Extra payments on your loan

You can reduce your monthly payments by making extra payments – whenever you like. It is quick, easy, and free. You can even set up automatic extra payments to stay ahead.

How to make extra payments on your loan in the Íslandsbanki app or online bank

Log into the online bank and go to "Loans."
Click on your loan by selecting the loan number.
Tap the icon with three lines and choose "Extra payment."
Tick the box for "Extra payment," enter the amount, and choose the account you want to pay from.
Click "Continue" and confirm by using your security number.

If your next due instalment has already been issued and is unpaid at the time of your extra payment, that amount will be paid first. Any remaining amount will then go towards lowering the principal.

Making extra payments helps reduce your monthly instalments, though it does not shorten the loan term.

You can also set up a subscription for automatic extra payments – whenever it suits you. It's fast, easy and convenient.

Not an Íslandsbanki online bank user? No problem – just contact us and we will be happy to assist you.

Would you like to make regular extra payments?

Convenient

Set up a subscription for regular extra payments. You will receive a payment request in your online bank based on your chosen schedule.

Simple

If it´s not the right time, you can skip the payment. The request will simply expire.

Quick

No transfers, no hassle – just pay the request when it suits you. Need help? Send us a message and we will gladly assist.

My loan

You can check your loan status or make extra payments at any time — through the Íslandsbanki online bank, the Íslandsbanki app, or by contacting us directly.