Introduction It doesn’t matter how much money you earn if you don’t know how to repay your loans. Though, the process of loan repayment is like a puzzle – every piece has to fall into its place-repaying loans is the first step to attaining control over your financial future. On the path of loan repayment, every door that has been locked by your inability to repay your loans will be opened. However, the credit score will improve and the blueprint for digging the well; it means that if people maintain their financial progress and pay their debts on time, they can solve the debt problem and reach their financial objectives. Facebook Whatsapp Linkedin Instagram X-twitter Meaning of loan repayment Repayment means the act of repaying a loan, the main component of which is the amount borrowed from the principal, and also other charges for the use of money – interest and penalties paid to the lender. Specifically, one can complete this process through a string of payments, generally called installments, which a borrower pays periodically. Overall, timely repayment of loans is important to have a good credit rating, no penalties, and financial stability. Components of loan repayment Well, here are some