Terms

Owned by Nisha Kumari (Unlicensed)
Last updated: Jun 22, 2023
2 min read

OBJECTIVE

In this section of the manual, you will know about the basic terms.

  1. Once you create the credit line account, you will see the below screen containing different tabs. Click on ‘Terms’.

2. Once you click on ‘Terms’, you will see the following terms:

  • Interest Rate (APR): It refers to the yearly interest generated by a sum that's charged to borrowers or paid to investors. APR is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan or income earned on an investment.

  • Billing Day: It refers to the specific day or date on which the institution generates and issues billing statements or invoices to its customers. It is the day when the institution calculates and presents the charges, fees, and transactions incurred by the customer during a specific billing cycle.

  • Maximum Usage Limit in a Billing cycle: It refers to the maximum allowable amount or limit that a customer can utilize or spend on a particular financial product or service during a specific billing cycle. This limit is set by the financial institution and can vary depending on the type of product, such as a credit card or line of credit.

  • Due Day: It refers to the specific date on which a payment is required to be made by a customer. It represents the deadline by which the customer must settle their financial obligations, such as making a payment on a loan, credit card balance, or any other financial product or service.

  • Valid till: It refers to the expiration date of a specific financial instrument, typically a credit or debit card. It is the date after which the card should no longer be used for transactions, as it becomes invalid.

  • Maximum Amount Due: It refers to the highest or maximum outstanding balance that a customer owes on a particular financial product or service. It represents the total amount that the customer is required to pay to settle their financial obligation.