Exploring monthly payments for recovery loans.
Let's uncover what makes up your recovery loan – two important parts: capital repayment and interest payment. We define the two below:
Imagine this as steadily paying back the money you borrowed. Every month, you'll put in the same amount until the loan is completely paid off.
Think of this as a little extra you pay on the remaining amount you owe. As you repay the loan, this extra bit gets smaller each month. So, your first payment is the biggest, and your last payment is the smallest. It's like a financial journey with smaller steps as you go along.
Learn more about how the Recovery Loan Scheme works
Head to our dedicated page to understand more about the ins and outs of the Recovery Loan Scheme.