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Important personal loan glossaries that you must know

However, for a first-timer, understanding personal loan glossaries can prove tiring. If you do not know the jargon, you may find yourself at a disadvantage when comparing offers with different lenders. Today, we have put together a list of the top 27 personal loan terminologies that every borrower should be aware of to be able to choose the best loan product.

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Important personal loan glossaries that you must know

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  1. Top 26 Personal Loan Terminologies to Know

  2. Annual Percentage Rate (APR) • It includes interest rates and other fees associated with your loan.

  3. Automatic Payment • Your EMI is deducted from your account automatically on the due date.

  4. Arrear • It refers to missed instalments.

  5. Balance transfer • It means transferring your outstanding dues to the new lender at better terms.

  6. Credit bureau • The agency in charge of determining your credit score.

  7. Credit appraisal • Method of conducting risk profiling of the customer.

  8. Co-applicant • The one whose name appears on the loan application alongside yours. • They are equally responsible for paying EMIs.

  9. Deferment • Refers to a temporary break you take from paying regular instalments.

  10. Debt consolidation • It means repaying all your high-interest loans at once.

  11. Lien • Refers to the assets you offer to the lender as guarantee. • If you default, the lien gives the lender the power to seize your assets.

  12. No Objection Certificate (NOC) • Issued by the lender after the successful repayment of your loan.

  13. Foreclosure • Describes the situation in which you pay off all your outstanding debts before the due date.

  14. Now that you are aware of the key personal loanterminologies, you can sign the loan agreement confidently.

  15. THANKS! Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : customer.care@herofincorp.com Website : https://www.herofincorp.com/ Know More : Top 26 Personal Loan Terminologies to Know

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