No formalities are required, just go to the bank and tell them that you need to repay the loan in advance.

Early repayment will charge a certain handling fee, which some banks also call liquidated damages.

If a Bank of China loan is repaid in advance within one year, a maximum interest penalty of no more than six months will be charged (calculated based on the loan interest rate on the date of early repayment).

If you repay the loan early after one year, no penalty will be charged

As for how much you have to repay, it depends on your current repayment interest rate to calculate the repayment in the past few years. How much principal was paid.

120,000 minus the repaid principal is the money you have to repay now

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Because I don’t know your repayment interest rate in the past few years, it is difficult to calculate the specific principal.

If you calculate it roughly, you will have to pay back about 90,000 yuan.

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