Personal loan repayment: What it means & how it works?
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Personal loan repayment: What it means & how it works?

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Loan repayment is the process of paying back borrowed funds with interest over a specific period of time. Factors influencing loan repayment Several factors influence how easy it becomes for you to repay the loan: Loan tenure: Longer tenures translate to lower monthly EMIs but more total interest paid. Loan extensions: To reduce the burden of loan servicing, some lenders allow longer tenures or reduced EMIs at the cost of higher aggregate interest outgo. Effective loan repayment strategies Some effective ways of repaying loans: Apply surplus funds: Whenever you have extra money at your disposal, it should be tapped to reduce the principal amount, thereby saving on interest.

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