finance charge - This is the one time fees that the bank may charge for processing your loan
Interest rate - This is the rate at which you must pay the bank interest for availing the loan during the loan tenure.
Ex: Assuming you take a Rs. 1 lakh loan for 1 year at 10% fixed rate of interest and a 0.5% processing fee/finance charges
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Monthly payment = 9166.67/- (Out of this Rs. 8333.33 would be principal repayment & Rs. 833.33 would be interest)
Finance charges = Rs. 500/-
A service charge is typically a charge for a specific action that a company performs on an account or an order. A finance charge is an amount of interest that is charged on an amount of principal owed by a customer.
A finance charge is interest charged by a lender on the unpaid balance of a loan.
If a company has adopted 'Table A', it can charge interest on calls-in-arrears at the rate of
continuation of question that would be the maximum interest rate that a finance co can charge in the year 2011.
multi the unpaid balance by the monthly interest rate
A service charge is typically a charge for a specific action that a company performs on an account or an order. A finance charge is an amount of interest that is charged on an amount of principal owed by a customer.
A finance charge is interest charged by a lender on the unpaid balance of a loan.
A finance charge is interest charged by a lender on the unpaid balance of a loan.
If a company has adopted 'Table A', it can charge interest on calls-in-arrears at the rate of
Yes.
continuation of question that would be the maximum interest rate that a finance co can charge in the year 2011.
multi the unpaid balance by the monthly interest rate
yes it can
i need to know how a calculation of finance charge was figured out. it is a original loan at 18,084 for 12 yrs at 5.75% interest.
finance charge
Finance charge
If you buy it outright, there is no interest charged. if you finance it, laws on this vary by jurisdiction.