APR-

Annual Percentage Rate, This term refers to the annual rate of interest charged to borrowers and paid to investors.

ACH-

Automated clearing House, bank-to-bank money transfer that's processed through the Automated Clearing House Network.

Borrower-

A person or an entity that takes money from someone else for various purposes.

Capitalized interest-

Capitalized interest is a second reason your loan may end up costing more than the amount you originally borrowed.

Charge-off-

The charge off means that the original creditor has given up on being repaid according to the original terms of the loan.

Collateral-

There is a word that almost everyone needs to be reared once in life, in which you do not have to submit any security. The second is secured loan. Such as home loan, car loan, gold loan, business loan.

Collection agency-

Consolidating your loans may make it easier to keep track of your loans if you have more than one student loan with more than one servicer or company.

Credit Bureau-

A credit bureau is an agency that collects and researches individual credit information and sells it.

Credit Score-

A credit score is a three-digit number that tells you a credit history. This number depends on the record of your transactions with bank and financial institution.

Debt-to-income Ratio-

This is a personal finance measure that compares an individual's monthly debt payment to his or her monthly gross income.

Discharge-

Loan discharge generally occurs in situations where the borrower can't repay the debt.

Grace period-

A grace period, typically of 15 days, is commonly included in mortgage loan and insurance contracts.

Interest-

Interest is calculated as a percentage of a loan balance, the amount is usually quoted as an annual rate, but interest can be calculated for periods that are longer or shorter than one year.

Lender-

The buyer of a bond is a lender. Lenders have specific borrowing guidelines to verify your creditworthiness to repay a loan.

Personal Loan-

While taking a personal loan, you generally do not need to pledge any security or collateral and the lender provides you the facility to use the money as per your need. It can become a solution for managing your travel costs and wedding expenses and medical emergency, home renovation, debt consolidation and other things.

Unsecured loan-

Secured loans are loans that the bank asks you to pledge any property to give. In an unsecured loan, the borrower does not have to mortgage any property with the bank. These loans are given solely by looking at the good financial condition of the borrower.

Variable Interest Loan-

These interest rates vary according to market conditions. This affects the monthly instalment paid to the bank. In this your EMI keeps going up and down, the maximum time interest rates are determined by a main loan. The rate of interest keeps on decreasing when the main loan rate is more or less. In floating home loans, the interest rate is fixed according to the market.

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