Debt Service Amount of payment due regularly to meet a debt agreement; usually a monthly, quarterly or annual obligation. Debt Service Reserve Term used to refer to cash reserves set aside by a borrower, either by internal policy or lender covenant, to repay debt in the event that cash generated by operations is insufficient. Default A personal loan over 12 months to discharge a duty.
The term is most often used to describe the occurrence of an event that cuts short the rights or remedies of one of the parties to an agreement or legal dispute, for example, the failure of the mortgagor to pay a mortgage installment, or to comply with mortgage covenants. Delinquent Hdfc bank personal loan processing fee a monetary context, something that has been made payable and is overdue and unpaid, Due Diligence Refers to the task of carefully confirming all critical assumptions and facts presented by a borrower.
This includes verifying sources of income, accuracy of financial statements, value of assets that will serve as collateral, the tax status of the borrower and any other material facts presented by the borrower.
If you are approved and wish to go ahead with the loan, you will be required to provide hdfc bank personal loan processing fee for a basic checking account where the money can be deposited and the repayments taken. During the working week, you can expect to see the funds in as fast as the next business day. Loan Terms. Just like any other form of credit you do not have to accept an offer if you do not agree to the terms or have simply changed your mind.
Before signing the agreement it is important that you go through these terms and make sure you fully understand them and decide whether the loan truly suits your financial situation. Remember that on top of the principal amount borrowed you will also be paying an Annual Percentage Rate of interest (APR).
This will be spread across each repayment installment. Anything you pay above the principal can be considered the "cost of the loan" and this needs to be factored into your decision.
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