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Frequently Asked Questions
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What is the debt to income ratio?
Debt to income ratio is calculated by dividing a loan applicant’s total debt payment by his gross income.
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What is loan grading?
Loan grading is the classification of the loan based on various risks and parameters like repayment risk, borrowers credit history etc. The system places a loan on one to six categories, based on the stability and risk associated with the loan.
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What are the necessary documents a person requires to open an account in a bank?
As per the RBI advises banks to follow the Know Your Customer (KYC) guidelines where the bank obtains some personal information of the account holder. The primary documents that are needed to open an account are photographs, proof of identity proof like Aadhar card or Pan Card etc., and address proof as well.
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What are the types of accounts in a bank?
- Saving Account : You can save your money in such an account and also earn interest on it. The number of withdrawals is limited and need to maintain the minimum amount balance in the account to remain active.
- Checking Account : You can access the account as a savings account but, unlike saving account, you cannot earn interest on this account. The benefit of opening a checking account in a bank is there is no limit for withdrawal.
- Certificate of Deposit Account (CD) : By the opening of such an account you have to deposit your money for a fixed period like five years or seven years, and you will earn the interest on it. The rate of interest will be decided by the bank, and you cannot withdraw the funds until the fixed period expires.
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What is Amortization and negative amortization?
Amortization refers to the repayment of the loan by installment to cover principal amount with interest whereas, negative amortization is when the repayment of the loan is less than the loans accumulated interest, then negative amortization takes place.