One of the main conditions for granting a loan is its return on time. But if you want, you can pay it off earlier, thereby saving on interest. In this case, you need to know how to properly repay your loan ahead of time.
Instructions
Step 1
Re-read your copy of the loan agreement if it has been preserved. It must indicate the conditions for early repayment of the loan - the presence or absence of a moratorium, commissions, an interest recalculation scheme. Analyze this information and decide how beneficial it is for you to deposit funds early in the bank. It is possible that payments on schedule will be less costly for you.
Step 2
If you have not saved the agreement, please contact your bank directly. This can be done either by phone or during a personal visit to the office. Find out the terms of early repayment, as well as the exact amount you will need to deposit. Also, if necessary, find out if partial debt repayment is possible. Not all banks practice this, most often you will need to close a loan agreement to receive a discount on interest.
Step 3
Specify exactly how you must deposit the required amount. Depending on the bank, this can be done through an ATM for accepting cash or at the cash desk upon presentation of a passport.
Step 4
Deposit the required amount into the account. After that, if necessary, sign the papers on the closure of the loan agreement and the agreement on insurance of loan obligations. Not all banks need this, some will automatically close your credit account. If you want to get rid of your credit card, you will also need to take it to a bank.
Step 5
For a guarantee, get a certificate from the bank that your loan has been repaid in full. There should be the date of closing the contract, as well as the seal of the financial institution. Such a document will be useful to you in case of any unfounded claims.
