Early repayment fee is the fee that customers have to pay when they want to end the loan contract early. To learn more about Agribank's early repayment fee At the bank, today's article Banktop will help you synthesize the most complete and detailed information about this content.
What is Agribank's early repayment of bank loans?
When you want to get a loan and complete the profile installment loan At the bank, the customer must sign a contract between the customer and the bank. About loan content, amount, interest rate with borrower and lender information.
If the customer wants to repay the loan before the due date as in the contract, the customer will have to pay a penalty fee as stated in the contract. This is called early repayment fee, specifically at Agribank. The reason is that the customer does not comply with the terms of the contract and has to pay a penalty fee according to the agreement between the two parties at the time of signing.
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Why does Agribank still have to pay penalty fees for early repayment?
As mentioned above, customers who want to settle and pay the loan earlier than the time specified in the contract will be subject to a prescribed fee. The reason is because all capital sources have been calculated in advance, early loan payment affects all plans of the bank, sometimes the bank will be the one to suffer.
Therefore, in order to limit problems arising in loan applications such as when customers want to repay loans early, all banks have a fee for early repayment of this loan.
How much is the penalty fee for early repayment of Agribank's debt according to regulations?
Agribank's pre-maturity payment fee according to regulations will have 3 cases: Agribank's early repayment penalty fee of a day loan package, a short-term loan package and a medium and long-term loan. Each loan will have the following penalty fees:
Penalty fee for early repayment of Agribank loan package of the day
When customers borrow and pay on the same day with a loan at Agribank, they will have to pay a penalty fee of 0.5% / amount of prepayment. With a minimum amount of 500,000 VND and a maximum amount of 20,000,000 VND.
Agribank's early repayment fee for short-term loans
With the actual loan period more than 70% of the loan term according to the contract, when customers want to pay off the payment, it will be free of charge when repaying the loan early.
With the actual loan period less than 70% of the loan term according to the contract, when the customer wants to pay off the payment, they will be charged an early repayment fee of 0.5% of the prepayment amount. With a minimum amount of 250,000 VND and a maximum amount of 3,000,000 VND
Agribank's early repayment fee for medium and long-term loans
For medium and long-term loans at Agribank, customers can see the fee schedule for penalties when they want to pay their loans early at the bank below:
|Time for early repayment||Early repayment fee|
|Early repayment in the first year|
|Early repayment in year 2|
|Early repayment in year 3|
|Early repayment from the 4th year onwards||The bank senior unit decides, possibly equal to the fee of the 3rd year.|
How to calculate penalty fee for early repayment of Agribank bank
To calculate Agribank's early repayment fee, you apply the following formula:
Total prepayment penalty fee = Prepayment amount * % penalty fee
When you borrow 100 million at Agribank with the payment term in the contract is 12 months and there is a penalty fee for early repayment of 1%. You have paid up to the 3rd period and the prepaid debt is 30 million. We apply the formula to calculate Agribank's early repayment fee:
Total penalty fee to be paid = 30,000,000 x 1% = 300,000 VND
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Should Agribank repay the loan before the due date?
When you have enough finance and can afford to pay off the entire loan at the bank, you can repay the loan and close the loan contract early. This helps you reduce the cost of paying monthly loan interest at the bank.
However, you should carefully check whether the penalty fee for early repayment is higher or lower than the monthly interest rate you are paying, if the penalty fee is higher, you should not pay the loan early at the bank.
Thus, through the above article of Banktop, you also know how much the Agribank prepayment fee is and how to calculate the penalty fee at the bank. If you are interested in this issue, you can refer to the article and choose the appropriate treatment according to your needs.
Information edited by Banktop.vn