Closure fees of premature repayment of loans drawn down before 1.1.1994

Early closure fee charged on fixed-interest loans drawn down from KOP bank prior to 8 March 1991

The borrower of a fixed interest loan is entitled to call in the loan throughout the loan period before the due date only by paying an early closure fee on the called in principal as follows:

Remaining loan period from the payment date of the called in amount until the end of the agreed loan periodAmount of early closure fee
less than 0.5 yrs0,25 %
less than 1 yr0,75 %
less than 1,5 yrs
1,25 %
less than 2 yrs1,5 %
less than 2,5 yrs
2 %
less than 3 yrs2,5 %
less than 3,5 yrs3 %
less than 4 yrs3,5 %
less than 5 yrs4 %
less than 6 yrs
4,5 %
less than 7 yrs5 %
7 yrs or more
5,5 %

Early closure fee charged on fixed interest loans drawn down from KOP bank during 8 March 1991 - 1 January 1994

The borrower of a fixed interest loan is entitled to call in the loan partially or in full throughout the loan period before the due date by paying an annual early closure fee of 1.25% on the called in amount from the payment date until the end of the loan period.

However, the early closure fee cannot be more than 10% of the called in amount of loan.

No early closure fee is charged if the prevailing market price for the loan period remaining on the payment date is higher than the interest rate applicable to the loan.

Early closure fee charged on loans other than fixed interest loans drawn down from KOP bank prior to 1 January 1994

No early closure fee is charged on the premature repayment or payment of a loan tied to the base rate, the Euribor rate of the bank’s Prime rate.

An early closure fee is charged on a loan tied to a long market rate for a payment exceeding the repayment schedule during a loan interest determination period as follows:

  • If the long market rate has fallen by more than 1.0 percentage points, the fee is 0.75% for each full year calculated from the payment date until the end of the current interest determination period; however, not more than 3%.

An early closure fee is also charged when the reference rate of a loan tied to a long market rate is changed in the middle of an interest determination period. The value of the long market rate is compared to the value of the new selected reference rate.

An early closure fee is charged only if the market rate prevailing on the payment date is over one percentage points lower than the market rate applicable to the loan.

No early closure fee is charged on loans intermediated out of government funds.

Early closure fee charged on loans drawn down from SSP bank prior to 1 January 1994

Premature repayment of a loan is subject to fees and charges as stated in the loan terms. If the bank is entitled to fees and charges but the amount of fees and charges is not specified in the loan agreement, the fee is 1% of the amount of premature repayment. In addition, the costs arising from the dissolution of refinancing will be charged. 

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