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Loans

Annual Reducing Method

Let's dive into the concept of diminishing balance method, a technique used to calculate interest on loans. The reduced principal is taken into consideration at the end of each year, but since loan repayments are based on Equated Monthly Installments (EMI), the interest is calculated on the original loan amount for twelve months. Afterward, the payments towards the principal are factored in. This approach may not be the most advantageous for borrowers.

Total initial payment

When purchasing an asset, the customer is required to make an initial payment. This payment not only covers the cost of the asset, but also includes any service charges and ...

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Acceptance Letter

When you receive your sanction letter, it is important to carefully review the terms and conditions of the loan. If you are satisfied with the terms, you must then confirm y...

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Flexible installment

When determining the installment amount, it is crucial to consider a changeable benchmark. This benchmark serves as a reference point for evaluating the success of an investm...

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Sale Agreement

A sale agreement is a legally binding contract between parties that outlines the terms for dealing with a property. It grants the right to obtain a sale deed which specifies...

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