How to Make a Partial Payment for a Personal Loan 

A personal loan is a handy financial tool that helps in fulfilling varied monetary needs, be it paying for an emergency, funding education, or planning a dream vacation. A significant aspect of managing a personal loan effectively is understanding repayment options. One such option is making a partial payment. This blog post discusses the benefits and process of making a partial payment on a personal loan.

Benefits of Making Partial Payments on a Personal Loan

Partial payments refer to making repayments towards the principal loan amount before the scheduled EMI date. This helps in reducing the principal amount, which subsequently reduces the interest payable, thus saving a considerable amount over the tenure of the loan.

Making a Partial Payment: Steps to Follow

The procedure to make a partial payment can be summarized in the following steps:

Read the Loan Agreement

The first step is to read the loan agreement carefully to understand if the lender permits partial payments and to learn about the charges that may be levied for doing so.

Contact the Lender

Next, contact the lender and inform them about your intent to make a partial payment. They can guide you on the process to follow.

Calculate the Amount

Determine how much you can afford to pay as a partial payment. Remember, the aim is to reduce the loan burden without straining your finances.

Make the Payment

Choose the method of payment – online, through the bank, or by phone – and make the payment.

Fees and Impact of Partial Payment

While making a partial payment can save on interest, lenders may charge a fee for allowing such prepayments. This fee varies among lenders. The impact of partial payment on your loan terms can be significant. It reduces the principal loan amount and, therefore, the interest. This might lead to lower EMIs or a shorter loan tenure, depending on the terms agreed upon with the lender.


Making a partial payment on a personal loan can be an effective strategy to reduce your debt and save on interest payments. However, it’s important to understand the terms and conditions and the implications of such a step.

Start Your Loan Journey With Ruloans

At Ruloans, we believe in offering the right financial solutions that cater to your unique needs. Our expert team can guide you through the nuances of personal loan management, including making partial payments.

Frequently Asked Questions

What is a partial payment on a personal loan? 

A partial payment refers to making a repayment towards the principal loan amount outside of the scheduled EMI. 

How can I make a partial payment on my personal loan? 

You can make a partial payment by contacting your lender, understanding the terms, calculating the amount you can afford, and then making the payment. 

What is the impact of making a partial payment on a personal loan? 

A partial payment can reduce the principal amount, leading to lower interest payable. This can result in lower EMIs or shorter loan tenure.

Key Takeaways

A partial payment can be a good strategy to reduce your loan burden and save on interest. The process involves reading the loan agreement, contacting the lender, calculating the amount, and making the payment. Partial payments can impact your loan terms by reducing the principal amount and hence, the interest payable. Ruloans can help guide you through the process of managing your personal loans effectively.

Ready to efficiently manage your personal loan? Begin your loan journey with Ruloans today!

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