Repayment Terms

1. Loan Duration:
   Specify the length of time borrowers have to repay the loan. For example, it could be expressed in months or years.
   
   

2. Payment Frequency:
   Indicate how often borrowers are required to make payments. Common options include monthly, bi-monthly, bi-weekly, or weekly payments.
   
   

3. Amortization Type:
   Describe whether the loan follows an amortizing or interest-only repayment structure. In an amortizing loan, each payment includes both principal and interest, while an interest-only loan requires only interest payments during a specific period.
   
   

4. Payment Calculation:
   Explain how the loan payment is calculated. This may include factors such as the loan amount, interest rate, and loan duration
   
   

5. Prepayment Penalties:
   If applicable, mention any penalties or fees associated with making early or additional payments towards the loan balance.
   
   

6. Grace Period:
   If there is a grace period before the borrower needs to start making repayments, specify the duration and any conditions that apply.
   
   

7. Late Payment Policy:
   Outline the consequences and potential fees for late payments, including any grace periods and the impact on credit score.
   
   

8. Payment Options:
   Provide information on the available payment methods, such as automatic bank transfers, online payments, or physical check payments.