During the execution of the contract, you can apply to the Industrial and Commercial Bank of China or the Housing Fund Management Department to change the loan term, repayment method, prepayment, etc. After approval, ICBC will handle the contract change procedures for you. If you can't apply for loan term adjustment after partial repayment in advance, please contact the loan bank to verify the specific reasons.
Repaying the loan in advance can not shorten the repayment time, but only reduce the monthly payment. Except for the prepayment, the rest will be repaid according to the time limit, but the amount paid each time is less.
Attention should be paid to advance payment:
1. For ICBC's regulations on early repayment, customers bring their original ID card, ICBC bank card or passbook for repayment and loan contract, fill in the form at the original loan processing outlet and submit a written application;
2. Repay part or all of the loan in advance after the approval of the bank. The approval period of ICBC's prepayment is about one week. The liquidated damages shall be collected according to the loan contract. If the prepayment is less than one year, 5% of the prepayment amount will be charged as liquidated damages. If the loan is repaid in advance after one year, no penalty will be charged.
3. On the premise that the repayment date remains unchanged, the amount of prepayment is divided into two parts, one part is the principal repaid in advance, and the other part is the interest of the principal repaid in advance from the previous repayment date to the prepayment date. You can try to calculate through our loan calculator, log in to the lower right of China Merchants Bank official website and find "Financial Calculator"-"Personal Loan Calculator"] (the trial results are for reference only). For specific repayment information, please contact the handling bank or dial 95555 to enter the loan manual consultation for confirmation.
Precautions:
1. After repayment, use the changed remaining principal as the new principal and the previous repayment date as the value date, and recalculate the monthly payment;
2. If the repayment date is the deduction date, the principal and interest that should be deducted in the current period must also be returned;
3. At the same time, if you are in loans overdue, you need to pay off the non-performing loans on the repayment date, including overdue principal, interest arrears, default interest and compound interest, before applying for early repayment.