๐ธ Early Repayment Fee Calculator
Early Repayment Fee Calculator
Calculates the penalty fee for repaying a loan before maturity. Most Korean banks waive this fee after 3 years from loan origination.
Typically 1.0โ1.4%. Check your loan contract or bank for the exact rate.
After this many months, the fee becomes 0. Usually 36 months (3 years), but varies by product.
Frequently Asked Questions
Why do banks charge an early repayment fee?
It compensates the bank for the interest income it expected to earn but loses when the loan is repaid ahead of schedule.
Is the fee really always waived after 3 years?
This is common for mortgage products at most Korean banks, but the exact waiver period (2 years, 3 years, etc.) can vary by product. Always check the early repayment fee clause in your loan contract.