What is the 'first payment' and 'last payment' in my repayment schedule? Why am I charged with it?
First Payment:
Includes the scheduled payment and odd day interest (ODI) from the loan drawdown date to the day before the first installment date. You're charged to cover the interest accrued during this gap.
Last Payment:
The final installment to settle the loan, adjusted for any remaining balance. You're charged to fully clear any outstanding principal and interest.