Early repayment of the loan in most banks is possible both in full and in part. For partial repayment, a limit can be set - not less than a certain amount. Many banks provide commissions for early loan repayment. However, some lawyers question the legality of their collection, and there are cases when borrowers sought its return through the court.
It is necessary
- - passport;
- - money;
- - bank card and ATM (when depositing funds through this device);
- - computer and Internet access (when transferring money via Internet banking).
Instructions
Step 1
If you want to fully or partially repay the loan ahead of schedule, deposit the required amount into your account. The fastest and cheapest ways to do this are through the bank's cash desk or its ATM (if you have a card, some banks also have devices that allow you to deposit money into an account without a card if the client enters his number). They usually do not involve any fees for depositing money or transferring it. There are various alternatives as well. You can always check with your bank for the full range of ways to deposit money on a loan. If you repay the entire loan early, be sure to call the bank or visit its nearest branch and specify the amount to be deposited into the account for this purpose. It may turn out to be slightly more than you think, due to various service fees, additional accrued interest, penalties and penalties in case of delay, etc.
Step 2
After the money is credited to the account (you can find out that they have arrived there by means of SMS informing, if you have this service connected, or in other ways: by phone, through Internet banking or with a personal visit to the bank), be sure to visit the bank and inform about your desire to make full or partial early repayment of the loan. You will be asked to fill out an application in the form of a bank. Otherwise, the bank will deduct only the minimum payment from your account. The rest of the money will not go anywhere either, but they will be debited in the amount of the minimum payment at each deadline for its receipt on the account. And this is less profitable for you than the option of early repayment. After all, your debt will be reduced only by the amount of the minimum payment, and interest will be charged on the rest.
Step 3
With partial early repayment of a loan, banks usually offer customers two options: either reducing the minimum payment for the same loan term, or reducing this period with the same minimum payment. Which one is preferable is up to you.
Step 4
If you repay the loan in full ahead of schedule, making sure that the money has been debited from the account, take a certificate from the bank that you have no obligations to him for a closed loan product. Most often, for this you will need to visit the bank, but some credit organizations take an order for it by phone and send the document to the address you specified or deliver it to your branch of your choice. Keep this certificate and all documents confirming loan payments for three years. Sometimes there are misunderstandings between banks and former borrowers. In such cases, the documents you have will serve as proof that you do not owe anything. Three years is the statute of limitations for cases of such a plan.
