There is no penalty for prepayment of ICBC e-banking pledge loan, because the pledge loan application is made through online banking/mobile banking. If part or all of the prepayment is required, no penalty will be charged for other related expenses.

Liquidated damages:

1. liquidated damages refer to the money that one party should pay to the other party in case of breach of contract according to the agreement of the parties or the direct provisions of the law. The standard of liquidated damages is money, but the parties may also agree that the subject matter of liquidated damages is other property than money.

2. Liquidated damages can guarantee the performance of debts, punish the defaulter and compensate the losses of the innocent party. Therefore, some countries regard it as one of the measures to guarantee the contract, and some countries regard it as a way to bear the responsibility for breach of contract.

penalty function

One is to urge the parties to perform the contract;

The second is to compensate the losses caused by one party's breach of contract to the other party;

The third is to sanction the defaulting party.