The prepayment will be made according to the provisions of the automobile mortgage contract. Generally speaking, if ICBC loans are repaid in advance for 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. For early repayment, it is necessary to settle the principal and interest of the bank in one lump sum, and some car loan institutions will also charge liquidated damages for early repayment, depending on whether the loan contract specifies the detailed terms of early repayment.
Extended data:
ICBC car loan prepayment processing flow:
1, prepayment requires an appointment.
Advance repayment requires an appointment, but you can apply by phone. Generally, banks should make an appointment about 15 days in advance. Different institutions have different regulations. You can learn more about the institutions that apply for loans.
2. You need to bring relevant materials for prepayment.
Relevant materials should be prepared for prepayment of auto loans, including: ID card (principal applicant, owner); Repayment card; Temporary residence permit (the owner is not registered); Original motor vehicle registration certificate; Last month's repayment list and other information stipulated by the organization.
3. Fill in the loan repayment application form
After receiving the notice from the other party, go to the loan applicant's outlet to get the application form and fill it out.
4. Telephone notification
After the approval, the loan applicant will call.
Step 5 make an advance payment
After completing the formalities, deposit the money into the account and make repayment.
References:
Baidu encyclopedia-advance payment