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What does part Pre-Payment means ?

April 26, 2017means pre-payment

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What does part Pre-Payment means ?

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Answer. Any additional payment other then the EMI (Equated Monthly Installment) to the bank is called part pre-payment. The minimum amount should be equal to your 3 months of EMI amount and maximum of any amount leaving your last 12 EMIs. This amount gets deposited in your principal section and next EMI would be charged based on the reducing principal amount.