What is the Commitment Fee?

January 5, 2018

Commitment Fee refers to the fee charged by the creditor for unused credit to the borrower. The credit is not completely disbursed by the lender in one go to the builder or the borrower. The disbursal of loan is thus many times linked to the completion of...

What is the meaning of Chattel Mortgage?

January 2, 2018

Chattel Mortgage is a legal term which refers to loans backed by personal movable property or chattel. It is different from traditional loans wherein people used to provide real estate as a security to the loan issuing bank or authority. However, in chattel mortgage, the bank holds...

What is Bank Rate?

November 30, 2017

Bank Rate is defined as the rate at which Central Bank gives loans to other domestic banks like commercial banks, cooperative banks, development banks etc. The loans are generally given on a short-term basis. It is the way the Central Bank manages the economic activity in the...