What is the difference between EMI and a regular loan payment?

EMI (Equated Monthly Installment) and monthly loan payment mean the same thing — a fixed amount paid each month that covers both interest and principal repayment.

What happens if I pay extra toward my loan?

Extra principal payments reduce your remaining balance, cutting future interest charges and shortening your loan term. Even $50/month extra can save thousands in interest.

What is an amortization schedule?

A month-by-month breakdown showing how each payment splits between principal and interest. Early payments are mostly interest; the split shifts toward principal over time.

What is the APR vs interest rate?

The interest rate is the base borrowing cost. APR (Annual Percentage Rate) includes the interest rate plus fees and points, giving a more complete cost of borrowing for comparison.

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