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business term loan

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  • 10-02-2017 11:25am
    #1
    SixSixSix
    Registered Users Posts: 50 ✭✭


    I understand that it is possible to repay more than the monthly agreed repayment on a business Term Loan. By doing so I would repay there loan in a shorter term than was agreed.

    Is there any advantage to repaying the loan earlier than agreed?

    Is there any penalty for early repayment?

    Thanks


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    #2
    Bank of Ireland: Tara P
    Closed Accounts Posts: 573 ✭✭✭Bank of Ireland: Tara P


    SixSixSix wrote: »
    I understand that it is possible to repay more than the monthly agreed repayment on a business Term Loan. By doing so I would repay there loan in a shorter term than was agreed.

    Is there any advantage to repaying the loan earlier than agreed?

    Is there any penalty for early repayment?

    Thanks
    Hi,

    Thank you for contacting us here on Boards.ie.

    There is generally no penalties to clear a variable rate loan early however it would be best to discuss this with a business advisor to ensure the loan is not on a fixed and that there is no other terms and conditions attached to the loan.

    For your branch contact details please see here:
    https://personalbanking.bankofireland.com/help-centre/branch-locator/

    Thanks,

    Tara C


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