The minimum payment is calculated based on the sum of two components:
parts of the principal debt;
percentage part.
If the grace period is still ongoing, the interest portion is excluded - only part of the principal debt remains. Its size is specified in the contract and on average ranges from 3 to 10% of the debt amount. At the same time, a minimum payment amount is often provided. For example,"Yes" card Bank Sinara basic payment is 2.9% of the debt amount, but not less than 600 ₽.
As an example, let's take the same conditions that we singapore mobile database considered above, but add to them a criterion concerning the size of the principal debt:
debt amount — 25,000 ₽;
rate - 32.85%;
monthly payment - 3% of the debt.
Above, we calculated the amount of interest accrued for the specified period. This amount was 675 ₽. To get the payment amount, you need to add 3% of 25,000 ₽. We get 750 ₽. We add 675 ₽ and 750 ₽ to get the final payment amount - 1425 ₽. In this case, only part of the principal debt - 750 ₽ - will be transferred to the credit card. The remaining part will be immediately written off to pay off the debt.
When you calculate the payment yourself, you may get a non-round amount - like 1425 ₽ in the example given. Banks often round it to a multiple of 100 ₽ - in our example it would be 1500 ₽. This is done so that you can deposit the exact amount through an ATM or terminal. The additional 75 ₽ goes towards paying off the principal debt.
How to calculate a late payment penalty
Penalties are provided for late payment of mandatory payments. They usually do not exceed 0.1% per day of the amount of debt, but the exact amount is specified in the contract.
Delays not only lead to increased overpayments, but also go into your credit history (CH). If you are late with a payment only once, nothing terrible will happen. But frequent delays can prevent you from getting loans on favorable terms. After all, banks can interpret such behavior in different ways - as simple forgetfulness or as financial difficulties. In any case, delays always raise suspicions, so we recommend making payments in advance.
What other payments can there be?
If you have accumulated a large debt and are calculating a suitable repayment plan, it is important to take all components into account. After all, unaccounted payments can lead to unnecessary overpayments. Such payments include:
service fee;
fee for SMS notification.
The service fee may be charged monthly or annually. There are also tariffs that offer free service if certain conditions are met. For example,at Bank Sinara such a condition is a monthly purchase amount of 5,000 ₽. If the purchase amount is less than 5,000 ₽, the service costs 149 ₽ per month.