How to pay Shinhan Finance loan early & penalty fee

You have a loan at Shinhan Finance but it is not due for payment. But now you want to pay off your Shinhan Finance loan ahead of time. But when paying, you need to pay attention to the fee prepayment Shinhan Finance. This is a certain fee that customers have to pay when they want to end the loan contract early. This fee is relatively high, so borrowers need to learn and consider carefully before making a decision.

In the following article, My Bank will accompany you to learn about the process Shinhan Finance loan settlement and fees payable.

What is Shinhan Finance settlement?

Loan settlement is the customer's termination of the loan contract with Shinhan Finance. This means that the customer has paid the entire amount owed to the lender Shinhan Finance. The settlement can take place on time or pay before the due date.

Finalization of loan shinhan finance

There are currently 2 forms Shinhan Finance loan settlement:

Timely settlement: The customer's full implementation of the payment cycle according to the signed loan period. At the final repayment period, the procedures for finalization will be carried out to terminate the signed loan contract.

Early settlement: It means that the borrower will pay the entire amount of the loan principal and penalty fee in a single time before the maturity date.

Where is Shinhan Finance loan settlement?

Shinhan Finance provides many different forms of loan settlement to assist customers with payment. Please apply one of the following methods to terminate the loan contract at Shinhan Finance. But before doing so, you need to call the switchboard number 1900 5454 49 to notify the loan settlement.

Finalization of loan shinhan finance — 4 ways to pay Shinhan Finance loan

1/ How to pay Shinhan loan via Internet Banking

Customers can pay online through Internet Banking and Mobile Banking services of banks associated with Shinhan Finance.

Affiliated banks: Vietinbank, Vietcombank, Techcombank, Sacombank, Agribank, BIDV, ACB.

See detailed instructions: HERE

2/ Payment via ATM

Payments through ATMs are only supported at ATM locations of Techcombank or Vietcombank.

For Vietcombank bank:

Go to Vietcombank's ATM location and log in.

On the main screen tap on “TTInsurance & Financial Services”.

Then choose a vujL service provider. Please dial “5 – SHINHAN TC”.

Next, you choose “TT_HD_TinDung”.

Enter the contract number and the amount to be paid and confirm.

For Techcombank:

On Techcombank ATM after logging in, select “Bill payment > Credit > Shinhan financial loan.

Enter the contract number in the section “Please enter the Invoice/Payment Contract number” then select the correct one.

Enter the amount to be paid and then tap correct.

3/ Pay by e-wallet

In addition, customers can also pay Shinhan Finance loans through e-wallets such as Payoo, ZaloPay, ShopeePay, ViettelPay, Momo.

The payment steps are as follows:

Step 1: Log in to the e-wallet you are using or the website of that e-wallet.

Step 2: Click on the consumer loan payment section.

Step 3: Select “Shinhan Finance”.

Step 4: Enter the contract code and review the amount to be paid.

Step 5: Enter the amount to be paid and then click confirm.

Step 6: Check the information and click confirm transaction.

4/ Payment in cash

Customers can settle Shinhan Finance loans by going to the following transaction offices.

Transaction offices of ACB, Agribank, BIDV, Sacombank, Techcombank, Vietcombank and Vietinbank.

Post offices nationwide

Payoo collection locations include: Circle K, Ministop, B's mart, VinMart+, FamilyMart, GS25, FPT Shop, Mediamart, Nguyen Kim...

Viettel's collection locations: Direct Store, Viettel Store, Agent and Viettel Point of Sale.

Venue to collect VNPT Epay: Mobile World, Green Department Store and Green Dien May

ShoppePay agent.

Cases of all Shinhan Finance loans

Shinhan Finance loan settlement will have 2 cases: on-time settlement and early settlement. For each payment method, there will be separate regulations, especially for early payment, customers will have to pay an additional penalty fee according to regulations.

Shinhan loan settlement procedure

Borrowers can only settle Shinhan Finance loans. But must follow the required process that Shinhan Finance offers. Otherwise, the payment will not be approved.

For prepayment: Borrowers must submit a written request in the form of SVFC and must submit a written request prior to the date of payment.

Timely payment: Borrowers need to bring full identification documents to transaction points to complete contract procedures.

Paying off Shinhan Finance on time

Paying the Shinhan Finance loan on time is not much of a problem. Since the customer has properly fulfilled the debt repayment obligation, there will be no need to pay penalty fees or any regulations. Please go to Shinhan Finance's transaction points to complete the payment steps to end your loan contract.

Early settlement of Shinhan Finance

If you pay the loan before the repayment period, you have violated the contract signed when taking out the loan. Unlike the on-time payment method, there is no need for too many procedures. When you want to pay off before the due date, you need to contact Shinhan Finance. Then send a written request for early repayment to Shinhan Finance. Once approved, we will proceed with the payment according to the instructions of the staff.

When pre-payment, please pay attention to the terms that Shinhan Finance sets for customers.

Borrowers who wish to make prepayments are required to submit a written request in the form required by SVFC.

Written request for early payment must be sent before the payment date.

Shinhan Finance loan settlement fee is stated in the credit contract. In addition, there will be fees incurred at that time.

Early loan payment is only accepted when the borrower has fully paid the outstanding principal, interest and arising fees.

Shinhan Finance loan settlement fee before maturity

Shinhan Finance's early settlement fee is clearly stated in the loan contract. This penalty fee may be adjusted from time to time as prescribed by Shinhan Finance. In addition to the penalty fee, there are additional service fees that will be collected.

To calculate the penalty for early repayment of Shinhan Finance, apply the following formula:

Remaining principal amount = Initial loan amount – Principal amount paid

Interest payable = Remaining principal amount X interest rate penalty applied to the loan X number of days of interest calculation (difference from the last repayment date of the previous payment period).

Summary

Here are the instructions How to pay off Shinhan Finance loan before maturity and penalties to be borne by the customer. When paying, you should carefully check the loan information. Because there will be a lot of extra fees that if we don't understand well, we will have to pay a huge fine. So, if you still don't understand something about this, please leave a question below.

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