A loan repayment schedule is a detailed Summary of each payment you need to pay during long term, including how much goes toward the principal and how much goes toward interest.

The schedule is calculated based on the loan amount, interest rate, and loan term. It shows the monthly EMI (Equated Monthly Installment), the interest paid, and how the outstanding balance decreases over time.

EMI stands for Equated Monthly Installment. It is the fixed amount you pay each month, which includes both the interest and the principal repayment.

Yes, some lenders allow prepayments or extra payments to reduce the principal, which can help you pay off the loan faster and reduce interest costs.

In the initial stages of repayment, a larger portion of the EMI goes toward interest, while the principal repayment is smaller. As the loan term progresses, the interest portion decreases, and the principal portion increases.

You can adjust your repayment schedule in certain cases, such as by refinancing the loan, opting for a different tenure, or making a lump-sum payment. However, this depends on your lender’s policies.

Missing a payment can lead to penalties, penal interest, and may affect your credit score.

You can track your repayment schedule through online loan portals, monthly statements, tracking loan repayment schedule is higher recommended

In a fixed interest loan, the interest is calculated on the entire loan amount throughout the term. In a reducing balance loan, the interest is calculated on the outstanding loan balance, which decreases as you make payments.