What Is Mode Of Repayment Class 10?

What are terms of credit class 10th?

Terms of credit comprise interest rate, collateral and documentation requirement, and the mode of repayment.

*The terms of credit vary substantially from one credit arrangement to another.

They may vary depending on the nature of the lender and the borrower..

What is mode of repayment in SBI?

5. MODE OF REPAYMENT: Check-off facility or Post Dated Cheques for the Repayment period given or SI from the borrower’s salary/ pension a/c with our Bank. In case of Rent Plus the lessee(s) can pay the monthly rent to the Bank directly if the agreement so specifies.

Which bank is best for home loan?

Best Bank for Lowest Home Loan Interest RateCitibank banks are the best choice for home loans with their lowest interest on home loan starting from 6.75%.Axis bank, ICICI Bank, and Kotak Bank are the best banks for home loan as they have quick loan disbursal with low-interest rates.More items…

What is the best definition of money?

Money is a generally accepted, recognized, and centralized medium of exchange in an economy that is used to facilitate transactional trade for goods and services. The use of money eliminates issues from the double coincidence of wants that can occur in bartering.

What is the main source of income for Bank?

InterestInterest received on various loans and advances to industries, corporates and individuals is bank’s main source of income. Interest received on various loans and advances to industries, corporates and individuals is bank’s main source of income.

What is mode of repayment?

The act of paying back the borrowed money to the lender is known as Repayment. Repayment is usually done in the form of periodic payments and each payment goes in favor of principal plus interest. Default in the repayments of the loan during the tenure due to any reason can cause an adverse effect on the credit score.

What is interest rate Class 10?

(i) Interest rate- Every loan agreement specifies an interest rate which the borrower must pay to the lender along with the repayment of the principal. … (iv) Mode of repayment- This refers to the manner in which loan would be repaid.

What is salary transfer loan?

a. Salary Transfer Loan: This is most probably the first loan one can avail from the bank where the customer holds a salary account. These loans are low in interest rates compared to the other personal loans without a salary transfer. Banks offer competitive interest rates for their customers for such loans.

What is EBLR?

EBLR stands for External Benchmark Lending Rate. SBI has adopted Repo Rate as the external benchmark to link its floating rate home loans with effect from 01.10. 2019.

What is CIF number?

Customer Information File (CIF) contains the valuable banking information of an account holder in a digital format. Every file is assigned a unique number which pertains to every bank customer. CIF Id is a unique 11-digit number with the bank. You may be asked about it from the bank in future.

What is barter system class 10?

04/10/2016. Barter is a system of exchange where goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money.

What is DDO in SBI?

CHEQUE DRAWING DDO. • CHEQUE DRAWING DDO MEANS A DRAWING. AND DISBURSING OFFICER FUNCTIONING UNDER A MINISTRY OR DEPARTMENT WHO IS AUTHORISED TO DRAW MONEY FOR A SPECIFIED TYPES OF PAYMENTS AGAINST AN ASSIGNMENT ACCOUNT OR LETTER OF CREDIT ACCOUNT OPENED IN HIS FAVOUR IN A SPECIFIED BRANCH OF AN ACCREDITED BANK.

What is loan and its types?

A loan is when you receive money from a friend, bank or financial institution in exchange for future repayment of the principal and interest. They can be unsecured, like a personal loan or cash advance loan, or they may be secured, like a mortgage or home equity line.

What is collateral class 10th?

Collateral (Security) is an asset that the borrower owns (such as land, building, vehicle, livestocks, deposits with banks) and uses this as a guarantee to a lender until the loan is repaid. If the borrower fails to repay the loan, the lender has the right to sell the asset or collateral to obtain payment.

What is Globalisation for class 10th?

Answer: Globalisation is defined as the integration between countries through foreign trade and foreign investments by multinational corporations (MNCs).

What is the difference between interest on deposits and interest on loans Class 10?

Answer: Banks charge a higher interest rate on loans they extend than what they offer on deposits. The difference of interest is the main source of income of banks. Question 13.

What is money in economics class 10?

Money and Credit Class 10 Economics Notes. Back to Lesson. Money. Money can be defined as anything that act as medium of exchange, store of value and unit of accounting to facilitate the economic activities and transactions. E.g. Currency – paper notes and coins, Demand Deposits, Bankers Cheque.

What is full check off?

In case of full check-off, the organization deducts the loan installment in full from its employees’ salary and remits the same to the bank (loan provider). In case of no check-off, there is no deduction from employees’ salary and employees have to remit the loan installment to the bank themselves.

What is loan against salary?

Loan against Salary is a special personal loan, which is an option for salaried people to meet their self and family exigencies, such as, medical emergency, higher educational expenses of children, house renovation, tour or wedding expenses etc.

What are the advantages of money?

Advantages of Money: 8 Important Advantages of Money– Explained!Money has overcome drawbacks of barter system. … It facilitates exchange of goods and services and helps in carrying on trade smoothly. … Money helps in maximising consumers’ satisfaction and producers’ profit. … Money promotes specialisation which increases productivity and efficiency.More items…

What are the functions of money class 10?

Money’s most important function is as a medium of exchange to facilitate transactions. In order to be a medium of exchange, money must hold its value over time; that is, it must be a store of value. Money also functions as a unit of account, providing a common measure of the value of goods and services being exchanged.