Financial Glossary

Credit Score

CIBIL

CIBIL is a credit bureau score used by lenders to assess credit behaviour and repayment history.

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Credit Utilisation

Credit utilisation is the percentage of available credit limit that you are using.

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Hard Inquiry

A hard inquiry is a lender credit check made when you apply for a loan or credit card.

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Home Loan

Pre-EMI

Pre-EMI is the interest paid on a home loan before full EMI repayment starts, often during construction-linked disbursement.

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Loans

APR

APR means Annual Percentage Rate, the yearly cost of borrowing including interest and certain charges.

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FOIR

FOIR means Fixed Obligation to Income Ratio and shows how much of your income is already committed to EMIs and obligations.

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Loan Foreclosure

Loan foreclosure means closing a loan before the scheduled end date by paying the outstanding amount.

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EMI

EMI means Equated Monthly Instalment, the fixed monthly payment made towards a loan.

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Interest Rate

Interest rate is the percentage charged by a lender for borrowing money.

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Processing Fee

Processing fee is a charge taken by the lender for evaluating and processing a loan application.

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Moratorium

Moratorium is a temporary period during which full repayment may be deferred as per lender terms.

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Loan Tenure

Loan tenure is the time period over which a borrower repays a loan.

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Principal

Principal is the original loan amount borrowed or the outstanding loan amount excluding interest.

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Prepayment

Prepayment means paying extra amount towards a loan before the scheduled due date.

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Secured Loans

LTV Ratio

LTV ratio means Loan-to-Value ratio, the loan amount compared with the value of collateral.

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