As a borrower, you may choose to pay your loan in advance. However, you need to understand that this process is not simply a process of paying money to the bank; in fact, early repayment of the loan requires application and approval. So how long before this application can be granted? Let's check it out。

In the case of an advance loan request from the Transport Bank, the time invested in processing the loan was approximately 2-7 working days. The processing cycle is about a month. Clients who repay their mortgages in advance usually have to apply in writing one week to one month in advance and then agree on the date of repayment。

Next, let's get to the general process of early repayment。

First, make an appointment. You can apply to the bank for partial or full early repayment of the loan if you have made a loan during the loan period or after one year. This process takes approximately two to seven working days. The regulations may vary from bank to bank, so it is necessary to clarify the course of the loan bank ' s operations before deciding on early repayment。

Second, prepare the loan documents. If the borrower wishes to repay the loan in advance, they need to make an application by telephone or in writing and then go to the bank with an identity card and a loan contract to process the approval process. If the full balance is to be liquidated, the bank calculates the remaining loan line and helps the borrower to reserve sufficient funds for early repayment。

Next is the calculation of interest after early repayment. The new rate of interest is calculated at the beginning of the new year. It is therefore necessary for borrowers to take the opportunity to pay back as much as possible one year in advance of the implementation of the new interest rate。

Finally, the bail is withdrawn. After the full amount is settled in advance, the borrower is required to retire to the insurance company. After the settlement of the loan, the client is required to complete the collateralization。