Glossary

Exit fee

An exit fee is a charge for closing or fully repaying a facility — sometimes separate from an early repayment charge. Always factor it into any settlement or refinance comparison.

2 min read

Charge to closeOn full repayment

Separate from ERCFactor into refinance

Definition

An exit fee is a charge levied on full repayment or closure of a facility. It may apply alongside, or instead of, an early repayment charge, and forms part of the settlement figure.

In plain terms

It is a "leaving fee". A headline-cheap facility with a hefty exit fee can cost more than a slightly dearer one with none.

Why it matters for your company

Include exit fees when comparing offers or deciding whether to refinance. Get the full settlement number, then test the saving with the early repayment savings calculator. Credicorp states all fees upfront.