Loan repayment: how much, when, how and where

What does repayment mean?

What does repayment mean?

The client who received the loan is obliged to repay it properly and on time. This means sending the correct amount on a regular basis in the right way on time. The specific term, amount and method of repayment are described in the consumer credit agreement and in the repayment schedule. For revolving loans, you can always find the repayment amount on the monthly credit account statement.

What does the installment include?

The loan repayment includes principal, interest and any fees. If the insurance is arranged, also the insurance premium.

How much is repaid?

How much is repaid?

The amount of repayment is different for each loan, depending on the type of loan, the amount borrowed and the repayment period.

  • For loans with a fixed repayment period (Partner Loan, Individual Loan and Consolidation), the client has the exact amount specified in the contract and in the repayment schedule.
  • For revolving loans (Cash, Bankil Card), the amount may vary from month to month, so the minimum installment amount for the next month is shown on each account statement.

When to repay?

 

All loans we provide are repaid in regular monthly installments. This means that the specified amount must be paid regularly every month at the latest by the date specified in the contract.

How long does it pay off?

How long does it pay off?

  • For one-off loans, a predetermined certain repayment period (number of months) is indicated directly in the contract and in the repayment schedule and is no longer changed. The repayment period is directly related to the amount of the repayment. Under certain circumstances, the period may be additionally contractually changed (more about repayments).
  • It is possible to draw on repetitive (so-called revolving) loans repeatedly and repay them continuously. These loans are for an indefinite period of time. The actual repayment period here depends on whether and how the client is currently borrowing and how much is currently being repaid.

Where to pay – account number

Where to pay - account number

The variable symbol is the Bankil client’s credit account number. Wherever a client indicates a variable symbol, it must be their credit account number. It is always stated on the contract and statement. It is very important that the variable symbol is filled in for each payment, otherwise the installment cannot be automatically assigned to a specific loan and can be considered unpaid. Of course, no one will lose money sent without a variable symbol, but further communication and additional assignment of the installment to the correct loan are required.

The constant symbol is not mandatory, so it need not be filled in. However, if it is filled in with eg code 0164 (ie loan and loan repayments), it is perfectly okay.

How to send the installment?

How to send the installment?

There are several ways to repay:

  • By bank transfer – the client sends the amount to the bank account number specified in the contract and on the account statement (see above).
  • Direct debit – the client enters his / her direct debit mandate and the installment will be automatically transferred in due time. They do not have to think every month that the repayment is due in time. It just ensures that the necessary amount is always available in your account. At the same time, he / she can set a direct debit limit in the bank so that he / she can always control the maximum amount sent.
  • By postal order – from the mail the client sends the amount to Bankil bank account (see above) and with the address of the account holder: Bankil sro, Bucharova 1423/6, 158 00 Prague 5.
  • By depositing cash in the bank to the Bankil account – the client will deposit the cash at the Komerční banka branch into the Bankil account (see above). He may also deposit cash at another bank in favor of an account with Komerční banka, but this usually means a higher fee for the bank to accept the deposit.

Everyone will find the way that suits them best and can change it as you like. It is also advisable to consider possible bank or postal fees, which may vary considerably from one method to another.

It is not possible to repay the loan in cash on the premises of Bankil. Cash can only be deposited through any bank to Bankil account.

Changes and redemption fees

For more useful information on repayment (changes in payment method, increase or decrease in repayments, early repayment of the loan, as well as bank and postal repayment fees), see Repaying loans: repayments.

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