Knowing these terms will help secure personal loan easily

By: admin3 comments

Many of us are not aware of the financial terminology which is used while we pursue a personal loan. If you know the terms and their meaning you will be able to talk more confidently and will be able to get a better deal on your personal loan.
Loankumar.com is the best personal loan provider in delhi ncr and is transparent with all the terms and conditions. With loankumar you can rest assured that you get best deals for your personal loans and also the most competitive interest rates.

Given below are some commonly used terms in loan and financial terminology which will help you understand all different dimensions about personal loans:

  • CREDIT RATING

An assessment of the credit-worthiness of individuals and corporations, based on their borrowing and repayment history.

  • BASIS POINT

A basis point is equal to 0.01% interest. For example, 50 basis points is an interest rate of 0.50%.

  • EMI

EMI stands for easy monthly installment and is a great way to pay back the loan. A small payment is made regularly (monthly) and it carries on till a fixed tenure.

  • CURRENT RATE

The interest rate advertised by institutions, not including fees, discounts and special offers.

  • CONOLIDATION LOAN

Debt consolidation means taking out one loan to combine and repay multiple loans or credit card debts that you may have. This is often done to secure a lower interest rate, secure a fixed interest rate, or for the convenience of repaying only one loan at a time.

  • DEFAULT

When a consumer fails to fulfil obligations to make the necessary repayments on a loan.

  • REDRAW

A loan feature that enables the borrower to withdraw extra repayments they’ve already paid towards the loan. Usually, this is only allowed if they are far enough ahead on loan payments. This is not available on all loans.

  • REPAYMENT HOLIDAY

A period of no payments, which the borrower can apply for if they are ahead on their payments.

  • GUAREENTEE

Any undertaking that promises to pay an amount of funds upon the presentation of a claim or some other defined event. If you have a guarantor co-sign your personal loan with you, then they are required (“guaranteed”) to pay your monthly repayments if you do not make your required repayments (a “default”).

ABOUT US

Loankumar.com is one of the best and fastest growing website and loan provider in the Indian financial retail space. We provide all different kinds of loans like personal loans, business loans, home loan and loan against property. We provide loans at competitive interest rates which are much lower in the market rates.

Our entire focus is to provide customer delight and satisfaction. We leave no stone unturned and make all possible efforts to see to it that our customers are satisfied and happy.

The best part is that we do not take too much time in processing the loan. Our loan dispersal is much quicker and faster than other banks and financial institutions. We are a no-nonsense organization which makes sure that the customer is happy and satisfied..

Personal Loan in 2 Min. Instant Online Approval  – Contact Us

 

Related post

Comments

  • All About Personal Loans Provided by Loankumar.com - LoanKumar

    July 24, 2018

    […] Also Read –  Knowing these terms will help secure personal loan easily […]

  • Benefits of Taking Loan against Property in India - Loan Kumar

    July 24, 2018

    […] Knowing these terms will help secure personal loan easily […]

  • Problems faced while applying for a loan- Loankumar

    July 24, 2018

    […] Knowing these terms will help secure the personal loan easily […]

Leave A Comment

WhatsApp chat Live Chat