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

First, pay off all the loans in advance, that is, pay off all the remaining loans at one time. (There is no need to repay the interest, but it will not be refunded if it is paid)

Second, a part of the loan will be repaid in advance, and the monthly repayment amount of the remaining loan will remain unchanged, thus shortening the repayment cycle. (save more interest)

Third, repay some loans in advance, reduce the monthly repayment amount of the remaining loans, and keep the repayment period unchanged. (Reduce the monthly payment burden, but less than the second type)

Fourth, repay some loans in advance, reduce the monthly repayment amount of the remaining loans and shorten the repayment cycle. (save more interest)

Fifth, the remaining loans keep the total principal unchanged and only shorten the repayment period. (The monthly payment will increase and the interest will decrease, but it is relatively uneconomical.)

It is suggested to reduce the principal as much as possible, shorten the loan period and pay less interest when repaying in advance.