The most important thing about repayment
We have described everything essential in repayment in the article Loan repayment – how much, when, how and where. You can also find more information on the Loan Repayment page.
Read here if and how the installments can be reduced and increased over the life of the contract. How the early repayment proceeds at the client’s request
Change of repayment method
It is up to the client to decide what method of sending the installment (bank transfer, direct debit, postal order, deposit to the bank account). He can also send the installment in a different way than usual, when it suits him. They do not have to notify us of a change in the method of repayment or of a bank or account from which they send money.
Is it possible to reduce the installment?
In some cases, the installment can be reduced. The procedure is based on the type of loan:
- In the case of recurrent (revolving) loans, the client can reduce the repayments as needed. However, it is not possible to reduce the repayment below the current minimum amount stated on its account statement (this is always sent by the 10th of the month). In this case, Bankil does not charge any fee to reduce the installment. There is no need to request or modify the Terms of Service. If the client needs to reduce the installment below the minimum limit, we must discuss with us whether a reduction is possible.
- In the case of fixed-term one-off loans, the repayment is specifically indicated directly in the contract and in the repayment schedule. Any reduction should be applied to Bankil. If the reduction is approved, we will conclude a new contract with the agreed lower installment. At the same time, however, this will mean extending the repayment period so that the entire loan is finally repaid.
Can the installment be increased?
Increase in installments is also possible. Again, it depends on what type of loan it is:
- For recurring (revolving) loans, it is possible at any time to repay more than the minimum repayment specified on the monthly account statement. The repayment may be increased by any amount up to the total amount of the loan (see early repayment). Higher installments do not need to be reported, contractually adjusted and there are no penalties or fees.
- For fixed-term one-off loans (Partner Loan, Individual Loan, Honeymoon Loan and Consolidation) with a fixed repayment period, it is also possible to send a higher installment. At the same time, however, it is necessary to report to Bankil (Bankil sro, Bucharova 1423/6, 158 00 Prague 5) that the client intends to pay more early. The early repayment fee is 0.5% or 1% of the amount repaid early. If only a higher amount arrives without any notice from the client, we will consider it as a pre-paid regular installment (or installments) and gradually draw it on the regular due repayment of the loan. Without notice from the client that he is sending an extraordinary installment, neither the early (or partial) repayment of the loan will automatically occur, nor will we charge an early repayment fee.
Is early repayment possible?
If the client decides to pay more (or earlier), either part or all of the “rest” of the loan, it is a so-called early repayment. The procedure is based on the type of loan:
- In the case of repeated (so-called revolving) loans, the client may at any time pay more than the agreed minimum amount of the current installment. With these loans, early repayment is completely free of charge – without fees and penalties. It can thus repay the entire loan amount in one lump sum. There is no need to notify Bankil. The amount sent is always automatically used to fully repay or reduce the loan.
- For single- term fixed-term loans (Partner Loan, Individual Loan, Honeymoon Loan and Consolidation) with a fixed repayment period and a predetermined repayment amount, the loan can also be repaid early. The early repayment fee is 0.5% or 1% of the amount repaid early.