Repayment Plan

A repayment plan outlines the structured schedule and terms for paying off a debt over time. It is typically established between a lender and borrower to ensure the timely and complete repayment of a loan or credit obligation. The plan details the amount of each installment, the frequency of payments (e.g., monthly, bi-weekly), the duration of the repayment period, and any special conditions such as interest rates or penalties.