What does Xiaomi loan mean by terminating the repayment plan?

Xiaomi loan is a credit loan product provided by Xiaomi Finance. A friend who borrowed money from Xiaomi Finance received a SMS notification from Xiaomi Finance and terminated the repayment plan. What does Xiaomi loan mean by terminating the repayment plan?

What does Xiaomi loan mean by terminating the repayment plan?

The termination of Xiaomi loan repayment plan indicates that the borrower has failed to repay the loan as agreed in the loan contract, and there is a serious overdue behavior. Xiaomi Finance will terminate the loan contract signed with the borrower in advance, and the borrower shall repay all the loan principal, interest, overdue penalty interest and related expenses in one lump sum within the specified time. If the loan is not paid off within the repayment time specified by Xiaomi Finance, Xiaomi Finance will calculate the overdue penalty interest on a daily basis and report it to the central bank for credit investigation.

In short, borrowers need to maintain good repayment habits, otherwise Xiaomi Finance or other loan providers can terminate the repayment plan in advance according to the contract, and repaying the principal and interest in a short time will bring great repayment pressure to borrowers.