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 5 Personal Loan Terminologies You Should Know

A personal loan is an amount disbursed by a lender, usually a financial institution, to a borrower. The amount provided through a personal loan can be used for any reason, be it personal, entrepreneurial, commercial or medical. As simple as the idea of a personal loan may seem, a number of people are unable to clearly comprehend the plethora of financial jargons used by banks. It is highly advisable, therefore, to fully understand the meaning of the following important elements before you request for a personal loan.

Tenure

’Tenure’ is the total period for which the personal loan amount is dispensed. This period begins from the date of disbursement. It reaches completion either on the date of closure of the loan, or on the date on which the last EMI payment is to be made, whichever comes first. Obtaining a personal loan from IndusInd Bank provides you with a tenure option of 1- 5
 5 Personal Loan Terminologies You Should Know

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