Early repayment fees, also known as prepayment penalties or early redemption charges, are fees charged by lenders if a borrower pays off a loan or debt before it's due. These fees are designed to compensate the lender for the interest income they would have received if the borrower had continued to make regular payments over the full term of the loan. However, not all lenders see it the same way especially smaller lenders or those without depositors. As they may not have a large fund to lend out, receiving back the loan earlier may allow them to lend it to new customers, you can try to negotiate for it to be waived off when the time comes.
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