End of scheduled repayments
When the zero-rated credit expires, the monthly payment to repay the borrowed capital ends.
As with any other credit, the borrower has no steps to take to stop the monthly payments. The automatic monthly payment set up by the lending bank is no longer triggered when the balance of the credit has been repaid.
However, the borrower may wish – for whatever reason – written evidence that justifies the repayment of the zero-rate loan , and that relieves him of any obligation to the bank, to the extent that his borrowing has been fully refunded. To do this, he is fully entitled to ask for a balance certificate from his bank in writing.
Application for a balance certificate
To obtain a statement of the balance when the entire zero-rated credit has been repaid – and the procedure is the same regardless of the credit arrived at term – the borrower must send his request for a certificate of balance to the lending bank.
It must imperatively specify :
- His full name, his address, his telephone number and possibly his email address.
- The name and address of the lending institution, the date of the request and the purpose of the mail in this case, requires proof of balance.
- The references of the contract and the name of the loan (in this example, it is a PTZ, zero-interest loan or zero rate credit), the references are on the contract signed at the time of the subscription of the credit at zero rate as well as on the amortization table and the various letters received from the bank concerning this loan.
Some banks spontaneously send their customers a balance certificate certifying that the credit has been repaid in full. But this is not the majority of cases. The sending of this type of attestation is not necessarily triggered when the borrower pays the last monthly payment.
The sending by the bank to his client of this certificate being in no case an obligation, if you need it, take the lead.
It is also essential to consult the signed contract with the PTZ subscription in order to become aware of any formalities to be completed in order to close a zero rate credit at the end of the planned repayments, which may be specific to the lending bank. If this is the case, these formalities must be clearly stipulated.