If you took out a loan, then you can pay it on schedule or repay it ahead of schedule. In the second case, with the approval of the bank, you will have the opportunity to reduce the cost of the loan for yourself by recalculating interest.
Instructions
Step 1
Decide how much you want to contribute towards early repayment of the loan. Regardless of the terms of your loan agreement, in accordance with the law adopted by the State Duma in November 2011, you have the right to full and partial early repayment of the loan without additional sanctions and penalties.
Step 2
Call the bank or go there in person. Find out how you can pay off your loan. By law, you must notify the bank in writing thirty days prior to the date you are supposed to deposit money. But in some situations this may not be required. Some banks will agree to recalculate the interest on the loan to you immediately upon partial early repayment or in the next payment period. If a written notice is required from you, you can bring it to the bank in person, or send it by mail in the form of a statement with your signature. In this case, it is advisable to send the document by registered mail with acknowledgment of receipt. So you will have confirmation that the bank has received the necessary papers.
Step 3
Contact the bank office with the required amount and deposit it through the cashier. This can be done on virtually any day after thirty days from the notice period. However, it is advisable not to do this on the date of the monthly payment. Some banks will not be able to recalculate on this day due to the specifics of their computer programs. It is best to pay one day ahead of the due date in the payment schedule. In this case, you will not pay interest on the repayable amount in the next month.
Step 4
After depositing funds, receive a new payment schedule. It will depend on the policy of the bank. Some financial institutions keep the monthly payments the same, only to shorten the loan term. Others recalculate by reducing the payment due to the decrease in the amount of principal and interest.
