Legal basis of the general loan terms
Information about individually agreed loan terms
Loan terms are the conditions that can be found in every loan agreement. In general, loan terms include all conditions relating to interest rates, fees, disbursement rates and repayment. A distinction must be made between general and individual loan terms.
Although the general terms and conditions are not legally mandatory conditions, almost all lenders adhere to them in the loan agreement. Individual conditions for a loan are used in special borrower cases.
General loan terms
Within the general loan terms, interest conditions in particular are an important component. These provisions specify the interest rates, the validity of the interest and the payment of interest. The latter provisions determine, for example, whether the interest is payable monthly together with the repayment, directly at the start of the loan or quarterly.
Among other things, the nominal interest rate and the effective interest rate are specified. The nominal interest rate describes, among other things, the agreed interest that the borrower must pay to the lender. The effective interest rate (APR) includes the nominal interest rate and additional costs incurred by the borrower, such as processing fees.
Repayment modalities are an equally important part of the general loan terms. These include, among other things, the regularity of repayments, the amount and the duration of the loan. There are different repayment modalities depending on the type of loan.
With an annuity loan, the instalments are not the same as with an instalment loan. Such variations are also a fixed part of these general loan terms. It is also worth mentioning the first instalment in this context, whose amount and due date must be stated in the contract by law. The names of the contracting parties, i.e. the borrower and the lender, the date the loan was commissioned and the date the loan was approved must also appear in the general loan terms or at least in the loan agreement on which these terms are based.
The same applies to the disbursement rate and processing fees, provided these are not listed in the effective interest rate in the interest section of the terms. Other information and conditions relating to a loan belong to the individual conditions, which are usually noted in a separate document alongside the general terms and the loan agreement.
Legal basis of the general loan terms
The general loan terms are subject to certain legal foundations. They are drawn up in accordance with the AGB-Gesetz, which means they must comply with the rules. They must also apply equally to all customers. Furthermore, the borrower must always accept the general conditions for a loan in order to obtain a loan. As with standard terms and conditions, otherwise no contract is concluded and the loan application is automatically rejected.
However, this does not apply in every case. Sometimes a customer also has the option of having the loan terms adjusted, provided they are accepted by the lender. Even though all general loan terms apply to every customer, it should be noted that the general terms for a loan often legally specify that the individual provisions take precedence. If these are within the legal framework, they are therefore primarily valid and ensure that certain clauses of the general loan terms are not applied.
Such precedence clauses often have a positive effect for customers who play a particularly important role for banks, such as large corporate and business customers.
Information about individually agreed loan terms
Especially for corporate loans, but also for building savings contracts, one very often finds, alongside the general loan terms, terms that are tailored to the borrower's individual framework conditions. Individual loan terms include, for example, special repayment options. Although repayments are fixed in the general terms and must apply in their form equally to all customers, individual agreements can, as described above, be applied as contract components for certain customers.
Thus, the general credit conditions, for example, do not apply to repayment deadlines and repayment amounts per instalment or to disagios and certain interest fees. Also, depending on the customer, different interest conditions are used, usually depending on the creditworthiness that the borrower can demonstrate.
As an advisor at a bank or lender, one has particularly wide scope with regard to individual loan terms. This means that one can agree not only individual repayment models with the borrower, but also determine broker commissions for the successful granting of credit. Many bank advisors earn their money precisely in this way.
As a customer or borrower, you should always take a look at the loan terms. Only in this way can you be really sure and at the same time check that the lender shows a degree of reliability. Often the terms for a loan are a factor in choosing a suitable lender. All credit institutions adhere to the requirements for the general loan terms, but often supplement them with individual conditions.
Loan terms for loans at MAXDA
In order not to lose certain customers as a lender, lenders ensure that an important client can enjoy special privileges. MAXDA not only provides very comprehensive information about the respective loan terms, but also offers the opportunity to take out a loan on favorable terms. It should always be noted that you can benefit from a high degree of transparency. This not only refers to a clear presentation of the loan terms, but also to excellent customer service and consistently fair conditions in terms of interest and processing fees.
Many borrowers have already been convinced by the positive characteristics of MAXDA's loan offers. If you would like to find out about our offers, our competent staff will be happy to advise you or you can simply submit a loan inquiry. This is completely non-binding and free of charge. We will then tailor our offers to your needs and make you an offer that suits you.