In times when our spending increases and our salaries are insufficient, the loans given by banks and the state provide us with relief in our hardest time. In the long term, it can adjust our budget by making low payments, it can be used for the dream computer, house, car, etc. If we are about to take a vacation and get married, we can arrange all the furniture and white goods in our house.
We can buy our baby’s first car and send our daughter abroad. Loans; We can list them as Consumer Loan, Mortgage Loan, Commercial Loan. By law, consumer credit can only be given to individuals. Institutions and organizations do not benefit from this loan. Consumer loans are also known as consumer loans. General-purpose loans are paid monthly in equal installments.
Types of consumer loans
Types of mortgage-free loans, goods loans, education loans, marriage loans, holiday loans, mortgage loans, vehicle loans. Credit payments can be listed as regular monthly, Interim Payment, Ascending, Declining, Balloon, Flexible payments. How is the Interim Payment Credit Procedure?
Loan repayments offered by government or banks are generally calculated monthly. Except for your regular installment payments, extra credit payments made in certain periods are called interim payments. For example, if you earn more than usual income (premiums, bonuses, additional income, seasonal rental, agriculture, tourism, etc.) in certain periods, you can pay more during this period.
In this period, monthly installment amounts are arranged to be paid in different periods as interim payments with payment plans entered in different amounts. You can make interim payments not in a certain period, but in an irregular (variable) way.
In this period, interim payments and installment amounts are paid freely, and a payment table is made.
Banks usually plan regular interim payments at 3.6 and 12 months. For home loan payments, up to 120 months’ terms can be used. With these payments, there is a decrease in the loan installment amount and total interest payments. Some banks also offer this without commission.
Who Is Eligible For Interim Payments?
These loans, especially in some parts of the year, those who earn more than their normal income, those who want to reduce the loan amount and interest burden. Especially in mortgage home loan payments, it is a very preferred method of easing the burden with such interim payments as the payments are high.
Reduced Principal Debt In Interim Payment A misunderstanding about interim payments is the illusion that interim payments will be deducted from the total debt. There are different items such as interest, principal, RUSF and BITT within the monthly loan normally paid.
Since these items are included in different percentages
In each payment, monthly installments remain constant. In interim payment, the payment is deducted from the total principal debt. At this stage, the principal payment amounts made earlier become important.
Although it may seem complicated, you can calculate your debt that will remain after the interim payment by using the loan calculation tool on the websites prepared on loans or on the websites of banks.