The loan contract stipulates that the loan can be repaid in advance at any time, so the user can repay in advance in the first year of the loan. As stipulated in the loan contract, the repayment time of the loan must be over one year before it can be repaid in advance, so the users of the loan in the first year cannot repay in advance, and the repayment time must be over one year before it can be repaid in advance. Early repayment is stipulated in the loan contract, and users can read the loan contract carefully. As long as the contract allows users to repay in advance at any time, users can repay in advance in the first year of the loan.

prepayment means that the borrower applies to the bank for prepayment of part of his loan, and ensures that the previous month is not overdue and the loan of the current month is returned; Pay off all or part of the loan at one time according to the date stipulated by the bank.

prepayment method:

prepayment is generally divided into two ways: partial prepayment and full prepayment.

depending on the repayment method, the borrower can choose to reduce the term or the amount. It is understood that at present, most banks can provide five ways to repay loans in advance for customers to choose from.

first, all loans are repaid in advance, that is, the customer pays off all the remaining loans in one lump sum. (interest is not required to be repaid, but the interest paid is not refundable)

Secondly, part of the loan is repaid in advance, and the monthly repayment amount of the remaining loan remains unchanged, thus shortening the repayment period. (saving more interest)

Third, part of the loan will be repaid in advance, and the monthly repayment amount of the remaining loan will be reduced, and the repayment period will remain unchanged. (reduce the monthly payment burden, but the degree of saving is lower than the second one)

The fourth one, partial prepayment, the remaining loans will reduce the monthly repayment amount and shorten the repayment period. (saving more interest)

Fifth, the remaining loan keeps the total principal unchanged, and only shortens the repayment period. (The monthly payment is increased, and some interest is reduced, but it is relatively uneconomical.)

Financial experts suggest that the principal should be reduced as much as possible to shorten the loan period and make the interest of expenditure less.

Precautions:

1. You must ask the requirements for repaying the loan in advance

If the borrower wants to repay the loan in advance, it must be more than half a year after repayment, or even individual banks require repayment for more than one year. Banks generally require borrowers to submit written or telephone applications 15 working days in advance. After receiving the borrower's application for early repayment of loans, banks need to examine and approve it, so it usually takes about one month. In addition, banks have different requirements for early repayment. For example, some banks stipulate that early repayment is an integer multiple of 1,, and some banks need to charge a certain amount of liquidated damages.

ii. documents for early loan repayment need to be prepared

if a borrower wants to repay the loan in advance, he/she should generally bring his/her ID card and loan contract to the bank for examination and approval after telephone or written application. If it is a borrower who has settled all the balance, it is convenient for the borrower to deposit enough money to repay the loan in advance after the bank calculates the remaining loan amount. If it is a customer or owner of the sub-mortgage business, it is best to find a professional guarantee institution to do entrusted notarization, so as to avoid the risk of the owner's price increase after the owner repays in advance, and the customer does not buy it or helps the owner pay off the final payment with the down payment.

Third, don't forget to surrender the loan and release the mortgage in advance

After the lender settles all the final payment in advance, the bank will issue a settlement certificate, and the borrower will call the relevant insurance company with the original loan settlement certificate, the original copy of the original insurance policy and the invoice, and make an appointment to surrender. When the borrower applies for a loan, the bank will register the mortgage. After the customer settles the loan, don't forget to untie the mortgage. The borrower should bring the real estate license, settlement certificate and other rights certificate mortgaged in the bank to the district construction Committee office to understand the mortgage. In this way, your own property can be said to be completely your own property. Can the loan be repaid in advance after one year?

The best time for prepayment of commercial loans is one year after the loan. After handling the commercial loan for one year, users will choose the best repayment method at the best time, no matter whether they use the equal principal repayment or the equal principal and interest repayment. Among them, the borrower requires the user to pay liquidated damages, but the liquidated damages will be lower than the interest earned.

Extended information:

Commercial loans, in fact, can also be called personal housing loans, and urban residents can go to the bank to apply for commercial loans when buying a house. In this way, you only need to pay the down payment when buying a house, and the balance will be paid in the form of a loan.

The application conditions for commercial loans mainly include:

1. The applicant should be between 18 and 65 years old.

2. The object of commercial loans is urban residents, so the applicant must have permanent residence or valid residence status in cities and towns.

3. The applicant should have a legal and stable job and income, and be able to provide proof of work and income to prove that you have the ability to repay the loan principal and interest on time.

4. Need to provide a house purchase contract, agreement or letter of intent.

5. proof of down payment accounting for at least 3% of the house price is required. However, different banks may have different requirements for down payment.

6. The applicant must have assets recognized by the lender as collateral or pledge, or have a guarantee recognized by the lender.

7. Personal credit should be good, and bad credit records are not allowed on personal credit records.

8. In addition to the above conditions, the lending bank may stipulate other conditions, depending on the bank you are lending.

Change of commercial loan interest rate:

If the user chooses LPR+ fixed interest rate mode, the commercial loan interest rate will not change during the loan term. The user chooses the LPR+ floating interest rate model. When the LPR is adjusted, the commercial loan interest rate will change in the following year. Therefore, whether the interest rate of commercial loans will change is related to the loan interest rate model.

LPR+ basis point fixed interest rate model or floating interest rate model has its own advantages and disadvantages. Users can choose the loan interest rate model according to their own knowledge and needs.

Commercial loans are transferred to provident fund after buying a house:

Commercial loans can be transferred to provident fund loans after buying a house. Users can apply for converting commercial loans into provident fund loans if they meet the conditions for converting commercial loans into provident fund loans. It should be noted that in some areas, commercial loans are required to be paid off before they can be converted into provident fund loans, which requires users to prepare repayment funds in advance. Without sufficient repayment funds, commercial loans cannot be converted into provident fund loans.

however, local regulations allow commercial loans to be directly converted into provident fund loans, so users do not need to pay off commercial loans in advance. As long as the commercial loans are not overdue and users meet the conditions of provident fund loans, they can directly handle the business of converting commercial loans into provident fund loans. Since there is no limit on the loan amount for commercial loans and there is a limit on the amount for provident fund loans, when commercial loans are converted into provident fund loans, you can only apply for provident fund loans within the prescribed amount.

when the amount of provident fund loans is insufficient, users can apply for portfolio loans, which can solve the problem of insufficient amount of provident fund loans. Commercial loans allow users to turn into portfolio loans, but users need to meet the conditions of both commercial loans and provident fund loans. Can a one-year loan be repaid in advance? Pay attention to these matters

Many loans in the market are credit loans with a term of one year. Although many people choose a loan term of one year, they will inevitably want to repay in advance when they have sufficient funds. After all, the longer the loan funds take up, the more interest they will have to pay. So, can a one-year term loan be repaid in advance? Here are some things to pay attention to.

can a one-year term loan be repaid in advance? Most one-year term loans support prepayment, but the provisions on prepayment time, charging standard and subsequent interest collection will be different. Lenders should figure these out before deciding whether to prepay. 1. Time for prepayment: Most loan platforms do not support prepayment on the loan day, and generally wait until the next day of the loan day; There are even requirements that repayment can only be made in advance after 3 months, and the specific provisions are usually based on the loan contract. 2. Charging standard: The loan platform charges a lot in advance, and the common fee is liquidated damages, because prepayment is also a breach of contract, which disrupts the fund recovery plan of the loan platform and reduces the expected income. In order to make up for its own losses, the loan platform will require prepayment to pay liquidated damages, usually 3% of the outstanding amount. 3. Interest collection: Most people plan to repay in advance in order to reduce interest expenses, but whether to pay the subsequent interest in advance depends on the repayment method and interest calculation method. Many loan platforms repay on a monthly basis, even if they repay in advance, they must pay off the remaining interest in one lump sum; If you borrow and return it, you won't charge interest again. The above is the introduction of "Can a one-year term loan be repaid in advance?" I hope it will help you.