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- Q1I have a General loan from you. If the loan rate changes, from when will my repayment amount be affected? Is there any advance notice regarding the change?
- Q2I have a General loan from you and am repaying now. I wonder if I may have another General loan. I want to buy a home electric appliance with it.
- Q3What are the procedures when I want to voluntarily repay part of my loan? Will my monthly repayment decrease then?
About Loan Program
Q1
I have a General loan from you. If the loan rate changes, from when will my repayment amount be affected? Is there any advance notice regarding the change?
A1
If there is a change to the average value of the deposit interest rate for the 3 months preceding the 2 months before the month that Feb 1st, May 1st, August 1st, and November 1st falls on, as a special interest rate the loan interest rate is applied and the repayment amount is also changed. For example, if the average of the deposit interest rate for the period of June to August has changed, the new loan interest rate is applied from November and the repayment amount will also be changed from November.
When there is a change to the repayment amount, a notification will be sent from your schools. beforehand. The amount of repayment after the change will be notified to the member through your schools. by an Individual Repayment Schedule (Form 5) in the month before the change.
Q2
I have a General loan from you and am repaying now. I wonder if I may have another General loan. I want to buy a home electric appliance with it.
A2
You cannot have more than one loan of the same category at one time. You could, however, pay off the current loan balance to newly apply for a General loan, or refinance the current loan, by which we could remit the remaining balance of the new loan after deduction of the unpaid balance of the current loan.
Q3
What are the procedures when I want to voluntarily repay part of my loan? Will my monthly repayment decrease then?
A3
For voluntary repayment of partial balance, submit the “Request Form for Voluntary Loan Repayment / Group Credit Life Insurance Withdrawal” by specifying the amount you wish to repay. Upon receipt of the form, we will send your school office the “Voluntary/Immediate Loan Repayment Advice” referring to the amount repayable not exceeding the amount you have specified. Remit the amount through your school office using the money-transfer slip enclosed by the designated due date.
A voluntary repayment will decrease the number of monthly-repayment installments; however, the monthly repayment amount remains the same while the interest accrued will decrease due to the shortened repayment period.
When you wish to voluntarily repay of Home loan while using the semi-annual repayment schedule, the semi-annual repayment shall be prioritized over the monthly repayment.