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Loans

Tenure

In the world of finance, there exists a period known as the 'loan term'. This term refers to the time frame between the disbursement of a loan and the final payment, whether it be the last EMI or the closure of the loan. It is an essential aspect to understand as it affects the overall cost and duration of the loan. So, it is crucial to carefully consider the loan term before taking on any financial obligations.

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 ...

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Close Relatives

In accordance with section 6 of the Companies Act, the definition of a close relative who can serve as a guarantor includes a wide range of family members such as parents, c...

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Administrative Fee

Let's discuss the concept of administrative fees in the realm of housing finance. These fees are charged by the housing finance firm to cover their operational expenses. The...

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Amortisation

Amortization refers to the gradual decrease of a sum of money over a specific period. This is commonly seen in loan repayment, where the borrower makes regular payments to r...

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