{"id":10348,"date":"2020-07-06T05:55:26","date_gmt":"2020-07-06T05:55:26","guid":{"rendered":"\/blog\/?p=10348"},"modified":"2023-06-21T11:09:03","modified_gmt":"2023-06-21T11:09:03","slug":"decoding-loan-jargons-personal-loan-glossary","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/decoding-loan-jargons-personal-loan-glossary\/","title":{"rendered":"Decoding Loan Jargons &#8211; Personal Loan Glossary"},"content":{"rendered":"\n<p>Browsing\na personal loan website, but not sure what to make of it?<\/p>\n\n\n\n<p>When it comes to financial matters such as loans, certain terms can be a little confusing to understand. Here is a personal loan glossary that explains all the jargon that you are likely to encounter in the approval process and loan documents.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Application fee:\u00a0Some lenders charge an application fee for the processing and sanction of the loan. You should look for a lender that charges the lowest fee.<\/li><li>Borrower:\u00a0A borrower is a person (in this case, you) who applies for the <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan.html\" target=\"_blank\" rel=\"noreferrer noopener\">instant personal loan <\/a>and receives the funds. As the borrower, it is your responsibility to repay the loan in the stipulated time.<\/li><li>Credit score:\u00a0A credit score, sometimes referred to as the CIBIL score, is a number that determines your <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/eligibility-calculator.html\" target=\"_blank\" rel=\"noreferrer noopener\">personal loan eligibility<\/a>. The higher the score, the better rate of interest will be offered to you. You must aim to maintain a score between 750 and 900.<\/li><\/ul>\n\n\n\n<p><strong>Additional Read<\/strong>: <a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/a-cibil-score-can-help-avail-a-personal-loan-with-ease\/\">How Can Your CIBIL Score Help You Avail A Personal Loan With Ease?<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Collateral:\u00a0Sometimes, lenders ask you to sign an asset as security while applying for a loan. If you are unable to repay your installments, the lender can take over your asset to make up for the failed payment.<\/li><li>EMI:\u00a0Equated monthly installments (EMI) are the repayments that you make to clear your debt within the loan tenure.<\/li><li>Personal loan EMI calculator:\u00a0You can use an online personal loan emi calculator to ascertain the value of each instalment for a specific amount and tenure. Lenders offer this feature to make it easier for people to understand their debt liability and make an informed decision.<\/li><li>Late payment fees:\u00a0When you apply for a loan, you agree to pay the installments on a specified date every month. If you fail to make the repayments, the lender can charge you a late payment fee, in addition to your regular instalment amount.<\/li><li>Interest rate:\u00a0<a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/rates-and-charges.html\" target=\"_blank\" rel=\"noreferrer noopener\">Personal loan interest rates <\/a>are charged by the lender. They are paid over and above the loan amount. Every loan provider has their own criteria for each applicant, but they are predominantly decided based on your loan amount, credit history, loan tenure, etc. Interest rates can be of two types:<ul><li>Fixed interest rates:\u00a0These remain fixed during the entire term of the loan.<\/li><\/ul><ul><li>Floating interest rates:\u00a0These can vary across the term depending on the market conditions.<\/li><\/ul><\/li><\/ul>\n\n\n\n<p><strong>Additional Read<\/strong>: <a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/what-is-the-difference-between-a-fixed-and-a-floating-interest-loan\/\">What is the Difference between Personal Loan Fixed Interest Rates and Floating Interest Rates?<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Tenure:&nbsp;This refers to the\nperiod within which you will have to pay back the personal loan.<\/li><li>Part prepayment:&nbsp;If you find yourself with\nsurplus funds in the future, you can pay back your loan in lump sum payments\ninstead of following the EMI calendar. However, some lenders may charge an\nadditional fee for this.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>A personal loan is a relatively straightforward and uncomplicated form of credit that can be used by most people to cover their financial needs. These terms will help you understand the stipulations of your loan agreement better further simplifying the process. It also helps to choose a reliable and trustworthy lender like Tata Capital that offer a <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/documents-required.html\" target=\"_blank\" rel=\"noreferrer noopener\">personal loan with minimal documentation <\/a>and lots of benefits. <\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background\" href=\"https:\/\/tata-blog.osian.dev\/online\/loans\/personal-loans\/apply-now-personal-loan#!\">Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Browsing a personal loan website, but not sure what to make of it? <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/decoding-loan-jargons-personal-loan-glossary\/\n\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":10349,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-10348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-use-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Common Personal Loan Jargons Everyone Must Know\u2013 Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Read this personal loan glossary with all the common jargons used by the finance experts. Read now, and become well-versed with all the Personal Loan terminologies.\" \/>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Common Personal Loan Jargons Everyone Must Know\u2013 Tata Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Read this personal loan glossary with all the common jargons used by the finance experts. Read now, and become well-versed with all the Personal Loan terminologies.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/decoding-loan-jargons-personal-loan-glossary\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-06T05:55:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-21T11:09:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2020\/07\/decoding-loan-jargon-personal-loan-glossary-banner.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tata Capital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tata Capital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/decoding-loan-jargons-personal-loan-glossary\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/decoding-loan-jargons-personal-loan-glossary\/\",\"name\":\"Common Personal Loan Jargons Everyone Must Know\u2013 Tata Capital Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\"},\"datePublished\":\"2020-07-06T05:55:26+00:00\",\"dateModified\":\"2023-06-21T11:09:03+00:00\",\"author\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\"},\"description\":\"Read this personal loan glossary with all the common jargons used by the finance experts. 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