The terms of bank loans determine not only the amount of the monthly payment and the total overpayment, but also the likelihood of approval of the application. Often, the borrower is offered alternative options: for example, he wants to get a loan for 2 years, and the lender is ready to conclude an agreement only for 5 years. In this way, the bank tries to reduce risks - the lower the financial burden, the greater the likelihood of timely payment.
But in some cases, lenders are ready to approve almost any application. For example, if the borrower has not allowed delays in previous obligations and has a high salary. Therefore, let's talk about what loan term is best to choose depending on the purpose of receiving money and related factors.
For what period can you take a loan?
If we are talking specifically about bank lending, the range of jordan mobile database acceptable periods is significant – on average from 1 year to 30 years. Much depends on the type of loan, its size and the availability of collateral. It is unlikely that a bank will wait decades for the return of a small consumer loan. But a mortgage for 25-30 years is a fairly common story.
Average terms for different types of loans:
consumer – 2-5 years;
on the security of a car – 3-7 years;
secured by existing real estate – 10-20 years;
mortgage – 10-30 years.
Please note that much will depend on the bank's policy. Some lenders are ready to issue unsecured loans for 10-15 years, while others limit the mortgage term to 15-20 years. The average term of a consumer loan in Russia is currently up to 5 years. Moreover, after the conclusion of the agreement, it can change both upward and downward - it all depends on the terms of a specific program.