Question

What is single sided repayment in loan account?

Answer 1

Single sided payment:

Single sided payment can be defined as the payment where the total principle amount is required at the end of its duration instead of every month installments.

The payment is done at the end of the duration. The loan is usually paid in a monthly installment with interest where in single sided payment, the payment is done on the whole. In this way, people don’t have to stress the money need in a monthly basis.  

Answer 2

In single sided repayment, total principle amount is required at the end of the duration instead of monthly installments, unlike loan which is paid on monthly installments along with interest. In single sided payment method, payment is done on the whole.

This method is considered as of great advantage as it releases the pressure from the people as they do not have to pay the money on monthly basis.