The amount of future monthly payments do not change if you make higher payments than your installment amount.
If you make payments for future months, you will not need to pay future installments until the unpaid installments are due.
We currently allow only complete loan pay off. If you pay monthly installments higher than your payment due amount, it does not result in lowering interest on future installments. There are multiple reasons we don't do it including:
- the loan product will become complex and difficult to understand
- the contrary is also not true where we add interest to the principal and charge compounded interest rates
- as payment changes, borrower doesn't know how much they have to pay
- fixed interest rates and monthly payments help us lower interest rates for borrowers