Generally, you need to make an appointment with the bank before repaying in advance, and you can consult the relevant policies of the loan bank for details. The process of repaying the loan in advance is:

Step 1: First, check the requirements of prepayment in the loan contract, and pay attention to whether it is necessary to pay a certain penalty for prepayment.

Step 2: Call the loan bank in advance to inquire about the application time and minimum repayment amount of the loan and other materials that need to be prepared.

Step 3: According to the requirements of the bank, apply for early repayment in person to the relevant departments.

Step 4: The borrower takes the relevant documents to the borrowing bank and goes through the relevant formalities of prepayment.

Step 5: Submit the prepayment application form and deposit the prepayment in the counter.

Data expansion:

Mortgage repayment method:

The repayment method refers to the way that the borrower repays the principal and interest of the loan, and the interest is calculated according to the remaining principal of the borrower. Different repayment methods determine the speed of principal repayment, which leads to different total interest payments.

Matching principal and interest repayment method: the principal increases month by month, the interest decreases month by month, and the monthly repayment amount remains unchanged;

Average capital repayment method: the principal remains unchanged, the interest decreases month by month, and the monthly repayment amount decreases.

Compared with the two, in the case of the same loan term, amount and interest rate, at the initial stage of repayment, the monthly repayment amount of average capital repayment method is greater than the equal principal and interest. However, according to the whole repayment period, average capital's repayment method will save the expenditure of loan interest.

Generally speaking, the repayment method of equal principal is suitable for borrowers who have a certain economic foundation, can bear heavy repayment pressure in the early stage and have an early repayment plan. Matching principal and interest repayment method is convenient to arrange income and expenditure because the monthly repayment amount is the same, and it is suitable for borrowers whose income is relatively stable because economic conditions do not allow early repayment and excessive investment.

Source: Baidu Encyclopedia: Repaying the loan in advance