INTRODUCTION

Credit plays an important role in a market economy. The banking volume of cash settlements and payments passes through the credit system; with the help of credit, free funds of the population, enterprises, and the state are mobilized and redistributed as credits and advances to the population and enterprises in need of them.

In terms of economic content, a loan is a loan in cash or commodity form on the terms of repayment and usually with the payment of interest. Credit relations express the economic relationship between the lender and the borrower.

Credit stimulates the development of production forces, accelerates the formation of sources of capital to expand reproduction based on the achievements of scientific and technical progress. Credit is a powerful tool in the hands of the state. By regulating borrowers' access to the credit capital market, providing government guarantees and benefits, the state directs banks to preferentially lend to those enterprises and industries whose activities correspond to the objectives of implementing national socio-economic development programs. The state can use the loan to stimulate capital investment, housing construction, export of goods, and development of backward regions.

Without credit support, it is impossible to ensure the rapid and civilized development of farms, small and medium-sized businesses, the introduction of new types of production, and so on, which in my opinion is very important for our republic today.

The purpose of my work: to analyze the concept and essence of credit; study types of lending, consider the basic principles and parameters of credit operations, consider problems associated with lending.

1 CREDIT OPERATIONS OF A COMMERCIAL BANK. THEIR ESSENCE AND SIGNIFICANCE

The question of the interpretation of the concepts “credit”, “loan”, “loan” is constantly discussed in the economic literature. The fact is that the Civil Codes draw a clear line between a credit agreement and a loan agreement, which must be taken into account by the parties in contractual relations. If we strictly adhere to the letter of the code, then the term “loan” cannot be used in bank lending. In accordance with the legal interpretation, a loan is characterized by two important features - gratuitousness and transfer of things.

However, with all this, one cannot ignore the historically established concepts of a particular category. In particular, a loan is understood as a set of relations associated with the repayment of resources and the repayment of circumstances arising in connection with this. A bank loan, as one of its types, represents a set of relationships that arise in the process of the bank’s formation of resources and their placement on the terms of repayment, urgency and payment. This process involves a commercial bank carrying out various types of operations, both to attract temporarily available funds from individuals and legal entities, and to place them. Credit transactions are the relationship between the creditor and the debtor (borrower) regarding the provision (receipt) of funds for temporary use, their return and payment. This refers specifically to the content of the actions of the participants in the relationship, primarily bank employees.

Bank credit operations are divided into 2 large groups:

1.passive, when the bank acts as a borrower (debtor), attracting funds from clients, including other banks;

2.active, when the bank acts as a lender, providing funds to clients, including other banks.

Always when carrying out credit transactions between a specific commercial bank and various entities, credit relations arise, in which the latter are obliged to return the funds upon the arrival of established deadlines, paying interest, dividends, commissions, etc. for their use. The formalization of these relations can be different: loan agreement (agreement), deposit agreement, agreement for opening a correspondent account, general agreement (agreement) on interbank cooperation, agreement for the purchase and sale of securities, agreement for factoring services, agreement for opening a current account, overdraft, etc.

In accordance with the regulatory guidelines of the National Bank of the Republic of Belarus, credit operations are divided into two groups: interbank loans and loans to customers.

Interbank loans are the provision of credit resources by a creditor bank to a borrower bank, not only in the form of loans, but through deposits, bills, financial leasing, active balances on correspondent accounts of banks, executed by a guarantee, issued for other banks.

Credit operations with clients include all types of loans provided to bank clients, except for correspondent banks, namely:

· loans for current assets,

· loans for investments,

· accounting of trade bills,

· factoring,

· financial leasing.

The regulatory document regulating credit operations is the “Instruction on the procedure for the provision (placement) of funds by banks in the form of a loan and their return.” According to it, the bank is a creditor. The borrower is legal entities and individuals who undertake to use the funds received for their intended purpose and return them within the terms established by the agreement, including interest for their use. Intended use presupposes the availability of lending facilities. In accordance with the above-mentioned Instructions, loans to legal entities, which include individual entrepreneurs, are provided for purposes related to the creation and increase of current and non-current assets. In some cases, the object of lending may be the payment of wages for the main activity. Loans are provided to individuals for consumer needs and investment purposes: construction, acquisition, repair and reconstruction of residential buildings, apartments, etc.

On a macroeconomic scale, the significance of credit operations is that through them banks transform temporarily idle (free) funds into active ones, stimulating the process of production, circulation and consumption. For commercial banks, credit operations are the most important type of banking activity that generates income. At the same time, the provision of a loan is associated with credit risk, i.e., non-repayment of the principal amount and interest for it by legal entities and individuals. In this regard, when organizing credit operations, the efforts of commercial banks are aimed at avoiding or at least minimizing possible losses from non-fulfillment of obligations by clients. The actions of bank employees at all stages (stages) of the credit process, including:

Review of the loan application and interview with the future borrower;

Assessment of the borrower's creditworthiness;

Studying the sufficiency, acceptability and liquidity of the forms of security provided by the borrower for the fulfillment of loan obligations;

Loan structuring, conclusion of a loan agreement (agreement);

Monitoring compliance with the terms of the loan agreement and loan repayment;

Analysis of the quality of the loan portfolio;

Work on the return of problem loans.

When carrying out credit operations, it is important to carefully select potential borrowers in order to avoid the risk of non-repayment of the loan principal and interest.

2 TYPES OF LOAN

Credit transactions- These are transactions in which two parties participate:

1. creditor– a legal entity or individual providing its temporarily free monetary resources to the borrower on the terms of payment, repayment and urgency;

2. borrower– this is a party to a credit transaction that acquires monetary resources for their personal use on terms of payment and urgency.

Loan classification:

1. Depending on the validity period: short-term loan (up to 1 year); medium-term loan (up to 3 years); long-term loan (more than 3 years in Russia and more than 10 years in the West); a rollover loan, which is repaid by issuing a new loan with a later payment date; call loan – repayment at the request of the creditor;

2. By type of loan: cash (in foreign or national currency); commodity (in the form of supplies, leasing); bill of exchange (for mutual settlements); mixed (a combination of the first three forms of loans);

3. By borrowing method: bond loan (the company encourages potential clients to buy its bonds); one-time loan (issued immediately); line of credit (providing loans to a regular borrower for a specified period within the limits of the total agreed amounts); revolving credit line (involves extending the term of the credit line); contract loan (the borrower opens a single bank account through which all settlement and borrowing operations are carried out);

4. By forms of security: blank (unsecured); mortgage (secured by real estate, accounts receivable, securities, any products, guaranteed by third parties), leasing, factoring, etc.;

Loan collateral - conditions that make the lender more confident that the borrower will fulfill his obligations.

Types of secured loans:

Unsecured. They are loans without collateral - unsecured loans without guarantors or guarantors.
Partially secured. For example, if the collateral covers only part of the funds required for repayment, or the surety (guarantor) guarantees the payment of only part of the debt.
Secured. A collateral that excludes the loss of funds by the lender, bank guarantees or a guarantee from one or more people make lending conditions more accessible.

There are several types of loans based on fees:

Interest. When receiving finance in debt, the debtor pays part of the debt every period (monthly, quarterly, annually...) as well as interest on the use of funds. This type of loans is the most popular and most widespread.
Interest-free. Often there is a similar targeted loan for a specific purchase, called an installment plan. Its principle has been slightly changed - an appropriate agreement is concluded between the bank and the seller, and the interest (sometimes very low) is paid by the seller. Almost always the seller compensates for these percentages with an inflated price. In some cases, a large seller himself becomes a creditor, and, selling goods in installments, is ready to delay receiving money.
With a fixed fee. The principle is simple - upon receipt, partial or full repayment of the loan, the debtor is obliged to pay an appropriate fixed fee for use. Such deals are quite rare.

Interest-bearing loans, depending on the rate, are distinguished:

Rollover. These are loans without a fixed interest rate. Depending on market fluctuations, the rate may “float”, i.e. look like a wave. In most cases it applies to long-term loans.
With a fixed interest rate. The loan is issued at a certain percentage from issue to the last payment.
Mixed type. It contains a fixed interest rate (the basis) and a variable portion.

Loans also differ in the purpose for which they are issued:

Target. Funds received as a loan can only be spent on a specific purpose specified in the loan agreement.
Non-target. The debtor can spend the money received at his own discretion.

The most popular targeted loans:

For housing. The most common, undoubtedly, is a mortgage, when the purchased property acts as collateral for the loan. Sometimes a youth loan is issued with easier conditions for debtors. A housing loan that does not require the purchased home as collateral is also quite common.
Auto loan is a loan for a car or similar vehicle. The purchased product is often used as collateral, making the loan terms better. Lending conditions are also improved: car insurance, life and health insurance of the borrower, receipt of salary into the account of the creditor bank.
Land. To purchase a plot for construction or agricultural activities.
Consumer. For purchases in modern large supermarkets and hardware stores, you can take out a personal loan right at the point of sale. Often, specialists located there can contact the bank and apply for a regular or express consumer loan. The borrowed funds automatically pay for the goods, and the consultant explains when and how to repay the debt.
Educational. Issued to students, as well as to applicants who have passed the competition, to pay for tuition at universities, colleges, etc.
Brokerage. For the turnover of securities, a loan is issued to a stock broker, the security being the purchased securities.
Other. Purposes not related to those listed, but agreed upon and approved by the lender.

Leasing is a long-term rental of property with the right to purchase.

Depending on the financial and social status of the borrower, loans are distinguished:

The unemployed, as well as those working unofficially. This category should not be confused with the poor, or the extremely poor - this category of people often consists of those who are unable to prove income, or who have no desire. Income in this category can consist of dividends, interest, profits from the rental of housing, business..., therefore, the approach to lending for each is special.
Individual entrepreneurs (individual entrepreneurs). It is difficult to control the cash flow, as well as the income of this category of people, which is why individual entrepreneurs sometimes have more stringent, unique lending conditions.
Enterprises (legal entities). Often, the profitability of organizations is strictly declared; the lender can draw up a schedule and observe the development trend of the enterprise. Since income is high, and the word “enterprise” itself sounds like “reliability,” such loans are issued with a low interest rate and a large maximum amount.
For pensioners. Pension credit is issued to elderly people, as well as to persons receiving a pension. The amount of this loan greatly depends on the size of social benefits, as well as the age of the borrower. Such transactions are not distinguished by favorable conditions, duration and amounts.
Student. Students receive money on loan for food, housing, etc.
Tender. Issued to people to participate in a tender, competition or auction. Constituting a small part of the prize, they require a special approach to each borrower.

Depending on the lender, loans have several types:

Usurious. A rare type of loan that requires very high interest rates and material collateral. Now it is quite rare, in countries with an underdeveloped credit system.
Family - a loan between family members, properly formalized.
Bank. The most popular loan now is when the lender is a bank or similar credit organization, and the other is an individual or legal entity.
Interbank. The creditor and debtor are two or more different banks.
Commercial - a transaction among legal entities, or between an enterprise and an individual.
State. A loan issued by a state bank under certain conditions that are more favorable. Often state loans are also called loans issued by banks and subsidized by the state, for example, preferential car loans, youth loans, etc.
International. Investments from one or more states to another.

Banks are not only lenders. With the exception of small own assets, their finances consist of funds taken on deposit. The profit of a bank or other lending institution consists of the difference between the payment to the borrower and the payment by the bank to the depositor. Bank deposits are investments most often used by citizens with money that is not needed in the near future.

Types of bank loans:

Cash. After the transaction is completed, the debtor receives funds.
To a credit card. A plastic card is issued (often instantaneously, within 15 minutes), and the amount is transferred to it.
Credit line. The issued plastic card has a zero balance, but the card owner is given the opportunity to “go negative” by a certain amount (its maximum is called the credit limit), and the interest rate is calculated depending on the use of credit funds.
Credit line with overdraft. Similar to the previous one, however, it has the possibility of overdraft - a short-term exit beyond the balance and credit limit. A revolving overdraft is also called a revolving loan.

Based on maturity, loans are divided into several types:

On-call loan (a line of credit often used by brokers);
Overnight (interbank loan for one night);
Extra-term (up to three months);
Short-term (up to a year);
Medium-term (from one to five years);
Long-term (over five years).

A credit broker can provide assistance in taking out a loan. Having collected documents and negotiated with creditors, he will ensure that the debtor receives the most favorable loan available in one visit to the bank or credit institution. And all this for a small fee, paid based on results.

There are several types of small loans available to the public:

Lombard. A prerequisite for lending is the presence of easily realizable collateral; the amount and interest rate directly depend on the collateral.
Microloan - issued almost instantly (often online), characterized by a high interest rate, low maximum amount and lack of collateral. The main condition for receipt is the absence of large debts from the recipient.
Consumer express loan. Issued at places of sale of equipment, as well as supermarkets.

What these loans have in common is that they are usually received within a very short time (from several minutes to an hour), but the negative side is the high interest rate in relation to classic consumer loans.

Problem loans are a common phenomenon nowadays. Non-performing loans are only the initial stage of difficulties and can be easily resolved.

One of the first financial instruments is a bill of exchange - a security for which funds must be paid. Almost unchanged, it exists to this day.

Loan with residence permit

A pressing question for foreign citizens who are in the process of obtaining Russian citizenship is the topic: is it possible to get a loan with a residence permit? And if so, what documents will be needed for this? Let's look at this issue in detail.

Why is it difficult to get money from the bank with a residence permit?

Usually, the requirements for borrowers clearly indicate that citizenship of the Russian Federation is strictly required. Is this true in all cases?

As for express loans and consumer loans, that is, non-targeted loans provided without collateral or guarantee.

These products relate to high-risk programs, and banks’ requirements for borrowers are usually not subject to revision. If the applicant has a good job in a large company and can provide a guarantee from a person with Russian citizenship or a guarantee from the head of an organization, applying for a consumer loan from a number of banks is possible.

But the probability of refusal of these applications is very high, since the client may be denied citizenship, and a foreign citizen cannot be brought to a Russian court as a defendant. He still continues (even after obtaining a residence permit) to be subject to the jurisdiction of his country.

The conclusion follows from this: if there is no Russian guarantor and there is no collateral, with a high degree of probability in the event of non-payment, this loan will become non-repayable.

This will affect the deterioration of statistics. Therefore, the bank prefers to play it safe and refuse these borrowers.

Banks that can consider an application if the client has a good job and a residence permit are:

Sberbank;
Raiffasen;
Bank of Moscow;
VTB 24;
Trust.

It is more likely for a borrower with a residence permit to receive a secured loan. These include car loans, mortgages, and loans secured by real estate.

In order to receive one of the listed loans, the borrower will need to provide the following documents:

Temporary passport (which is issued upon receipt of a residence permit);
Certificate of income;
A copy of the document confirming employment;
Characteristics from the place of work (at the request of the bank);
Certificate of marital status (if not married);
Documents confirming the availability of the down payment (usually a bank account statement);
There is a high probability of the need to attract a guarantor - a citizen of the Russian Federation.

Banks consider applications for such clients several times longer than for Russian clients. This is due to the need to submit requests for the client to the government agencies of his country and the speed of providing the information necessary to the bank.

It is also worth paying attention to the fact that banks cannot easily request a credit history for a foreign client in Russian BKIs, since they do not have it - which is another reason for refusal.

If an application for a mortgage or car loan is being considered (this loan is only classic; express car loans are not issued to foreigners), a request to the BKI to which the borrower belongs is still made. And if the client’s credit history there is bad, then the application will be rejected.

Before applying for a loan from a Russian bank, foreign citizens should try to correct their CI in order to increase their chances of receiving approval.

It should also be taken into account that the down payment for these products may also be required to be significantly larger than when applying for a Russian client.

Banks providing mortgages to foreign citizens:

Nordea;
Alfa Bank;
Sberbank;
OTP.

Remember that the decision to issue or refuse a loan is entirely at the discretion of the bank. You can never say for sure which company will accept you and which will not. Of course, it is best to choose large state-owned banking institutions.

In addition, you must personally visit the branches of the selected bank with all the documents; your online application will immediately be rejected. To increase the lender’s loyalty, be sure to provide documents confirming registration (at least temporary), official employment and earnings.

In general, getting a loan with a residence permit, although difficult, is possible.

Types of loan collateral

Loan collateral is one or another form of insurance for cases of non-payment of loans, that is, a specific source of debt repayment in the event of a borrower’s failure to fulfill its obligations. According to Article 326 of the Civil Code of the Russian Federation, there are the following ways to secure loan agreements: guarantee, pledge, bank guarantee, penalties, retention of property, etc. The website icofc.ru will help you understand which collateral methods are most often used by banks and what features they have.

One of the most common forms of security for loan agreements is collateral. This form of security assumes that the bank, in the event of failure to repay the loan debt by the borrower, can use the property pledged to ensure the return of the loan amount, interest on it, as well as penalties specified in the agreement. That is why, and also due to the fact that there is a risk of a decrease in the market value of the mortgaged property, the collateral value is always lower than the current market value of the property.

There are the following types of pledge: pledge of property (movable or immovable) and pledge of property rights. As a rule, a collateral agreement is drawn up if the requested loan amount is significant. Most often, banks accept real estate as collateral, and the collateral agreement must be registered with the Rosregistration authorities. Real estate can be residential, non-residential, office, industrial and other premises, permanent garages and other similar real estate. When drawing up a mortgage agreement, the property being purchased acts as collateral.

As movable property, banks can accept cars, equipment, office equipment, goods and materials, as well as other property of a certain value as collateral. Also, the property pledged may be shares, bonds, bills, other securities, deposits, etc.

The pledge of property rights is understood as a pledge of the customer’s right under a contract, a pledge of the right to lease, etc. The property that is the subject of collateral must be liquid, owned by the borrower and free from other obligations. After transferring the property as collateral, the borrower loses the right to dispose of it without the knowledge of the bank, but often the collateral remains in the use of the mortgagor. In this case, the bank has the right to check the presence and condition of the pledged property, and if it is damaged or lost, demand early repayment of the loan. Sometimes credit institutions also require that the collateral be insured.

The second, and perhaps the most common form of loan security, is a guarantee. In this case, the third party (guarantor) is obliged to repay the borrower's debt to the bank if he does not fulfill his obligations under the loan agreement. The guarantor can be a legal entity or an individual who meets certain conditions (including having sufficient solvency). Depending on the amount of the contract, the solvency of the borrower and other conditions, the bank may require the involvement of one, two or more guarantors.

The next fairly common type of security is a penalty. It implies the borrower’s obligation to pay the bank penalties in the amount established by the loan agreement in case of violation of the terms of the agreement (most often in case of delay in repayment of the next payment).

When lending to legal entities, a bank guarantee, which is a written obligation of another bank, often serves as collateral. This document also indicates the amount for which the guarantee is issued. Other types of collateral are used much less frequently. Often one loan agreement is accompanied by several types of loan collateral.

Types of physical loans

Let's consider the main forms of loans issued to individuals.

By lending purpose:

1. Consumer loan. The goal is to purchase low-cost goods (within 100 thousand rubles). Characteristics: high interest rate, small amount borrowed.
2. Car loan. Goal: purchasing a vehicle. This loan involves issuing an amount that covers 70-100% of the cost of the car. Characteristics: the loan amount can only be used to purchase a car, the money is transferred directly to the seller.
3. Mortgage. Purpose: acquisition of real estate. Characteristics: a pledge of the purchased apartment is required as collateral, a long loan period, the need to evaluate the future property to approve the loan application.
4. Non-targeted consumer loan - the bank issues money for any purpose. Involves the borrower using a credit card as a means of payment.

By loan repayment method:

1. A loan that is repaid in one lump sum.
2. The loan is repaid within a certain period.

Based on availability of collateral:

1. Loans that do not require collateral or guarantee.
2. Loans with mandatory collateral.

Bank lending is the most important instrument of economic processes in the state. Thanks to the existence of loans, non-cash funds are redistributed between business entities, individuals and legal entities, the financial situation of borrowers is monitored, and the money supply increases.

A loan is an economic relationship between a bank and a client that arises when transferring funds.

Mandatory loan conditions:

1. Urgency. The loan must be repaid within the established time limits specified in the loan agreement.
2. Returnability. The loan amount must be repaid.
3. Payment. A certain percentage is charged on money borrowed.
4. Security. When taking out a loan, it is necessary to have collateral - property or obligations of third parties. It is a guarantee of loan repayment.

Credit functions:

1. Redistribution. Thanks to this function, the mobilization of capital is ensured, the implementation of large-scale projects that are inaccessible to firms due to limited resources.
2. Emission. The money supply increases due to the creation of credit money by banks when providing credit.
3. Control. Before issuing a loan, the bank studies the financial history of the borrower, and subsequently monitors his financial condition in an effort to ensure the repayment of borrowed funds.
4. Regulatory. The state regulates the processes of access of potential borrowers to the credit market. Thus, credit economic regulation occurs - these are events during which the dynamics and volumes of lending change and influence economic processes.

Types of consumer credit

The market economy gives rise to a variety of forms, types and methods of lending to the national economy. In general, the classification of loans represents the type structure of credit relations, the composition of subjects and the main properties that remain unchanged under various external and internal changes.

The classification of loans depends on the specific economic conditions of operation in a particular country, the legislative system and represents the ordinary structure of credit relations. These, in particular, include: usurious, commercial, banking, state, consumer, mortgage, international, blank, pawnshop, bill of exchange, investment.

The most widespread among lending to individuals is, of course, consumer lending. In the Russian Federation, it is usually understood as a loan provided to the population. At the same time, the consumer nature is determined by the purpose of providing the loan itself.

The object of lending in this case is the sale by trading enterprises of consumer goods with deferred payment or the provision of loans by banks for the purchase of consumer goods, as well as for the payment of various types of personal expenses. Consumer loans are provided by banks to the public to satisfy various consumer needs. By increasing the effective demand of the population, credit allows you to obtain material goods and goods without prior accumulation of funds. on the other hand, credit accelerates the sale of inventories and services, thereby ensuring expanded reproduction in the country’s economy.

A consumer loan can be classified as a direct loan for consumer needs (urgent needs, express loans, car loans) and a loan of an investment nature (mortgage loans, education loans, farm loans).

Consumer loan is a loan provided to the population to pay for consumer needs. It is issued in monetary and commodity forms. For the purchase of personal consumption items (refrigerators, televisions, radios, cameras, carpets, watches, cars, motorcycles), credit is provided by state and cooperative trading organizations in the form of deferred payment. When selling goods on credit, the buyer pays in cash part (25-50%) of the cost of the goods, the remaining amount, depending on its type and price, is paid in installments in equal installments over several months (years) with the payment of interest. This is a commodity form of credit, based on its monetary form: trade organizations, if necessary, can obtain a loan from a bank for goods sold on credit.

Consumer credit also includes loans issued to citizens in cash for current needs by mutual aid funds at enterprises, organizations and institutions under the obligation to repay it from the salary of a member of the fund (interest-free). Pawnshops issue cash loans to the population for consumer needs using property as collateral. These loans help speed up the sale of products, more fully and timely meet the constantly growing needs of the population for consumer goods at the expense of their future income.

The need for consumer credit is caused not only by meeting the consumer needs of the population, but also by the interests of producers in order to ensure the continuity of the reproduction process when selling goods.

The most important features of consumer lending as a type of business activity include:

Economic independence and independence of subjects;
risk;
the desire to maximize income (profit);
innovative nature of activity;
responsibility.

Consumer loans can be classified according to various criteria:

1. Based on the subjects of the credit transaction, the following types of consumer loans are distinguished:
a) by type of lender - these are loans provided by banks, trade organizations, pawnshops, rental shops, consumer credit unions (CCU);
b) by type of borrower - these are loans provided:
all segments of the population;
certain social groups;
various age groups;
groups of borrowers differing in income level, creditworthiness and solvency;
VIP clients;
students;
young families.
2. By providing:
secured (by pledge, guarantees, sureties);
unsecured (blank).
3. By repayment method:
one-time repayment (current accounts opened by the buyer for a period of 1-1.5 months in department stores and other retail establishments, as well as loans in the form of deferred payment);
installment payment (evenly repaid (monthly, quarterly) and unevenly repaid (payment amount changes)).
4. According to the terms of provision:
one-time;
renewable (revolving).
5. By target orientation of loans (by objects of use or objects of lending):
strictly targeted (for education, treatment, construction or purchase of housing, car loans, mortgage loans, for the purchase of durable goods, etc.);
without specifying a purpose (for urgent needs, in the form of an overdraft).
6. By loan terms:
short-term (up to 1 year);
medium-term (up to 5 years);
long-term (over 5 years).

Sberbank of the Russian Federation continues to be the undisputed leader in the consumer lending market in the Russian Federation.

Types of loan interest

Due to the difficult economic situation in the country, people are often forced to take out a loan from a bank. When choosing a suitable banking product, they evaluate the offered conditions. To make the right decision, you need to know what types of loan interest exist and how they differ from each other. Some may turn out to be very beneficial for the client, others may force them to cover the calculated interest for a long time, and only then the main part of the debt.

When concluding a loan agreement, there are two parties - the client who borrows money, and the lender who lends funds. Loan interest indicates the relationship between the bank and the borrower.

Bank interest in a general sense refers to the cost of a loan that a client of a financial institution pays for the use of borrowed funds.

It is customary to distinguish the following types of bank interest:

Accounting interest. They are established when the Central Bank is the lender and the bank is the borrower.
Deposit interest. In this case, the bank client invests his funds and receives a reward for this.
Loan interest. This is the client's fee for using the money allocated to him by the bank.
Discount interest. They show how risky a certain loan may be.

If a client urgently needs money, you need to weigh the pros and cons and determine the level of overpayment. After all, you will have to pay back not only the loan amount, but also the accrued interest. Sometimes their size reaches a quarter or a third of the cost of the entire loan.

Loan interest is the amount of overpayment. It is measured as a percentage of the entire loan amount. Bank specialists calculate the cost of the loan. The method of calculation may depend on the financial institution, banking product and some other factors.

First, you should understand the possible calculation schemes. There are only two of them:

1. annuity method;
2. differentiated method.

Annuity method

By choosing this calculation scheme, the bank calculates the amount of the overpayment even while the borrower is applying for a loan. This entire amount is divided by the number of months. From here you get the monthly payment amount.

This technique is beneficial to the lender, because he immediately determines the cost of providing a loan. Here nothing will depend on the size of the client’s payment. At first, the borrower will have to deposit money, which will be used to pay off interest to a greater extent. Only towards the end of the term will the real repayment of the debt begin.

It turns out that if the client loses solvency after a short period of taking out the loan, he will owe the bank the same amount as he took out.

The advantage for the borrower in the annuity calculation method is the fixed value of the payment amount. That is, he will make the same payments every month.

Differentiated method

This scheme is very beneficial for borrowers, but extremely undesirable for lenders, because they cannot determine the final cost of the loan. Upon registration, interest is charged on the entire loan amount and the term chosen by the client.

Each month the client can deposit any amount, but less than the minimum. After this, specialists recalculate the interest, thereby reducing the debtor’s overpayment.

Among Russian banks it is not so easy to find products with a differentiated method for calculating overpayments. Those who plan to pay off their debt early should look for them.

The type of lending determines the type of interest rate. It can be fixed or floating.

A fixed interest rate is characterized by the fact that for the entire time the client makes payments, its size does not change. It is considered more reliable, but its value is usually overestimated. This is due to the fact that in addition to the desired value, the bank also includes economic risks associated with the state of the market.

A floating rate is riskier. It may change throughout all payments until the entire loan amount is repaid. The recalculation formula is determined by banks based on changes in the factors specified in the agreement.

The recalculation period is also set by credit institutions. There are a number of indices that affect the size of the floating rate.

A flat rate is used almost everywhere. It is beneficial to the bank.

Offers with floating interest can only be found in two lending segments:

Mortgage;
car loan

A variable interest rate can be beneficial to both parties. It all depends on the economic situation. If the situation in the world is unstable, taking out a loan with a floating interest rate is dangerous.

Many clients, seeing tempting offers of low interest rates, run to apply for a loan from the bank. Before signing the contract, you need to study it in detail. The cost of the loan may include more than just the amount of interest paid. It is also formed from commissions, which often turn out to be hidden.

The interest rate on the loan cannot be lower than the refinancing rate of the Central Bank. This will not only not bring profit to the credit institution, but will also lead to losses. If the contract specifies a very low interest rate, there are probably other hidden fees.

In this article, we examined the existing types of loan interest. Today, few people pay attention to the scheme by which overpayments are calculated and what interest rates are applied.

To avoid getting into an unpleasant situation, you need to carefully study the contract, asking about unclear clauses and terms.

Perhaps you have already taken out a loan? Share with other readers what type of loan interest was used when calculating the overpayment, and whether it was beneficial for you. Perhaps someone will follow your example or, on the contrary, avoid an unpleasant situation.

Types of mortgage loans

In the life of every person, situations arise that he is not able to cope with on his own. One of these can be considered the process of buying your own home. For an ordinary young professional or office worker, it seems almost impossible to save the required amount. In this case, a mortgage loan comes to the rescue. The type of mortgage loan depends on different conditions. Currently, there are various types of mortgage lending in Russia.

In Russian everyday life, the term “mortgage” is usually used to refer to an affordable solution to housing problems. However, by definition, this is a loan not only for the purchase of housing, but also for the purchase of any real estate in general. An important advantage of purchasing real estate using a mortgage is that it becomes the property of the borrower immediately from the moment of purchase.

The bank now issues several types of mortgages: mortgages on the secondary market, mortgages for participation in shared construction, mortgages for young families, and loans for improving housing conditions. Each loan has a number of features and is issued under certain conditions. Rates for different types of mortgage lending in Russia are also different.

Let's consider the first type of lending - mortgages on the secondary market.

This is the most common type of mortgage lending in Russia. It's simple - you find an apartment that people want to sell, draw up a mortgage loan agreement and buy the apartment with the bank's money. A special feature of this type of mortgage in Russia is the need to conclude an insurance contract in case of loss of title or right to real estate. There were cases when the apartment turned out to be not very clean and after its sale, the heirs or minor children were declared the owners of the apartment. As a result, you can be left homeless and with a huge debt of several millions. To prevent this from happening, you need to conclude a property title insurance contract. This is a mandatory attribute of a mortgage transaction.

The second type of mortgage lending in Russia is a mortgage with equity participation. Here, unlike the first type, you are buying a new apartment and you do not need to insure the loss of title, since you are the first owner. The peculiarity of this type of mortgage is that you simply may not wait for the facility to be put into operation. The rate for this type of mortgage loan in the Russian Federation before obtaining ownership rights is usually 1-2 percent higher. After receiving the documents for the apartment, you need to provide them to the bank and the rate will be reduced.

A mortgage for a young family is the third type of mortgage lending in the Russian Federation. There are restrictions on the age of the borrower and this type of mortgage is issued by Sberbank. Typically, this loan is chosen by young people who need housing to start a family. If you live with your parents and have less than 10 square meters per person (in the case of Moscow), then you can apply to join the queue for a subsidy. 1-1.5 million rubles is the amount of the subsidy for Moscow if you are recognized as needy. But as was said earlier, you need to get into the queue of those in need of housing.

And yet, the most popular and fourth type of use of mortgage lending in Russia is a loan to improve housing conditions. To provide a mortgage loan, the bank will definitely take some real estate as collateral - according to statistics, in our country, newly acquired square meters are more often used for this. Although, if you own any other real estate, the bank will be able to accept it as collateral. The entire procedure for obtaining a mortgage is a long and multi-stage process, and sometimes the easiest way to complete it with a positive result for the borrower may be to contact a credit broker or real estate agency.

And so you took out a mortgage. The documents are completed, the apartment is yours. It's time to pay off your loan. It is at this point that the borrower most often encounters surprises. Payment terms vary greatly from bank to bank, and the possibility of loan restructuring is not always available. If the agreement was signed without careful reading, under the influence of the “low interest rates” promised in the bank’s advertising, there will almost certainly be problems when repaying the loan. That is why it is worthwhile to read the mortgage loan agreement with all possible diligence.

Types of commercial loan

Commercial credit is the oldest form of credit. It arose directly from the process of production and sale of goods. A modern commercial loan is a loan provided by enterprises to each other, that is, the lenders and borrowers here are existing legal entities, organizations, and individual entrepreneurs.

Main specific features of a commercial loan:

Provided in commodity form and not in monetary form (in the form of an advance, deferment, installment payment for goods supplied or services rendered), i.e. the object of the credit transaction is commodity capital;
lending activities do not require special licenses or permits and can be carried out by any participant in economic relations;
The lender's income, as a rule, is not of an obvious nature; often the economic effect of the lender is to expand sales of its own products and increase the interest of buyers.

The following types of commercial credit are known: bill credit, leasing, factoring, forfeiting, consignment, open account.

A bill of exchange loan is the most common type of commercial loan. To formalize it, a bill of exchange is used - a written debt obligation of the buyer to the supplier.

There are two types of bills:

A promissory note (solo) is an obligation of the borrower (the drawer) to pay a certain amount of money to the creditor (the holder of the bill) upon expiration of the agreed period. Here the nature of the loan is commodity. The promissory note has become widespread in Russia.
A bill of exchange (draft) is a written debt obligation, an order from the creditor (drawee) to the borrower (drawee) to pay a certain amount to the third party to the transaction (remittor).

When paying by bill of exchange, the seller of the goods sends the buyer a consignment of goods, followed by a package of documents necessary for payment. This package contains a draft. The buyer of the goods (drawee) must accept the bill issued to him, since without this the bill will not have the force of a mandatory and legal tender. Acceptance of a draft means the drawee's agreement with the amount of payment and willingness to make payment in favor of the remittor within the prescribed period.

Bills of exchange are used in Russia only for international payments, where the remitters are the sellers' banks (exporter's bank). In Russia, bill of exchange legislation is based on the Geneva Convention on Bills of Exchange and Promissory Note, adopted by Federal Law No. 48-FZ “On Bills of Exchange and Promissory Note” has a reference to this document.

Leasing is a long-term (for a period of six months to several years) lease of machinery, equipment, vehicles, production facilities with the possibility of their purchase by the lessee upon expiration of the lease agreement at the residual value. Commercial lending through leasing falls into the category of long-term loans.

Factoring is a form of commercial credit expressed in the collection of client receivables. In the modern economy, factoring is provided by specialized factor firms or bank departments. The essence of the transaction is that the factor firm acquires the right to collect debts from the client’s debtors. Here, the client is the seller of the goods, who is also the creditor. The factor firm pays the seller (debt holder) an amount equal to 70-90% of the due payment. The remainder of the payment amount is transferred to the seller after the debtor pays his obligations, minus the income of the factor firm. As a result, the client of the factor firm has the opportunity to quickly return the funds due to him, continuing the normal production process.

Forfaiting is a type of factoring - a form of lending to exporters in foreign trade transactions by selling obligations (bills of exchange) of importers (buyers) to a forfaiting company. In this case, the forfaiter company buys from the exporter for the full term without turnover the importer's monetary debt obligations to pay for the purchased goods. Thus, early full or partial payment of the foreign trade contract is made, while the exporter notifies the importer that the settlement should be carried out with the forfeiter company. By the time the transaction is settled (fulfillment of the debt obligation), the importer makes payments to the forfaiter accounts while simultaneously notifying the exporter of the settlement.

Consignment is a special type of transaction consisting in the transfer by the owner of the goods (consignee) to the intermediary (consignee) of the goods to a warehouse for sale by the latter. The intermediary, receiving the goods at the warehouse and committing to sell them, does not make payment until the goods are sold to the end consumer. Such transactions are used in cases where a new product enters the market.

An open account is a transaction carried out between companies that have a long-term relationship. The selling company issues an open account to the buying company, i.e. it releases the goods without immediate payment. The buyer has the opportunity to receive goods with deferred payment without completing each specific credit transaction. In this case, the maximum amount of debt (loan amount) is specified. The buyer periodically pays for the sales documents issued to him by the supplier for previously delivered goods or (in accordance with the contract) himself supplies the goods to him.

Types of organization loans

Credit institution, according to Art. 1 of the Law on Banks, this is a legal entity that, in order to make a profit as the main goal of its activities, on the basis of a special permit (license) of the Central Bank of the Russian Federation, has the right to carry out banking operations provided for by the said Law.

A credit organization is formed on the basis of any form of ownership as a business company in one of three organizational and legal forms:

1) joint-stock company (the authorized capital is divided into shares; shareholders are not liable for the obligations of the joint-stock company and bear the risk of losses associated with the activities of the company within the value of the shares they own - Article 96 of the Civil Code of the Russian Federation);
2) limited liability company (the authorized capital is divided into shares of participants; LLC participants bear the risk of losses associated with the activities of the company, within the limits of the contributions they made - clause 1 of Article 87 of the Civil Code of the Russian Federation);
3) a company with additional liability (the authorized capital is divided into shares of participants; participants of an ALC jointly and severally bear subsidiary liability for its obligations with their property in the same multiple of the value of their contributions - clause 1 of Article 95 of the Civil Code of the Russian Federation).

Credit organizations are divided into banks and non-bank credit organizations.

A bank is a credit organization that has the exclusive right, on the basis of a license from the Bank of Russia, to carry out the following banking operations in total: attracting funds from individuals and legal entities on deposit; placement of these funds on your own behalf and at your own expense on the terms of repayment, payment, urgency; opening and maintaining bank accounts for individuals and legal entities (Article 1 of the Banking Law).

Banks can be classified on various grounds.

Depending on the banking operations carried out, banks are divided into universal and specialized. Universal banks perform all or most of the banking operations required by law. Specialized - provide individual banking services (for example, mortgage banks) or serve primarily one sector of the economy (for example, land banks). In Russia currently all banks are universal.

Based on their form of ownership, banks are divided into state, municipal and private. It must be emphasized that in Russia today all banks (regardless of their form of ownership), except the Bank of Russia, are commercial, since the main goal of their activities is to make a profit.

Depending on the organizational and legal form, banks are divided into open joint-stock companies, closed joint-stock companies, limited liability companies, and additional liability companies. Most banks currently operate in the form of joint stock companies.

From the point of view of the size of their own funds, banks are distinguished between small, medium and large. However, this criterion is subjective, since objective criteria have not been officially established in Russia.

Banks can also be classified on other grounds: for example, regional (operate in the territory of one or several constituent entities of the Russian Federation) and federal (operate in most or all constituent entities of the Russian Federation); Russian (registered in the Russian Federation) and foreign (registered in another state), etc.

A non-bank credit organization is a credit organization that has the right to carry out certain banking operations provided for in Part 1 of Art. 5 of the Banking Law. Acceptable combinations of banking operations for non-bank credit institutions are established by the Bank of Russia (Article 1 of the Law on Banks).

The main difference between a bank and a non-bank credit organization is that the bank can carry out all nine banking operations enshrined in Part 1 of Art. 5 of the Law on Banks, and individual banking operations, but necessarily the three indicated (attracting funds from individuals and legal entities into deposits; placement of these funds in one’s own name and at one’s own expense on the terms of repayment, payment, urgency; opening and maintaining bank accounts of individuals and legal entities) in the aggregate. A non-bank credit organization carries out individual banking operations, but never the above three in total.

Currently, the Bank of Russia, through its regulations, allows the existence of two types of non-bank credit organizations:

1) deposit and credit non-profit organizations;
2) settlement non-profit organizations.

Deposit and credit non-profit organizations can only carry out the following types of banking operations:

– attracting funds from legal entities into deposits (for a certain period);
– placement of funds attracted from legal entities as deposits on their own behalf and at their own expense;
– purchase and sale of foreign currency in non-cash form (only in one’s own name and at one’s own expense);
– issuance of bank guarantees.

Settlement NPOs can only carry out the following banking operations:

– opening and maintaining bank accounts for legal entities;
– carrying out settlements on behalf of legal entities, including correspondent banks, on their bank accounts;
– collection of funds, bills, payment and settlement documents and cash services for legal entities;
– purchase and sale of foreign currency in non-cash form;
– making money transfers on behalf of individuals without opening bank accounts (except for postal transfers).

Types of loan payments

While in Russia there was only one type of payment - differentiated, in the West another was practiced - annuity. Both types perform the same function, helping citizens comply with their loan obligations, in simple words - pay off debts.

Differentiated payments

Not so long ago in Russia there was only one type of payment - differentiated. The peculiarity of differentiated payment is that towards the end of the loan period the size of payments is reduced. What causes this reduction? The fact is that first the borrower pays off the principal debt, the so-called “loan body”, which is paid in equal installments. Interest payments at the initial stage are quite significant, because interest is accrued on the entire loan volume. Since the “loan body” is gradually reduced, interest payments are reduced along with it. Thus, by the end of the loan period, the volume of payments becomes significantly smaller.

Calculation of the amount of differentiated payment occurs in two stages. For example, take the following input data:

1. Loan amount - 1,000,000 rubles.
2. Loan term - 20 years (240 months).
3. Annual interest – 12%.

First of all, the amount of the main payment is calculated. To find out its size, you need to divide the loan amount by the number of remaining months.

1,000,000 / 240 = 4,166 rubles (amount of the main payment). With differential payments, the amount of the principal payment remains unchanged throughout the entire repayment period.

Second step. Calculation of accrued interest. The calculation is made by multiplying the loan balance by the annual interest rate and dividing the resulting value by 12 (months). For example, let’s assume that we are paying off the obligations for the 120th month - exactly half has already been paid.

500,080 * 0.12 / 12 = 5,000.8 rubles (accrued interest for the 120th month).

The loan balance (debt) can be calculated by multiplying the principal payment (4,166) by the number of periods elapsed (120) and subtracting the resulting amount from the total payment amount (1,000,000).

By adding up the amount of the principal payment on the loan and the accrued interest for a specific month, we get the value of the required payment for a given month.

Thus, you can make the calculations for each month yourself. Eg:

121st month: 4166 + (1,000,000 – (4166 * 121)) * 0.12 / 12 = 9,125
122nd month: 4166 + (1,000,000 – (4166*122)) * 0.12 / 12 = 9,083

A correctly calculated differentiated payment will demonstrate a consistent reduction in payments.

The features of differentiated payment contain both pros and cons. The main advantage is the fact that it is a more profitable way to pay for a loan, since this type of payment significantly reduces overpayments on the loan.

The downside is the large size of the initial payments, which is why differentiated payments are called payments for wealthy people. Another disadvantage is the lack of popularity of the payment among banks - most banks use the annuity payment system as more profitable. Despite the fact that in Russia there are about 6-9 banks that provide a similar payment system, there is not much excitement among the population - this is due to the need to pay large amounts at the initial stage.

If a loan, for example, is a mortgage loan and is taken out for many years, then it makes sense to redistribute the “heaviness” of payments so that the main loan burden falls on young people, when a person is not yet burdened with many obligations, and the search for work is not associated with age restrictions.

Annuity payments

Annuity payment is the most common type of payment system, in which the size of the monthly payment does not change, remaining unchanged throughout the entire loan period. This type of payment system was borrowed from the experience of European countries, where banking structures were the first to note the simplicity and benefits of the system. It is customary to credit simplicity to the human factor, when the borrower sees a constant payment amount throughout the entire loan period, which simplifies the planning of his personal budget and negates claims against the bank for incorrect loan calculations - the monthly payment amount is clear and simple, and most importantly, unchanged .

With banking benefits it’s even easier. It is based on the fact that the borrower is asked to pay the lion's share of interest for using the loan immediately, without waiting for the credit body to shrink, as is the case with differentiated payments.

To calculate the interest component, you need to multiply the loan balance by the annual interest rate and divide by 12 (months). In our case, consider the interest component at the beginning of the payment and get:

1,000,000 * 0.12 / 12 = 10,000 (percentage component of the first payment).

Consequently, out of 11 thousand rubles of the first payment (11,011), 10 thousand account for the payment of interest for using the bank’s credit services.

Measure twice, cut once - a saying that most accurately describes the rules of conduct for a borrower who decides to take out a mortgage or consumer loan. There are more and more experts in the field of saving personal budgets, whose opinions regarding lending are similar in one thing - it is better not to resort to “credit support”, but if you cannot do without it, then you need to consider all the options and carefully study the contract. This approach to business will help reduce the credit burden by 5-10%.

Types of government credit

The structure of government credit is formed from various interrelated components and types.

Depending on the status of the borrower, there are different types of government loans, such as centralized and decentralized government loans. In the first case, government securities are issued by the government (Ministry of Finance), in the second - by local authorities. Local loans are an important component of regional government finances. They allow you to mobilize temporarily available funds for the development needs of specific regions. Decentralized state credit and local loans in the future can become an important financial instrument for the development of the national economy.

The issuer of local bonds is required to declare all necessary information about its economic and financial condition. Based on this information, potential investors will make decisions regarding the risk of purchasing these bonds.

A local loan bond contains the following details: name of the security, name of the issuer, location of the issuer, par value of the bond, maturity date, amount of interest, date and number of the certificate of registration of the bond issue, series and number of the bond, signature of the chairman of the Council. Ownership of bonds is certified by a certificate. As a rule, the issue of local bonds is considered to have taken place if at least 50% of their number intended for issue was sold during the placement period.

If the main revenue part of the budget of the corresponding region are deductions, subsidies, subventions received from higher-level budgets, then the volume of issue of local loan bonds must be agreed upon with the central financial authority - the Ministry of Finance. Other restrictions may be introduced: limiting the maximum loan amount from the point of view of the consolidated budget, narrowing the scope of use by purely budgetary procedures, etc.

The effectiveness of using local loans is largely determined by a subjective factor - the level of qualifications of specialists who organize the placement of bonds locally.

Depending on the location of placement, there are such types of government loans as internal government loans (placed in a given state in national currency) and external loans (placed abroad in foreign currency). However, non-residents can also actively participate in the process of placing domestic government loans. Liberalization of the procedure for investing funds of non-residents in the government securities market expands its financial capabilities.

The state can take out loans from international credit institutions and banks of other countries.

It is clear that the necessary prerequisites for the profitable placement of external government loans on international stock exchanges are the country’s authority in the world, internal socio-political stability, financial well-being and a sufficient level of creditworthiness. Small-scale external government loans are ineffective because they are difficult to find a “broad” buyer on the stock exchanges, and the costs of issuing these securities are, as a rule, quite high.

Depending on the timing of the government's repayment of its debt obligations, there are: short-term loans (current, usually up to 1 year), medium-term loans (usually from 1 to 5 years) and long-term loans (usually over 5 years). Obviously, the specific repayment period of government loans for which various types of government credit are allocated is relative.

Too long repayment periods for government loans are considered inappropriate, because in this case future generations of citizens of a given country are obligated. This is especially evident with external loans. Does the current generation have the moral right to pass on the payment of their expenses to their children and grandchildren? Long-term loans burden the state budget for many years to come, preventing its normal functioning (the total amount payable to creditors for the entire duration of the loan increases). However, another pattern also applies: the “short” government bonds are, the more difficult it is to manage and regulate their circulation.

By type of profitability, government loans are divided into:

Interest-bearing loans: holders of government securities receive income based on certain, usually fixed, annual interest;
- Interest-free (discount) loans: government securities are sold at a price below their face value; the difference between the purchase price and the par value of the bond, which is reimbursed to the owner upon redemption, constitutes income on securities; in interest-free (discount) bonds of internal government loans;
- Winning loans: government securities are sold without establishing fixed interest rates; owners receive income provided that this bond number is included in the winning redemption draw.

In the former USSR, a 20-year 3% domestic winning loan was issued. The bonds of this loan were freely sold and bought by savings banks for cash. Bonds with 3% loans brought income to their owners, which was paid in the form of winnings. Draws of winnings on these bonds were carried out monthly.

A specific place in the system of state financing and lending is occupied by state lotteries - the drawing by the state of money or things through paid tickets. The lottery acts as a form of attracting funds from the population to the corresponding budget through the sale of numbered lottery tickets, when only part of the collected funds is played out in the form of winnings. In this case, the state receives income that is equal to the difference between the funds that come as a result of the issue and sale of lottery tickets, and the funds that are used to pay out winnings (financing the expenses of organizations that conduct lotteries is also taken into account).

The history and practice of state lotteries has revealed a wide variety of their varieties: numerical, simple, class, sports, real, monetary, Alegre, etc.

Types of loan agreements

Most authors call bank credit an independent economic category, a necessary condition for the circulation of production assets and circulation funds, an element of the economic basis. With this interpretation, the role of law is seen only in servicing credit relations, in their consolidation, registration, and settlement. Meanwhile, law, permeating economic relations, contributes to the creation of new categories, including their classifications. Let's consider a bank loan as an economic and legal category, which is contained in the current legislation.

The legislator provides for the classification of loans depending on the degree of credit risk:

Standard (if it is a term loan, in which all the terms of the loan agreement are met);
- under supervision (a loan for which there are potential problems related to the financial condition of the borrower or the security of the loan);
- subprime (there is a risk of losses higher than usual, caused by one of the following factors: the financial position of the borrower is unfavorable or worsening, the loan collateral is insufficient or is worsening);
- doubtful (there are problems that call into question and make it unlikely that the loan will be repaid in full based on the circumstances, conditions and market value of the collateral. The likelihood of losses is extremely high, but there are important, well-founded and specific factors that, if implemented, can contribute to improvement loan repayment situations);
- bad (the loan cannot be repaid) (Regulations on the procedure for credit institutions to form reserves for possible losses on loans, on loans and similar debts, approved by the Bank of Russia N 254-P).

In the event that a loan can be classified simultaneously into several classification points, it should be classified according to a more stringent point.

In turn, it seems appropriate to us to propose the author’s classification of bank loan agreements, in which the distinctive property of the classification is the civil law criterion of division. We are talking about the classification of bank loan agreements depending on its conditions.

One of the essential conditions of a bank loan agreement, as we noted above, is its subject composition. And if the legislator of the Russian Federation assigns the competence of a lender to banking institutions or other credit organizations, then when determining the borrower in a particular legal relationship, controversy related to his choice is possible. This controversy is primarily generated by the bank itself as a creditor. In its practice, the Bank primarily carries out gradation according to the direction of lending to individuals. Thanks to the division shown, a bank loan agreement can acquire a character associated with lending to named persons. Thus, the conclusion about the specificity of the conditionality of the subjectivization of a bank loan agreement is quite acceptable.

Insisting on the advisability of classifying a bank loan agreement on the basis of subjectivization, we will add the necessary, in our opinion, specific theoretical and practical isolation of the civil law contract under study:

1) a profitable bank loan agreement is a transaction concluded with a more preferred borrower;
2) a legitimate bank loan agreement: the borrower or his representative must have the appropriate authority when concluding the agreement. Most often, this point is relevant when lending to legal entities, the competence of whose representatives is fixed in established legal acts. It is necessary to take into account that in relation to the heads of enterprises, the statutory documents may provide for restrictions on the execution of a particular transaction. In practice, an incomplete analysis of the subject of a bank loan agreement leads to litigation;
3) a typical bank loan agreement. The division of the contract into this type is prompted by the character of the borrower, his reputation, degree of responsibility, readiness and desire to repay the debt. The bank seeks, first of all, to ascertain how the borrower treated its obligations in the past, what its status is in the business world;
4) competitive bank loan agreement. Most often, such an agreement is relevant in the context of the state proclaiming any targeted program for financing business entities through the banking sector. During the course of a state program, as a rule, certain requirements are proclaimed that must be met by persons who have expressed the will to participate in it. A competitive bank loan agreement can be fully seen, for example, during the implementation of programs to support participants in the state’s agro-industrial complex;
5) a mass bank loan agreement is reflected in the process of mass consumer lending;
6) a regular bank loan agreement is used when banks provide loans to their employees. The terms of the staff contract are more loyal, which is dictated by full control over the financial condition of the borrower-employee;
7) a justified bank loan agreement is a transaction, the object of lending of which is a need carefully studied by the bank. The event being financed must clearly achieve the stated goals, and its economic nature must remain within the acceptable financial error.

In continuation of the disclosure of the classification criteria of a bank loan agreement, as well as its monetary essence, we summarize that, depending on the subject, the agreement can be divided into loan agreements:

A) in national currency;
b) foreign currency.

The next essential condition of a bank loan agreement is the term, depending on which agreements are divided into short-term, medium-term and long-term types.

This classification point has a certain relativity, since the duration of these contracts depends on the specific country. For example, in Romania, short-term contracts are concluded for a period of up to 12 months, medium-term - from 12 months to 5 years, long-term - from 5 years. In France, short-term credit agreements are those concluded for up to 2 years, medium-term - up to 7 years, and long-term - up to 30.

Depending on the content, the contract is divided into contracts:

On the provision of funds at disposal;
- the assumption by the creditor of monetary obligations.

For a bank loan agreement to be valid, it is sufficient to comply with a simple written form. However, the law does not prohibit notarization, and in practice, a notarized form of a bank loan agreement is not uncommon.

Therefore, bank loan agreements can be classified depending on the form into those concluded:

In simple written form;
- in a notarized form.

Depending on the purpose (purpose) of the loan, agreements can be classified into agreements to provide:

A) consumer loans;
b) investment loans.

Today, it is obvious that the question of classifying a bank loan agreement is open and there is no clearly defined criterion or sign by which it is possible to build an unambiguous classification system for this civil law agreement. With such a variety of existing approaches to dividing these agreements, our classification allows us to give a civil law characteristic to almost any bank loan agreement.

Credit relations are an integral part of a market economy, which in a simplified version can be represented as the process of buying and selling money. The essence of lending is the movement of free funds from the lender to the borrower under the conditions of mandatory repayment, a limited period for using funds in time and payment, that is, the accrual of interest in favor of the lender. In a market economy, the definition of credit relations includes many types of financial services - leasing, banking, factoring, loans, microcredit and much more.

Types of government lending

A state loan is a loan that is provided to the borrower at the expense of budget funds. The function of a lender in government lending is assumed by local authorities at various levels or by state bodies. Also, the category “state loan” may include loans issued by a commercial bank, but subsidized by the state on preferential terms - for example, youth loans, mortgage loans for families with a certain number of children, preferential car loans. issued by the Central State Bank are most often used for the following purposes:

• Lending to commercial banks;
• Lending to individual regions or industries for which budget funds have been exhausted and there is no possibility of obtaining a loan from a commercial bank;
• Lending to international relations programs.

Types of long-term lending

Long-term loans are large loans issued for a period of more than 5 years. Such loans can have either a fixed interest rate or a rollover rate that varies depending on market fluctuations. The following target types of long-term loans are distinguished:

• Investment business loans to commercial organizations for the purchase of expensive machinery and equipment or replenishment of assets;
• Utility loans for the construction of important government facilities;
• International credits and interbank loans.

Individuals can also borrow funds for a period of more than 5 years. The most common types of long-term lending to individuals include the following long-term loans:

• for the purchase of transport;
• Mortgage and land loans for the purchase of housing or land for cultivation;
• Consumer non-targeted loans (for example, for the purchase of equipment).

Types of housing loans

There are two ways to attract outside funds to purchase real estate - a home loan and. It is necessary to distinguish between these two forms of lending. By choosing housing lending, the buyer becomes the direct owner of the housing he is purchasing, i.e. housing acts as a piece of property. If the buyer chooses a mortgage, then the housing he purchases is collateral for the loan, and the rights to it can be transferred to the bank. In accordance with the current legislation of the Russian Federation, housing lending has the following forms:

• Land loan - a long-term or short-term loan for the acquisition of land for residential construction;
• Long-term loan for the purchase of housing;
• A short-term loan to finance construction work for the reconstruction or construction of housing.

Types of mortgage lending

Today, almost every commercial bank can offer several mortgage lending options under different names. All these options can be structured into several general categories. First of all, you should remember that a mortgage loan is a loan secured by any property. The following types of mortgages are distinguished depending on the collateral:

• Mortgage secured by a house or cottage;
• Mortgage secured by property;
• Mortgage secured by an apartment;
• Mortgage secured by purchased housing.

Also, mortgage programs may vary depending on the type of real estate for the purchase of which they are designed, such as:

• Mortgages for cottages, townhouses and other suburban housing;
• Mortgage for housing construction for owners of land who want to build a house on it;
• Mortgage for secondary housing;
• Mortgage for housing under construction.

Types of consumer lending

Consumer credit is one of the most common and frequently used types of credit relationships. Such a loan is a loan for small legal entities or individuals, issued for the purchase of consumer goods - furniture, household appliances, medicines, utility payments. Consumer loans are of the following types:

• Targeted - can only be spent on goods specified in the loan agreement;
• Non-targeted - can be spent on any needs;
• Without a guarantor, with a higher interest rate and a shorter term;
• With a guarantor, with favorable conditions and for a long term;
• Express loans in supermarkets and retail outlets;
• Bank loans issued at bank branches;
• Microloans with a short term;
• Long-term loans.

New types of lending

A market economy presupposes the active development of new financial institutions, including new types of credit relations. Lending and its forms strive to adapt to the increased demands of market participants and offer more and more progressive forms and types of loans. One of these types in Russia is leasing, used by enterprises to purchase expensive equipment. Leasing allows you to use property by paying rent for it, and then buy it back at its residual value. Individuals can use leasing to purchase cars. Also, one of the new forms of lending in Russia can be considered banking, in which an individual is given the right to use a certain amount of money with the subsequent payment of interest.

Main types of lending

All credit relations have a number of common characteristics, according to which the main types of lending in the modern economic system can be distinguished:

• Types of loans may vary depending on the terms. The international classification recognizes the following three types of loans, the terms of each of which may also vary depending on the country: long-term, medium-term and short-term loans.
• The number of creditors may also change. There are loans with one lender, loans through banking consortia (associations) and syndicated loans (at the expense of a third party).

Loans can be provided in several forms - single-currency (ruble, dollar), dual-currency (in two currencies) and multi-currency (in several currencies).

Credit is a term derived from the Latin credium (loan) and credere (to trust). It is a certain amount of money (or goods) that is loaned at a certain interest from one person to another. The person receiving the loan is called the borrower, the person giving it is the lender. A loan becomes necessary and possible if the interests of the lender and the borrower coincide. It is issued for a period specified in the contract, after which the borrower is obliged to repay the full amount of the loan with accrued interest.

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

Loans have been known for a long time. They are directly related to the development of commodity-money relations that occurs in the market, in which there is a kind of exchange between the parties, that is, the seller and the buyer. Credit is a form of movement of loan capital, that is, monetary capital provided on loan. It ensures the transformation of money capital into loan capital and expresses the relationship between lenders and borrowers. With its help, free cash capital and income of enterprises, the personal sector and the state are accumulated, turning into loan capital, which is transferred for temporary use for a fee.

Credit is an integral element of the modern economy and a pillar of economic development. It is used by both large and small trade, agricultural and manufacturing structures, as well as states and individual citizens.

SOURCES OF CREDIT

The most important sources of credit are:
1. Funds from the budget system, various trust funds and reserves.
2. Income and savings of the population.
3. Funds intended for the restoration of fixed capital and accumulated as its value is transferred in the form of depreciation.
4. The part of surplus value intended for capitalization, accumulated during expanded reproduction to a certain value, depending on the scale of enterprises and their technical level.
5. Part of the working capital released in cash due to a discrepancy in the timing of the sale of goods and the purchase of raw materials, fuel, payment of wages, etc.

FORMS OF LOAN

Depending on the material form of the loaned value, commodity, monetary and mixed forms of credit are distinguished.

The commodity form of credit involves the transfer of individual goods (furs, livestock, grain, etc.) for temporary use. Similar property must be returned with a specified or natural (for livestock, grain, poultry) increase. In modern conditions, the commodity form of credit is the supply of goods with deferred payment, installment sales, rental (hire) of property, leasing of equipment.

The monetary form of credit prevails in the modern economy. It involves the transfer of a specified amount of money for temporary use. There is no equivalent commodity-money exchange in it, but there is a transfer of value for temporary use with the condition of return after a certain time and, as a rule, with the payment of interest for using it. This form of credit is actively used by all subjects of economic relations both within the country and in foreign economic turnover.

A mixed form of credit arises when the loan was provided in the form of goods and returned in money, or vice versa - provided in money and returned in the form of goods. For example, when cash loans received are paid for by the supply of goods.

TYPES OF LOANS

The modern credit system is a collection of various credit and financial institutions operating in the credit market and carrying out the accumulation and mobilization of monetary capital. Loan classification is traditionally carried out according to several basic criteria. The most important of them include the category of lender and borrower, as well as the form in which a specific loan is provided. Based on this, several fairly independent types of credit are distinguished: bank, mortgage, consumer, car loan, credit card, agricultural, commercial, state, international, pawnshop, usurious.

A bank loan is the provision of a loan by a credit institution to the borrower on the terms of repayment, payment, for a period and for strictly specified purposes, and also most often under guarantees or collateral. Recipients of this type of loan can be both individuals and legal entities. Bank loans are provided exclusively by financial institutions that have a license to carry out such operations from the Central Bank. This is one of the most common forms of credit relations in the economy.

A mortgage loan is provided for the purchase of real estate, which either itself serves as a guarantor of the loan, or the loan is issued against the security of other property. This type of loan is usually long-term and is issued for a period of ten to thirty years.

A consumer loan is usually issued for the purchase of any general consumer goods (furniture, appliances, etc.). In cash, it is provided as a bank loan to an individual, in goods, during retail sales, as a deferred payment. This type of loan usually has a fixed interest rate that cannot be changed by either party. Banks, specialized credit organizations, as well as any legal entities that sell goods or services can act as lenders. Consumer credit is regulated by the state more carefully than its other types, since it is related to the needs of the population and regulation of its standard of living.

A car loan is issued by a bank to purchase a car. It doesn’t matter what kind of car the borrower is going to buy: new or old. This type of loan involves longer terms than a consumer loan, the amount received can also be much larger, and the interest rate depends on the cost of the car. The disadvantages are that if the owner of the car wants to sell it, he will be required to notify the bank. The purchase and sale process will be much more complicated.

A credit card is a relatively new banking product. This is a personal document, the owner of which can make purchases using money issued by the bank. However, if the amount spent is returned before the specified period, no interest will be charged. But if the date of payment is overdue, then a fine and interest are charged, which are significantly higher than for traditional types of loans. There is no need to transfer funds to this card; they are automatically replenished by the bank up to a certain limit.

Agricultural loans are provided by banks for a long term to cover large investments in agricultural production, usually secured by real estate.

A commercial loan is provided by legal entities associated either with the production of goods or with their sale to each other when selling goods in the form of deferred payment of money for goods sold. The instrument of this type of loan is commercial bills. When a transaction is legally completed between the lender and the borrower, the fee for this loan is included in the price of the product. The average cost of a commercial loan is always lower than the average bank interest rate for a given period.

In modern conditions, mainly three types of commercial loans are used in practice:
1. Loan with a fixed repayment period.
2. A loan with repayment only after the borrower actually sells the goods delivered in installments.
3. Lending on an open account, when the delivery of the next batch of goods on the terms of a commercial loan is carried out until the debt on the previous delivery is repaid.

The advantages of a commercial loan are also the efficiency in providing funds in a commodity form, the technical simplicity of registration: the ability of the enterprise to maneuver working capital expands; promotes the development of the credit market. Bill circulation reduces the amount of funds necessary for turnover and the need for direct bank loans.

State credit is participation in credit relations of the state represented by its authorities at various levels as a lender or borrower. As a creditor, the state, through the central bank or treasury system, provides lending:
1. Specific industries or regions, if there is a special need and the possibilities of budget financing have already been exhausted, and loans from commercial banks cannot be attracted due to a number of market factors.
2. Commercial banks in the process of auction or direct sale of credit loans or when carrying out operations in the market for government short-term securities.

However, the main form of credit relations in this type of loan is one in which the state acts as the borrower. The state acts as a borrower in the process of placing government loans or when carrying out operations on the market for government short-term securities.

State credit is divided into long-term and short-term. The first is expressed in the issuance of government loans to be repaid after many years, the second - in the issuance of treasury bills to be repaid after one or more months.

International credit is provided by the state (its banks, firms and other legal entities and individuals) of one country to the governments, banks, and firms of other countries. It represents the movement of loan capital in the environment of international economic relations, associated with the provision of currency and commodity resources for temporary use on the terms of their payment, urgency, guarantee of repayment, and purposefulness. The size of this type of loan and the conditions for its provision are fixed in the loan agreement (agreement) between the lender and the borrower.

A pawnshop loan is a short-term financial loan secured by easily salable movable property.

Usurious credit persists in a number of developing countries where the credit system is poorly developed. Typically, such loans are issued by individuals, money changers and some banks. The interest on this type of loan usually exceeds 100% and often reaches 300 - 500% per annum. In developed countries, it is prohibited by law and operates illegally in a hidden form.

FUNCTIONS OF CREDIT

The functions of credit, like any economic category, express its essence. They are objective in nature and show interaction with the external sphere. The functions of credit relate to the credit relationship as a whole, and not to the individual relationship between the borrower and the lender. Credit performs many functions, but the most important of them are:
1. Redistribution function. In a market economy, credit moves money capital (various inventory items) from one area of ​​economic activity to another, providing the latter with higher profits. Credit, thus, acts as a spontaneous regulator of the economy. This function also affects the value of the gross product and national income, and can significantly affect the structure of the market, causing a shift of capital from the sphere of production to the sphere of circulation. The state’s task is to prevent disproportionality in the market structure by concentrating credit resources in the production sector.
2. Function of saving distribution costs. By mobilizing temporarily released funds in the process of circulation of industrial and commercial capital, credit makes it possible to compensate for the lack of own financial resources of individual enterprises. Enterprises often turn to credit to provide themselves with the required amount of working capital. As a result, their capital turnover accelerates and, as a result, savings in overall distribution costs are achieved.
3. The function of replacing cash with credit. Credit accelerates not only commodity circulation, but also money circulation, displacing cash from it. Cash is being replaced by bills, checks, and credit cards, simplifying economic relations between economic entities in the market. Trade and money turnover is accelerating. Credit funds in circulation are created not by an individual bank, but by the financial system as a whole. This effect is also known as the “bank multiplier”.
4. Function of accelerating capital concentration. With the development of production, capital concentration occurs, which makes it possible to expand the business and gain additional profit. The concentration of capital, despite the need to pay interest, gives the enterprise significant advantages.
5. The function of ensuring the continuity of the circulation of funds. Enterprises' funds may get stuck at one of the stages of production and circulation. A loan, by supplying the borrower with additional resources, allows one to overcome these difficulties. The acquisition of missing production components at its expense eliminates bottlenecks and enables commodity producers to continue the production process.
6. Stimulating function. Credit relationships that involve the return of temporarily borrowed value in increments in the form of interest encourage the borrower to use the loan more rationally and to conduct housekeeping more rationally when receiving a loan.
7. The control function is that during the lending process mutual control is exercised (both the lender and the borrower) over the use and repayment of the loan.

Lending principles

The unconditional principles of bank lending are:
1. The principle of mutual benefit of a credit transaction means that the terms of the transaction must adequately take into account the commercial interests and capabilities of both parties.
2. The payment principle implies that for the right to use a loan the borrower must pay a specified amount of interest.
3. The principle of urgency means that the loan must not only be repaid, but repaid within the period strictly specified in the loan agreement. To do this, it develops in detail a loan repayment and interest payment schedule.
4. The principle of repayment assumes that, within the period specified in the agreement, the entire loan amount must be repaid in full by transferring the appropriate funds to the creditor’s account.
5. The principle of unchanged lending conditions. That is, changes in the terms of the loan agreement (agreement) must be made in accordance with the rules formulated in the loan agreement itself or in a special annex to it.
6. The principle of subordinating a credit transaction to legal norms and banking rules (in particular, it is mandatory to draw up a loan agreement or agreement in writing that does not contradict the law and regulations of the Central Bank of the Russian Federation).

An additional group of principles should include common lending rules that are used if such is the will of the parties expressed in the loan agreement, and should not be applied unless included in such an agreement (not unconditional principles):
1. The principle of targeted use of credit. 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.
2. The principle of secured lending (the loan can be fully, partially secured or not secured at all).

A credit agreement is an agreement between the lender and the borrower when providing and receiving a loan, which stipulates in detail the terms of repayment, urgency and payment. It must be concluded in writing. Failure to comply with the written form entails the invalidity of the loan agreement.

Loan classification is traditionally carried out according to several basic criteria (Appendix 1). The most important of them include the category of lender and borrower, as well as the form in which a specific loan is provided. Based on this, the following six fairly independent forms of credit should be distinguished, each of which, in turn, is divided into several varieties according to more detailed classification parameters.

Bank loan

Bank credit is one of the most common forms of credit relations in the economy, the object of which is the process of transferring funds for a loan. Bank loans are provided exclusively by financial institutions that have a license to carry out such operations from the Central Bank. The role of the borrower is legal entities, the instrument of credit relations is the loan agreement. The bank receives income from this form of loan in the form of loan interest or bank interest.

A bank loan is classified according to a number of criteria:

1. By maturity:

Short-term loans are provided to compensate for the temporary shortage of the borrower's own working capital. Up to a year. The interest rate on these loans is inversely proportional to the loan repayment period. Short-term loans serve the circulation sector.

Medium-term loans are provided for a period of one to three years for production and commercial purposes.

Long-term loans are used for investment purposes. They service the movement of fixed assets, characterized by large volumes of transferred credit resources. They are used for lending for reconstruction, technical re-equipment, and new construction at enterprises in all fields of activity. Long-term loans have received particular development in capital construction and the fuel and energy complex. The average repayment period is from 3 to 5 years.

Call loans that must be repaid within a fixed period after receiving formal notice from the lender (the repayment period is not initially specified).

2. By payment methods:

Loans that are repaid in a lump sum by the borrower. This is a traditional form of repayment of short-term loans and is optimal because... does not require the use of a differentiated interest mechanism.

Loans repaid in installments over the entire term of the loan agreement. Specific return conditions are determined by the contract. Always used for long-term loans.

3. By methods of charging loan interest:

Loans on which interest is paid at the time of its total repayment.

Loans on which interest is paid in equal installments by the borrower over the entire term of the loan agreement.

Loans for which interest is retained by the bank at the time the loan is issued to the borrower.

4. By methods of providing credit:.

Compensatory loans sent to the borrower’s current account to compensate the latter for his own expenses, incl. of an advance nature.

Paid loans. In this case, loans go directly to pay for settlement documents presented to the borrower for repayment.

5. By lending methods:

One-time loans provided on time and in the amount stipulated in the agreement concluded by the parties.

A line of credit is a legally formalized obligation of a bank to a borrower to provide loans within a certain period of time within an agreed limit.

Credit lines are:

• · revolving - this is a firm commitment of the bank to issue a loan to a client who is experiencing a temporary shortage of working capital. The borrower, having repaid part of the loan, can count on receiving a new loan within the established limit and the term of the agreement.
• · a seasonal line of credit is provided by the bank if the company periodically has needs for working capital associated with seasonal cyclicality or the need to create inventories in the warehouse.

An overdraft is a short-term loan that is provided by debiting funds from a client's account in excess of the balance in the account. As a result, a debit balance is formed on the client's account. An overdraft is a negative balance in a client's current account. Overdraft may be permitted, i.e. pre-agreed with the bank and unauthorized, when the client issues a check or payment document without the bank’s permission. Overdraft interest is calculated daily on the outstanding balance, and the client pays only for the amounts actually used by him

6. By types of interest rates:

Loans with a fixed interest rate, which is set for the entire loan period and is not subject to revision. In this case, the borrower undertakes to pay interest at a constant agreed rate for using the loan, regardless of changes in the interest rate market. Fixed interest rates are applied for short-term lending.

Floating interest rates. These are rates that constantly change depending on the situation in the credit and financial markets.

Stepped. These interest rates are revised periodically. Used during periods of severe inflation.

7. By number of credits:

Loans provided by one bank.

Syndicated loans provided by two or more syndicated lenders to one borrower.

Parallel loans, in this case, each bank negotiates with the client separately, and then, after agreeing with the borrower on the terms of the transaction, a general agreement is concluded.

8. Availability of collateral:

Trust loans, the only form of security for repayment of which is a loan agreement. This type of loan does not have specific collateral and therefore is provided, as a rule, to first-class creditworthiness clients with whom the bank has long-standing ties and has no claims on previously issued loans.

Contract credit. A current loan is issued using a current account, which is opened to clients with whom the bank has a long-term trusting relationship, to enterprises with an exceptionally high credit reputation.

Pledge agreement. A pledge of property (movable and immovable) means that the pledgee has the right to sell this property if the obligation secured by the pledge is not fulfilled. The collateral must ensure not only the repayment of the loan, but also the payment of the corresponding interest and penalties under the contract provided for in the event of its non-fulfillment.

Guarantee agreement. Under this agreement, the guarantor undertakes to be responsible to the creditor of another person (borrower, debtor) for the latter’s fulfillment of his obligation. The borrower and the guarantor are liable to the creditor as joint and several debtors.

Guarantee. This is a special type of surety agreement to secure obligations between legal entities. The guarantor can be any financially stable legal entity.

Credit risk insurance. The borrower company enters into an insurance agreement with the insurance company, which stipulates that in case of failure to repay the loan on time, the insurer will pay the bank that issued the loan compensation in the amount of 50 to 90% of the loan amount not repaid by the borrower, including interest on the use of the loan.

9. Purpose of the loan:

Loans of a general nature, used by the borrower at his own discretion to meet any needs for financial resources. In modern conditions, they have limited use in the field of short-term lending; they are practically not used in medium- and long-term lending.

Targeted loans, which require the borrower to use the resources allocated by the bank exclusively to solve problems defined by the terms of the loan agreement (for example, payment for purchased goods, payment of wages to staff, capital development, etc.). Violation of these obligations, as already noted in this chapter, entails the application of sanctions established by the contract to the borrower in the form of early revocation of the loan or an increase in the interest rate.

Agricultural loans are one of the most common types of credit operations, which determined the emergence of specialized credit organizations - agricultural banks. Their characteristic feature is a clearly expressed seasonal nature, due to the specifics of agricultural production. Currently, in Russia, these credit operations are carried out mainly through state loans due to the extremely difficult financial condition of the majority of borrowers - agricultural structures traditional for a planned economy, practically not adaptable to the requirements of a market economy.

Commercial loans provided to business entities operating in the field of trade and services. Basically, they are of an urgent nature, satisfying the need for borrowed resources to the extent not covered by a commercial loan. They constitute the bulk of lending operations of Russian banks.

Loans to stock exchange intermediaries provided by banks to brokerage, brokerage, and dealer firms engaged in the purchase and sale of securities. A characteristic feature of these loans in foreign and Russian practice is their initial focus on servicing not investment, but gambling (speculative) operations on the stock market.

Mortgage loans to property owners offered by both conventional and specialty mortgage lenders. In modern foreign practice, they have become so widespread that in some sources they are singled out as an independent form of credit. In domestic conditions, they began to receive limited distribution only in 1994, which is due to the incompleteness of the privatization process and the lack of legislative acts that clearly define ownership rights to the main types of real estate (primarily land).

Interbank loans are one of the most common forms of economic interaction between credit institutions. The current rate on interbank loans is the most important factor determining the accounting policy of a particular commercial bank for other types of loans it issues. The specific value of this rate directly depends on the central bank, which is an active participant and direct coordinator of the interbank loan market. The lack of effective planning for such operations in August 1995 caused a crisis in interbank payments that engulfed the entire credit system of Russia.