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 …