Features and underwater stones of partial debt repayment

The possibility of early repayment of the loan is allowed to borrowers at the legislative level. However, for banks, this will mean — losses and loss of profit, so information on early repayment is always prescribed in a loan agreement, it is also indicated that this procedure may be subject to.

But if your bank has nothing against early repayment, then you need to know that it happens complete and partial. Today we will analyze the features of the latter.

Partial repayment is called additional amount on top of the main payment. After such payments, the Bank recalculates the balance of the loan and interest.

Small sums made as early repayment seem to have no special benefit. The borrowers do not see meaning, for example, in the same difference of overpayment of the jar in the amount of 2 160 rubles, as they consider it to be «kopecks».

But these are just numbers from the fictional situation, in fact you can make amounts more, which will apply to you and benefits more.

Before repaying the loan, first familiarize yourself with the terms of the loan agreement, since there are most likely all the moments relating to this borrower right are prescribed.

The bank is not entitled to refuse to you in early repayment, but can impose a moratorium, that is, temporary limitations for a period of such a period.