What is a special repayment?

A special repayment is an additional repayment of a loan that goes beyond the agreed monthly installments. It is a payment made in addition to the scheduled regular payments and directly reduces the outstanding loan balance. This can significantly shorten the overall term of the loan. Furthermore, it can help you save substantial interest costs, as interest is calculated based on the remaining loan balance. By reducing this balance, the total cost of the loan can be lowered.