HD Saison penalty fee for overdue debt, how much is the payment?

HD Saison penalty fee how much? That is a question asked by many customers installment loan At HD Saison, you have questions when you want to settle your application before the due date or look up the late payment penalty fee of HD Saison. Check with Banktop to see how much is the loan settlement penalty fee at HD Saison or how is the late payment penalty of HD Saison calculated?

Please refer!

see more:

What is settlement?

How much is the late fee for FE Credit?

What is HDSaison penalty fee?

HD Saison penalty fee is the fee that customers have to pay when they intend to pay off the loan before the due date or the penalty fee incurred for late payment or late payment when it is due.

Many customers wonder why early settlement incurs a penalty fee? That's because when you pay off the loan early, HD Saison will not charge interest on the remaining principal that causes damage to HD Saison, and the settlement penalty fee is considered a small amount to compensate for the loss. that harm.

HD Saison penalty fee is clearly stated in the contract

Similarly, when you pay the loan late, it will also cause economic loss and HD Saison late payment penalty fee is incurred as a way to compensate for that loss. When borrowing money from HD Saison, customers will sign a loan contract and information including interest rate, terms, loan amount or HD Saison penalty fee will be clearly stated in the contract.

What is HDSaison overdue debt?

HD SAISON's overdue debt is a debt when the borrower pays the money later than the date signed on the loan contract between HD SAISON's financial company customer and the customer.

Eg: From February 15, 2021 to the date of installment payment for the previous loan, but until February 16, 2021 you just paid the money, it means you have overdue HD SAISON.

What is early loan payment at HDSaison?

That is when the customer wants to pay off the loan amount before the due date. For example, June 30 is the loan settlement date at HD SaiSon. However, on June 15, you wanted to pay off the entire loan. This means you will be subject to early repayment penalties.

How much is the HD Saison fine? How is it calculated?

There are two cases where the HD Saison penalty fee arises when the customer wants to settle the dossier before the due date or pay late when the payment period is due. Each type of penalty fee will have a different calculation.

HD Saison penalty fee for early payment

HD Saison settlement penalty fee is incurred when the borrower requests to repay the loan before the due date as stipulated in the contract between HD Saison and the customer. The HD Saison settlement penalty fee is set at 6% (excluding VAT 10%) of the remaining principal amount but not less than VND 1,650,000.

Eg: Customer Nguyen Van A signed a loan contract of VND 20,000,000 for a period of 12 months with the first payment period on July 1, 2018. The applicable interest rate is 35%/year based on the initial outstanding balance.

On September 1, 2018, customers who want to finalize HD Saison loan documents, according to regulations, customers will continue to close the period of October 1, 2018 to be able to finalize documents.

From there we get:

After October 1, 2018, the remaining principal amount is VND 14,080,564.

HD Saison settlement fee = 14,080,564 * 6% = VND 844,844.

Note: because the HD Saison penalty fee in this case is less than VND 1,650,000, according to regulations, the applicable penalty fee is VND 1,650,000

So the total amount of money that customers need to pay to settle HD Saison loan documents is: 2,012,000 + 1,650,000 + 14,080,564 = 17,742,563 VND.

Detailed spreadsheet as shown:

Table of fees for early settlement of documents HD Saison

HD Saison late penalty fee

HD Saison late penalty fee is incurred when the customer pays late even though the payment period is due. According to HD Saison's regulations, HD Saison's late payment penalty fee is 150% of the current interest rate of the loan contract. Then, in addition to the principal amount, the customer will have to pay additional interest arising from late payment and depends on the number of days the customer pays late.

HD Saison late fee is calculated according to the following formula:

Penalty fee = Overdue interest on principal balance * 10% + overdue interest on late payment interest * 150%.

In there:

Overdue interest on principal balance: is the daily interest based on the original loan amount (also known as the principal balance).

Overdue interest is calculated on the late interest: is the daily interest based on overdue interest calculated on the principal balance.

Specifically:

HD SAISON late payment penalty fee for 1 day = n*150% + n*10%.

HD SAISON late payment penalty fee for 2 days = n*150% +(n*2)*10%.

Late payment penalty fee of HD SAISON 3 days = n*150% +(n*3)*10%.

HD SAISON late payment penalty fee for 4 days = n*150% +(n*4)*10%

HD SAISON late payment penalty fee for 5 days = n*150% +(n*5)*10%.

Late payment penalty fee of HD SAISON 6 days = n*150% +(n*6)*10%.

HD SAISON's late payment penalty fee for 7 days = n*150% +(n*7)*10%.

Late payment penalty fee of HD SAISON 8 days = n*150% +(n*8)*10%.

Late payment penalty fee of HD SAISON 9 days = n*150% +(n*9)*10%.

Late payment penalty fee of HD SAISON 10 days = n*150% +(n*10)*10%.

Should HD Saison loan be paid off before maturity?

In case you have money on hand, a new loan, you should consider finalizing the loan at HD SaiSon. This will save you a monthly interest payment. At the same time, avoid paying late fees and incur additional penalties.

However, if the time you want to settle is close to the contract liquidation term, you should not pay off early. Not only will it solve the problem, but it will also cost you an early repayment fee. Therefore, it is up to each case to make the right choice.

Is the HDSaison penalty fee high?

The penalty fee for closing bank loan documents usually ranges from 3% - 5% for financial companies and from 1% - 3% for banks. Then the HD Saison penalty fee of 6% will be higher than the market but still acceptable because the settlement saves you a lot of interest.

Late payment HDSaison has bad debt?

Since HD Saison is a financial company operating under the management of the State Bank of Vietnam, customer information will be updated on the system. look up CIC.

Therefore, in case HD Saison's late payment customers will incur bad debt, the level bad debt which group depends on the time the customer pays late.

As follows:

Group 1: Delayed payment from 1 to 10 days.

Group 2: Bad debts that are overdue from 10 to 90 days.

Group 3: Bad debts that are overdue from 91 to 180 days.

Group 4 bad debts: Overdue debts from 181 to 360 days

Group 5: Bad debts that are overdue for 361 days or more.

HDSaison loan lookup guide

Customers can look up for themselves how much the HD Saison penalty fee is incurred by looking up their HD Saison loan directly on the website. To look up HD Saison loans on the customer's website, follow these steps:

Step 1. Access to the link to look up payment information HD Saison: https://www.hdsaison.com.vn/khach-hang/tra-cuu-khoan-vay.html

Step 2: Enter the necessary information including Contract number and ID card number

Step 3: Check your HD Saison payment information at the results page.

In addition, customers can also look up HD Saison payment information through the following 2 ways:

Way 1: Call Hotline HD SAISON 1900 5588 54

Way 2: Check the monthly loan payment reminder provided by HD SAISON staff when completing the loan.

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Loan experience to avoid incurring HDSaison penalty fees

To avoid incurring HD Saison penalty fees, customers can consider the following suggestions when registering borrow money online at HD Saison.

Financial ability to repay debt

When taking out a loan, you always want to pay back quickly to quickly end the loan contract, so you often choose a very short installment period.

This makes the amount you have to pay each month high, causing quite a financial pressure. If your debt repayment ability cannot be met, it may cause late payment, late payment leading to HD Saison late payment penalty fee.

Solution: Choose the installment period that suits your financial ability.

Eg: If your income is 15,000,000 VND/month, the monthly payment at HD Saison falls from 3,000,000 VND to 4,000,000 VND/month is reasonable.

Choosing the right loan

This is a very important factor, you should only borrow the right amount of money you need to not generate too much interest. Or in case you can borrow from relatives and friends, you should reduce the amount of the bank loan.

Choose the installment payment time

This is the simplest way to, as long as you notice, the following two timelines:

The date of salary or any other income sufficient to pay installments in the month.

Loan contract signing date.

HD SAISON loan date = Payday + 1 week.

Usually the HD SAISON loan date, will coincide with the next month's installment date, you should Plan a week to avoid salary delays or problems from the bank.

Conclude

Although HD Saison's penalty fee when closing documents is higher than that of other credit institutions, the advice is that if possible, you should settle to save a lot of interest. Besides, it is necessary to consider your own financial ability when HD Saison loan to avoid late fees.

Hope this article has provided you with useful information. Good luck.

Information edited by: https://banktop.vn/