A prepaid credit card refers to a payment card that you can preload with a specific amount. You can perform various financial transactions with this card, like purchases, bill payments, cash withdrawals, etc. It is different from debit and credit cards because instead of borrowing funds or using funds from your bank account, you use …
Post Type Archives: Glossary
Prepayment
Prepayment is the payment you make over and above the regular EMIs you pay during the repayment of a loan. A prepayment may be in part or full which is called part-prepayment or foreclosure, respectively. Prepayment helps you pay off the early and become debt-free faster. It also reduces the total interest you pay on …
Prime Rate
What does it mean? The prime rate is the interest rate at which banks lend to customers or businesses with the highest credit rating or simply the most creditworthy customers. Points to remember It is used on many short-term loan products which include adjustable mortgage rates, automobile loans, credit cards, and home equity loans. The …
Profit and Loss Statements
What does it mean? Profit and Loss Statements are similar to income statements. They maintain a record of a business’s net income and costs for any given period of time as well as the ability of the company to generate profits in synchronization with other factors. Points to remember These statements are usually used …
Property Tax
If you are looking into purchasing a property, be it residential or commercial, you may be wondering what is property tax. It is the amount you need to pay the government for the property you own. The tax amount is based on the property’s value, the area, construction, and other factors. The local government or …
Prospectus
If you are a beginner at investing, you may be wondering, what is a prospectus? To answer the question, a prospectus is a formal document that a company issues while issuing investment securities to the public. It contains details about investments like stocks, bonds and mutual funds. It also includes information like performance, associated fees …