about image

REPAYMENT

Repayment of a loan is the process of repaying the amount you have borrowed. It usually happens by a series of scheduled payments under a pre-decided period of time. Loan repayment is usually done in equal monthly payments (EMIs). The amount of money repaid to the creditor on a monthly basis is referred to as instalments. It consists of two parts: the principal amount and interest on the principal amount, both of which are paid to the financial institution on a monthly basis until the whole amount due is paid off throughout the loan term. With LoanzBazar, you have the option of switching to an EMI-free loan, upgrading, and rapid repayment after 6 months of disbursement. You will also have the flexibility to choose a longer loan term, ranging from 6 to 60 months, as a result of which your EMI becomes more affordable.