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When you take out a loan from an institution to start your personal project, for example, you must then repay your loan. To do this, the financial institution sets repayment terms for you. The repayment conditions actually determine the life of your personal loan, but also and above all the part of your monthly budget that you want to spend on it. So what are the repayment terms of a personal loan?
Repayment term of a personal loan
In order to settle your debt with the banking institutions, you have to pay back a part of the borrowed amount every month. This amount should already be agreed with the bank. The date of payment will be fixed at the time of signing the contract, but it can be changed throughout the duration of the loan. The payment date will be fixed at the time of signing the contract, but it can be changed throughout the duration of the loan.
Pause in the repayment
Banks also offer the possibility to take a break in the repayment. This break is granted in order to allow the customer to face unexpected events (a car repair for example). In this case, the suspended due date(s) are postponed to the end of the contract.
Total prepayment
The total early repayment consists in repaying in one go the entire remaining amount that you owe to the bank. The credit institution cannot claim any indemnity when the amount remaining to be paid is lower or equal to 10 000 €. This condition is valid for all credit institutions.
You have just discovered the different conditions of repayment of a loan. If you wish to take out a loan with a financial institution, you now know the conditions of repayment that will be presented to you. Good luck!
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