Technology

The most detailed and accurate guide to the FE CREDIT loan settlement process

Can you pay off a loan from FE CREDIT before it's due? What are the steps involved in the standard loan payoff process with FE CREDIT? How much is the early loan payoff fee? And how do you make the payment? To find out the answers, please read the following article by FPT Shop.

Administrator

6 January, 2024

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Settling a FE loan is an important step in fulfilling your repayment obligation to FE CREDIT, a financial company. However, many people are not familiar with the process. In this article, FPT Shop will provide you with information related to this issue!

Understanding FE loan settlement

FE loan settlement simply means that you pay off the entire principal and interest owed to FE CREDIT (Finance company for short). This completes your repayment obligation and terminates the contract with FE.

Loan settlement usually happens naturally when the loan term expires and the loan contract is liquidated. However, in some cases, if you want to settle before the due date, you will have to contact FE to complete the procedure.

Can you settle a FE loan early?

If you have the financial ability, you can absolutely make an early repayment at FE CREDIT. In fact, repaying the debt early is even better because:

You will no longer be under pressure or burdened by debt.
The interest amount will be reduced.
You will no longer be bothered by FE staff every time the payment deadline approaches.
You will have a good payment history, without having bad credit.
You will create opportunities for future loans with more benefits, such as lower interest rates or higher credit limits.

Note that when you settle before the due date, you will have to pay an early repayment fee. However, compared to the interest you have to pay when borrowing money from FE, the fee is still much lower. Typically, FE interest rates range from 30-60%, so if you borrow for a long period of time, you will have to pay a lot of interest.

The standard process for settling a FE loan

The process for settling a loan at FE consists of 6 steps:

Step 1: Calculate the principal and interest to be paid according to the FE loan contract

First, you need to calculate how much you still have to pay based on the information stated in the FE loan contract. You can calculate the remaining principal balance by subtracting the initial loan balance from the amount already paid. If you settle before the due date, you will have to calculate an additional early repayment fee, usually 5% of the remaining amount to be paid.

Step 2: Check the principal and interest to be paid based on the notification

Next, you access the FE CREDIT website to check the loan contract details. In the system notification, you should check the information about the principal, interest, and any fees that need to be paid.

Step 3: Reconcile your calculations with FE CREDIT

The next step is to reconcile your calculations with FE CREDIT to ensure that the numbers match. You can contact FE CREDIT through various support channels listed below:

Hotline FE CREDIT: 1900 6535.
Email: [email protected]
Zalo or FE CREDIT’s Fanpage.

Step 4: Perform the FE loan settlement

Once you have determined the exact amount to be paid, you can proceed with the FE loan settlement. You can pay in cash or via transfer, as there are many channels available to assist you.

Step 5: Confirm the completion of the FE loan repayment contract

After making the payment, you will sign a confirmation document to complete the loan repayment obligation according to the terms stated in the credit contract with FE CREDIT.

Step 6: Check the loan clearance information at FE

Finally, you should access the FE CREDIT website to confirm whether your debt obligation has been cleared. If the loan contract has been settled, the system will display the contract status as “Settled and completed”.

Methods of settling a FE loan

To settle a FE CREDIT loan, you can choose one of the following payment methods:

Payment at FE branch: You can bring your ID card to the nearest FE branch and follow the instructions given by the staff to settle the loan.
Payment via Payoo: You can visit any Payoo-affiliated location, such as FPT Shop, and provide your loan contract number, ID card, and the amount to be paid to the staff for assistance. After the payment is complete, keep the receipt as evidence for future reference in case of any disputes.
Payment via Internet Banking: If you are using Internet Banking services, you can transfer the money to FE’s account, which is fast and convenient.
Payment via e-wallets: E-wallets such as Momo, ZaloPay, Viettel Pay, VNPay, etc. can also be used to settle your FE CREDIT loan.
Payment via an ATM: In addition to the above methods, you can also deposit money at an ATM to settle your FE loan. Note that the deposited amount should not exceed 200 bills per transaction, and the money should be in good condition without any damage or folds.

How much is the early repayment fee for FE CREDIT loan?

As mentioned earlier, when you settle a FE CREDIT loan before the due date, you will have to pay an early repayment fee. How is this fee calculated?

If the loan term is less than 12 months, the fee is calculated as 5% of the remaining loan amount.
If the loan term is from 12 to 18 months, the fee is calculated as 6% of the remaining loan amount.
If the loan term is over 18 months, the fee is calculated as 7% of the remaining loan amount.

In addition to the settlement fee, you may also have to pay a penalty interest. This penalty interest is calculated based on the outstanding amount and the time remaining, according to the interest rate specified in the loan agreement.

For example, if you have a loan at FE with an 18-month term and the remaining amount is 10 million VND. In this case, the settlement fee would be 6% x 10 million = 600,000 VND. If you have a penalty interest of 200,000 VND, the total amount you need to pay would be 10.8 million VND.

Conclusion

In conclusion, FPT Shop has provided detailed instructions on the process of settling a FE CREDIT loan. We hope that this information will make it easier for you to repay your loan at FE.