Can I repay a personal loan in advance?
Yes If you make an early repayment of a personal loan you can opt for two different options:
- Maintain the amount of the installments and shorten the loan term: This option is used to reduce the life of a personal loan.
- Reduce the amount of the installments and maintain the life of the loan: This option is used to recede the monthly installment of the loan.
To do this, what can I use?
In order to be able to make an early repayment of the personal loan, there are three different ways.
Can I make a loan application simulation?
You can perform a simulation of a personal loan on our website, to get an idea of the quota that can come out, but they are not firm conditions. To obtain a firm proposal, you can go to any of our offices, or look at CLNet or at ATMs if you have a “Disposal” granted.
Can I deduct a requested personal loan?
Whether a loan is deductible or not, does not depend on whether it is personal or mortgage. It depends on the investment destination, and that it is considered negligible by your Treasury. Typically, loans can be deducted, the purpose of which is the purchase or rehabilitation of your usual home, with the restrictions your Finance specifies.
How does the loan interest affect the repayment of the loan?
If you make an early repayment of a loan, it automatically decreases the capital to be returned, and as a consequence, the repayment of the interest would be lower.
That is, if the pending capital decreases, the interests generated from that capital will also decrease.
Can I make a total cancellation?
To make a total cancellation of a mortgage loan, you have three ways.
Are personal loans always the fixed interest?
Personal loans can be agreed to both fixed and variable interest. In case of being in variable interest, the most common references
Where are the interests published?
The interests are published in the Official State Gazette (BOE).
You also have the information about the interests published within CLNet, in the section “Miscellaneous Services” in the “General Interest” Interest Rate link.
What is Annual Equivalent Interest (TAE)?
The equivalent annual rate (APR) is the term that reflects the cost or effective performance of a financial product (when considering in its calculation the financial effect that represents, in addition to the interest, the periodicity of the payments and other commissions, expenses or disbursements that may occur during the life of the operation) that the client can not avoid, facilitating in this way the comparison between different investment alternatives or financing.
After its entry into force, Order EHA / 2899/2011 regulates the TAE in its article 31
The base equation, which defines the annual equivalent rate (TAE), expresses the annual equivalence between, on the one hand, the sum of the updated values of the credit provisions and, on the other, the sum of the updated values of the amounts of reimbursements and payments of expenses, that is to say:
- – X is the TAE;
- – m is the order number of the last provision of credit;
- – k is the order number of a credit provision operation, so that 1 ≤ k ≤ m;
- – C k is the amount of the credit provision number k;
- – t k is the time interval, expressed in years and fractions of the year, between the date of the first credit provision operation and the date of each of the following provisions, so that t 1 = 0;
- – m is the order number of the last reimbursement or payment of expenses;
- – l is the order number of a reimbursement or payment of expenses;
- – D 1 is the amount of a reimbursement or payment of expenses;
- – s l is the interval of time, expressed in years and fractions of a year, between the date of the first available credit and the repayment or payment of the costs of each.
Can I change / choose the day of payment?
Normally it coincides with the day of the signature, except in the DISAPPOINTED loans, in which you can choose the day of payment of the quota. Once the loan has been formalized, the payment day can not be modified (even in those of Unloading).