• Join Date: Mar 2021
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    Loan interest rebate on overpayment
    20-03-21 , 10:53


    I have a Tesco Bank Loan. In 2019 I made some additional payments and got an interest rebate on these payments.

    Last week I made another additional payment to my loan but have yet to recieve an interest rebate.

    I am just wondering do Tesco Bank still offer interest rebates on additional payments to a loan?

    Click below to see solutions
  • Join Date: Mar 2020
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    Best Answer
    20-03-21 , 11:49

    Hi @AlpineF30

    When you make an overpayment, it can be used to reduce the overall term of the loan or how much you pay on a monthly basis, and it can also result in an additional interest rebate.

    Tesco always send out a letter telling you how the payment has impacted the loan as well.

    The best thing is to send Tesco Bank a 'Private Message' so this can be checked out.

    Click on this link Tesco-Bank then scroll down, on the left hand side click 'Send Private Message'.
    Complete it, click 'Submit Message' and this will send your message securely and privately.
    Please include your full name, date of birth and postcode.

    You will receive a reply to your private message, with the appropriate response.

    Hope this helps!!

    Have a lovely weekend, Caz @25H
  • Join Date: Mar 2021
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    20-03-21 , 12:16

    Brilliant thank you :)
  • Join Date: May 2019
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    03-04-21 , 16:02

    I have just started making extra payments too and not entirely sure which way is more beneficial to me? I don't mind paying the same amount each month but the aim is to pay less overall (less interest basically).

    I called them today and they will reduce the term length on my extra payments instead of reducing the monthly amount.

    Would just like to get people's experiences with this and confirm I have chosen the correct way to apply the payments.

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