What are bank loan repayment terms in Johannesburg?
Repayment terms are the terms that the borrower has agreed to when taking out his or her loan with any financial institution in South Africa. For example, bank loan repayment terms in Johannesburg will generally include the following:
- the period of time that the consumer has been given to repay the total amount
- the interest rate, which is calculated based on the consumer’s credit record and monthly income
- the minimum payment that has to be made in a given period (usually monthly, as loans are repaid in monthly instalments of principal and interest)
- the penalties for making late payment or defaulting on payment