Term loan are loans offered by banks and financial institutions to borrowers who will have to repay the amount in a specific repayment schedule with floating interest rates. Term loans are generally offered for businesses. Term loans are borrowed for the operations of small business units; it is not a personal loan. The loan amount… Read More »
Savings Bank Accounts are meant to promote the habit of saving among the citizens while allowing them to use their funds when required. The main advantage of Savings Bank Account is its high liquidity and safety. On top of that Savings Bank Account earns moderate interest. Savings Bank Account can be opened in the name… Read More »
It is very important for a borrower to understand the meaning of teaser loans before taking up a home loan. Teaser loans are home loan offered to attract new home loan borrowers. The loans offer low fixed interest rates for the first two years of the tenure and from the third year the interest rates… Read More »
According to a recent press release, Mr. Pratip Chaudhuri, SBI’s new chairman said that the bank will try to enlarge its market share without having any negative effects on the bank’s margins and profitability. He said that the bank has decided to reconsider its business areas where it has faced problems with the non-performing assets.… Read More »
When a loan is given by a lender along with it some repayment schedules are also laid down. The repayment schedule may be weekly, monthly or annual. If any of these payments are missed, the loan is said to be defaulted loan. Any defaulted loan will be affecting the credit history of the person who… Read More »
Credit history is a report which documents anything related to how an individual managed their financial transactions. The Credit Information Bureau (India) Limited (CIBIL) was incorporated in 2000 by the Government of India and the Reserve Bank of India to provide credit information about commercial and consumer borrowers to a limited group of members, including… Read More »
The cash surrender value is the amount of cash a policyholder gets from the life insurance company if he/she actually surrender/cancel a life insurance policy before its maturity or becomes payable by death . This amount is net of any surrender charges and outstanding policy loans and interest thereon. The cash value of the policy… Read More »
What happens when one puts a rubber ball down on the floor? Simple it bounces back. So what can be a bounced cheque? A bounced cheque is nothing but a cheque that is returned by the bank because the account holder who offered the cheque does not have sufficient money to honour the cheque (do… Read More »
Having a home is everybody’s dream. There are a variety of home loans available today. Choosing the most suitable loan available is the only thing to be done. After a few years of repayment of the loan, the repayment scheme or interest rate may turn out to be unsuitable to a person. The interest rate… Read More »
A demand draft (DD) is a cheque where the written amount is paid by the financial institution rather than the individual drawer’s account. When an individual requests for banker’s draft he/she must immediately transfer the amount of the draft along with any applicable fees and charge from their own account to the bank’s account. In… Read More »