In our previous blog, we had discussed about how the loan facility has made our life and work much easier. We also discussed about the important concept of EMI that is being associated with the loans that many of us can opt while buying a property, or any other important purposes. So, in this blog we will discuss about what loan payment schedule really means.
Want to know how to monitor the interest, and principal amount that you are paying for the loan you have opted for? Need further information about your loan EMI payment of the specific month? Well, let us know all these right after exploring the section of Loan Payment Schedule.
What is the significance of Loan Payment Schedule?
This term also known as amortization schedule, a tabular presentation of the loan you have opted for, with the EMI payment you need to pay for the loan. With this table you can draw information regarding interest, and principal portion of your particular EMI payment. It helps the lender/investor to audit how the loan payment is being made, studying in details as to how much of loan is left or how the loan is being paid. The table also displays data related to the time period of the loan payment, EMI, outstanding/remaining loan, interest and principal payment. This tabular presentation proves to be very useful in case you want to foreclose the loan, or just wish to refinance the loan.
If you have applied for a loan and have been paying EMI from the past several months, and you need to know how much you have already paid as an interest and principal amount, then you must check the loan payment schedule today! Stay connected for upcoming blogs.
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