BusinessPhoto: The News MinuteUnderstanding Part-Prepayment Rules and Eligibility for Loans
Part-prepayment allows borrowers to repay a portion of their outstanding loan before the scheduled date, reducing the principal and potentially lowering total interest over the loan tenure. Borrowers should understand the rules, charges, and eligibility before applying for personal loans. Lenders may recalculate repayment schedules, offering options like lower EMI or shorter tenure based on part-prepayment.
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