Can I pay part of my loan early to reduce the instalment? | Ask Banky

Editor-in-Chief Mohamed Salah

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Editor-in-Chief Mohamed Salah

Can I pay part of my loan early to reduce the instalment?

Asked by Banky team 2 months ago 2 views
Banky team Reviewed editorial answer

Yes, banks allow you to pay a large cash amount to reduce the principal debt (partial settlement).

The same early settlement commission (5-7%) is applied to the amount paid, after which the customer has the right either to reduce the monthly instalment or to shorten the loan repayment period.

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