What does the repayment amount of the current period in a provident fund loan mean?

The repayment amount of the current period in the provident fund refers to the amount of repayment for each period after the loan user applies for a bank mortgage loan. The amount that needs to be repaid on time each month. Bank provident fund loans need to be repaid on time starting from the second month after the loan is disbursed. Deposit the current period's repayment amount on or before the repayment date. On the repayment date, the system will automatically start from the repayment date. Debit the account.

If the balance in the repayment account is insufficient to repay the current repayment amount, the provident fund management center will send a text message reminder to the user that the deduction has failed. At that time, the borrower needs to check his account balance in time. Then pay enough funds for repayment. When deducting money, especially for users who have applied for monthly deposits, when the provident fund account balance cannot meet the sufficient deduction for the current period, the account is sealed or the unit fails to pay the provident fund in time, it will cause the deduction to fail. This will directly suspend the provident fund monthly deduction.

How to calculate the current repayment amount for provident fund loans?

1. If it is the equal principal and interest repayment method, the monthly repayment amount = [loan principal] *Monthly interest rate*(1-month interest rate)^number of repayment months]/[(1-month interest rate)^number of repayment months-1].

2 If it is the equal principal repayment method, the monthly repayment amount = (loan principal/number of repayment months) (loan principal - cumulative amount of repaid principal) *Monthly interest rate.