Legal analysis: the penalty for prepayment of 500,000 loans depends on the specific circumstances. They are: 1, China Merchants Bank, if it needs to repay in advance less than one year, it will charge at least three months' interest relative to the actual repayment amount, and only one month after one year; 2, the Construction Bank, less than one year and early repayment, to charge 3% of the amount of early repayment. One to two years 2%, two to three years1%; 3. Agricultural Bank, if the prepayment is less than one year, will charge the principal multiplied by the monthly interest rate. After one year of loan, no penalty will be charged; 4. If the prepayment is less than one year, ICBC will charge 5% of the prepayment amount. If the loan is repaid in advance after one year, no penalty will be charged, just like the Agricultural Bank.

Legal basis: Article 585 of the Civil Code of People's Republic of China (PRC), the parties may agree that one party shall pay a certain amount of liquidated damages to the other party according to the breach of contract, or agree on the calculation method of the amount of damages for breach of contract. If the agreed liquidated damages are lower than the losses caused, the people's court or arbitration institution may increase the liquidated damages at the request of the parties; If the agreed liquidated damages are excessively higher than the losses caused, the people's court or arbitration institution may appropriately reduce them at the request of the parties. If the parties concerned pay liquidated damages for delayed performance, the breaching party shall also perform the debt after paying the liquidated damages.