Part-payment refers to the amount transferred towards the reduction of the principal due under the loan amount. For example, if ₹30,000 is transferred towards a loan of ₹1 Lakh, then the new balance principal amount becomes ₹70,000 assuming that no other amount is overdue. In the future, installment amounts would be calculated on this updated balance principal.
What is part pre-payment? How does it change balance principal? Print
Created by: Deepak Abbot
Modified on: Mon, 10 May, 2021 at 12:21 PM
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