1. Lender: The person who gives the loan, is called a lender. (கடன் கொடுப்பவர். )
2. Borrower: Borrower is the person who receives the loan. (கடன் வாங்குபவர். )
3. Principal amount: The amount which is borrowed is called the principal amount. Interest is calculated on the principal. ( முதன்மைத் தொகை. )
4. EMI: Equated monthly installment (EMI): A fixed payment made by a borrower to a lender at a specified date each month. (மாதத்தவனை. )
5. KYC: Know your customer (KYC): KYC enables banks to know and understand their customers better. KYC documents include: Identity proof, residential proof, age proof, and copy of bank pass book / bank statement. (வாடிக்கையாளர்களின் முழு விபரங்கள். )
6. Eligibility criteria: Eligibility criteria lists certain norms that are needed for you to qualify for getting a loan. The documents may vary for different loan products. Usually, eligibility is dependent on the borrower's salary, number of dependents, whether the borrower has other loans to repay, etc. (கடன் வாங்குவதற்கான தகுதி. )
7. Tenure: time duration. Loan tenure means: The time period for which the loan is approved. For example: 60 months. (கடனைத் திருப்பி செலுத்தும் காலம். )
8. Disbursement: to pay out money. (பணம் செலுத்துதல். )
9. Interest rate: (வட்டி விகிதம். )
Interest means: A fee paid for the using someone else's money.
An interest rate is charged on the amount that has been borrowed. It is paid by the borrower to the lender.
10. Down payment: It is the initial (upfront) payment that needs to be made when taking a loan.
E. g. If a person is taking a home loan, then he or she may need to make an initial down payment which could be between 15 to 30 per cent. (கடன் வாங்கும் போது முதன்முதலில் கட்டும் தொகை. )
11. Processing fee: This is the fees that the bank charges to process the loan. (சேவை விலை. )
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