Camibank is the difference between their interest rates and the return on the deposit from which the loan was financed. Anyone wishing to prepay the full amount of the Camibank vehicle loan should contact Customer Support to clarify this option. The repayment of the entire remaining debt before the end of the term can be proven with a prepayment penalty. How should the installment loan be handled? Installment loans do not always mean at the same time an early repayment of the loan.
Calculation of prepayment fees
If a creditor wishes to repay the loan early or withdraw from the loan agreement, an early repayment penalty usually has to be paid first. A variable interest rate loan can be terminated by borrowers subject to a three month notice period, while this is somewhat more difficult for fixed rate loans. The termination is then at the earliest possible time after 10 years and a notice period of 6 months.
In case of early termination, however, there is a claim for damages from the borrowers. With this so-called early repayment penalty, a house bank compensates the interest loss from the early repayment of the loan. Using our prepayment calculator, you can quickly, easily and conveniently calculate the compensation amount. You need two things to determine early repayment.
One hand the loan agreement
On the one hand the loan agreement and on the other hand information about how much the remaining debt will be at the time of dismissal. You can ask this number at your local bank. First check whether the repayment date matches the day of a partial payment. Which day you choose is up to you. In a further operation, the amount of the remaining demand for payment of the owed installments is communicated.
Based on this information, an initial calculation of the possible early repayment can be made. If this is the case, the house bank must take this into account when determining the costs. The rate rhythm is reflected in the annual rate. Your house bank can only clarify your question about risk savings, margin refunds, reinvestment interest, the administration costs and the processing fee on request.
As you can see, there are three places in the result that reduce the amount of early repayment. First, the gross interest loss of the house bank is represented by the early repayment. By terminating the loan, the house bank no longer has to be left in arrears so that this premium can not be taken into account.
However, there are no administrative costs if there is no credit. If you do not change the house bank, only the loan, the house bank will charge you the margin refund. In case of early repayment, however, it can not be ruled out that the house bank will charge a processing fee. This is added to the subtotal and ends with the advance to be paid.
From when is a fee for the early repayment to pay? In the case of premature repayment, the borrower may claim a corresponding remuneration in accordance with 502 BGB for the loss of interest directly due to the early repayment or other expenses such. B. handling fees for the early repayment arise. If BuyNer terminates the lending business with a borrower during the fixed interest period due to default in payment, it may in this case also demand so-called non-genuine compensation for default in accordance with section 280 (1) no. 1 HGB as compensation for the lost interest income.
In this case, the courts ruled that 497 (1) sentence 1 HGB should not be interpreted as meaning that the company may again demand default interest only after termination. The period for which the early repayment penalty can be claimed begins in the view of the Higher Regional Court with the termination and not only on the day of payment.
What is the maximum penalty for early repayment? The repayment fee may not exceed 1.00% of the early repayment amount. In this case, the early repayment penalty may not exceed the interest amount that would have been payable between the agreed repayment and the early repayment by the borrower. If the loan agreement contains insufficient information about the duration, the right of the borrower to terminate or the determination of the penalty for early repayment, when is a penalty not included?