations. This principle of credit means that without repayment, a loan cannot exist, therefore repayment is an integral part of the loan, its attribute.

Principle repayment and urgency loan is due to the fact that banks mobilize temporarily free funds of enterprises, institutions and the population for lending. These funds do not belong to banks, and, ultimately, they come to the bank from various market segments and go to them. The main feature of such funds is that they are subject to return to the owners who invested them in the bank on the terms of time deposits. The size and timing of the bank's financial requirements must correspond to the size and timing of its obligations.

Urgency of lending is a necessary form of achieving loan repayment. The term loan must be repaid within a strictly defined period. Urgency is the temporary certainty of loan repayment. The loan term is the maximum time the loaned funds will remain in the borrower’s household and is the measure beyond which quantitative changes over time turn into qualitative ones. If the loan term is violated, the essence of the loan is distorted and it loses its true purpose.

Violation of the fundamental principle of credit leads to bank bankruptcy.

The principle of credit differentiation.

The principle of differentiation lending determines a differentiated approach on the part of the credit institution to various categories of potential borrowers.

Differentiation means a different approach to lending to different categories of borrowers. That is, commercial banks should not take an unambiguous approach to the issue of issuing a loan to their clients applying for it. For example, a loan can only be provided to those who are able to repay it on time, so differentiation of lending must be carried out based on an analysis of creditworthiness.

The practical implementation of this principle of credit may depend both on the individual interests of a particular bank, and on the centralized policy pursued by the state to support certain industries or areas of activity (for example, small businesses, etc.).

The principle of credit also determines an individual approach to individual borrowers within one bank. Those. Today, the principle of credit differentiation is being further developed in the consumer lending segment.

The principle of loan security.

The principle of loan security covers one of the main credit risks - the risk of non-repayment of the loan. If this principle were not taken into account, banking would turn into a speculative activity, where the high risk of transactions would lead to a sharp rise in interest rates.

Security loan reflects the need to ensure the protection of the lender’s property interests in the event that the borrower violates its obligations. That is, through the implementation of this principle, one of the main credit risks is “closed” - the risk of non-repayment of the loan. The loan can be secured by collateral, guarantee, surety, insurance policy, etc. If this principle were not taken into account, bank lending could turn into a speculative activity, the high risks of which could lead to a sharp rise in interest rates.

The amount and types of collateral depend on the financial situation of the borrower, the terms of the loan, and the relationship with the borrower.

Considerable attention is paid to this principle of credit.

Current legislation provides that one of the ways to secure bank loans is collateral. By virtue of the pledge, the creditor (bank) has the right, in the event of failure of the debtor to fulfill the obligation secured by the pledge, to receive satisfaction from the value of the pledged property, preferentially before other creditors. Satisfaction of the demands of a commercial bank from the value of the pledged property is carried out by decision of the court or arbitration (commercial court).

The creation of a deposit insurance system in Russia has not yet led to an increase in the growth rate of bank deposits. Nevertheless, this increased the reliability of banks.

The institution of credit bureaus is not yet fully developed. However, without such a tool, credit risks for consumer loans will be extremely high. Without knowledge of the credit history of borrowers, banks issue loans almost blindly, guided only by scoring procedures that work on information provided by the borrower himself and not confirmed by an independent source.

According to the principle of loan security, banks can accept any property of the borrower as collateral, including buildings, material assets, securities, foreign currency, etc.

Only property free from collateral that is owned by the borrower or belongs to him with the right of full economic management is accepted as collateral. Goods accepted by the bank as collateral must be insured at the expense of the borrower.

The principle of loan repayment.

The principle of payment for a loan means that loan recipients pay a certain fee for the temporary use of funds for their needs, which is practically carried out through the mechanism of bank interest. The bank interest rate is, in essence, the “price” of the loan.

The principle of repayment of the loan ensures that the bank covers its costs associated with the payment of interest on other people's funds attracted into deposits, the costs of maintaining its apparatus, and also ensures the receipt of profit to increase the lending resource funds and use them for its own needs.

The principle of targeted use of credit.

This principle of credit applies to the vast majority of credit transactions. This principle of credit expresses the need for the targeted use of funds received on credit.

Thus, the borrower must use the loan for specific purposes - this is a strict condition.

For example, a loan received to buy a car should not be used to pay off rent debt.

The bank's credit department monitors compliance with this principle by conducting subsequent checks on the intended use of funds.