At Nebeus, we understand that financial situations can change, and you may wish to repay your loan earlier than initially planned. We're here to provide you with clarity on how early loan repayments work and what you can expect when you choose this option.
Early Loan Repayment Explained
Q: Can I repay my loan before the full term is completed?
A: Yes, you can certainly choose to repay your loan before the full term expires. We encourage our customers to take advantage of the flexibility we offer for early repayments.
Early Repayment Penalty
Q: Will there be any charges for repaying my loan early?
A: Early repayment of your loan, especially within the first month, may incur an early repayment fee. This fee is in place to cover administrative costs associated with processing such repayments. However, it's important to note that this fee is typically waived after the initial month, allowing you to benefit from early repayment without incurring excessive charges.
To clarify how early repayment works and prevent any confusion:
Early repayment within the first month: The calculation is as follows: 1 month = full loan amount + a certain percentage of the loan amount / 365 days of use + 2.5%.
Early repayment after the first month: In this case, the calculation is simplified to: 1 month = full loan amount + a certain percentage of the loan amount / 365 days of use.
Interest Calculation for Early Repayments
Q: Do I have to pay the full interest for the entire period if I repay my loan early?
A: No, you do not have to pay the full interest for the entire period if you decide to make an early loan repayment. Unlike some conventional loan setups, Nebeus calculates interest based on the time you actually use the loan. This means that you will only be charged interest for the duration during which you have the loan funds in your possession.
Making Early Repayments
Q: How do I go about making an early loan repayment?
A: To initiate an early loan repayment, you can log in to your Nebeus account and navigate to the loan section. From there, you will find options to manage your loan, including making early repayments. Keep in mind that our customer support team is available to assist you throughout this process should you encounter any issues or have questions.
At Nebeus, we are committed to providing transparent and fair lending experiences. We want our customers to benefit from flexible loan terms that suit their needs, and that includes early repayments. We aim to make the process as straightforward as possible while ensuring you understand the implications and benefits of early loan repayment.
Need Further Assistance?
If you have any more questions or require additional information about making an early loan repayment, our customer support team is here to assist you. You can reach out to us through our support channels, and we'll be more than happy to provide the guidance you need.