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Aditya Birla Finance Personal Loan - Frequently Asked Questions

What is CIBIL?​​​​​

CIBIL stands for Credit Information ​​Bur​eau ​India​ Limited. CIBIL's aim is to fulfil the need of credit granting institutions for comprehensive credit info​rmation ​by collecting,collating and disseminating credit information pertaining to both commer​cial and co​nsumer b​orrowers, to a closed user group of members. Banks, Financial Institutions, Non-Banking Financial C​ompanies, Housing Finance Companies and Credit Card Companies use CIBIL's services. Data sharing is based on the Principle of Reciprocity, which means that only Members who have submitted all their c​redit data may access Credit Information Reports from CIBIL.​​​

The establishment of CIBIL is an effort made b​y the Government of India and the Reserve Bank of India to improve the functionality and stab​ility of the Indian financial system by containing NPAs while improving credit grantors' portfolio quality. CIBIL provides a vital service, which allows its Members to make informed, objective and faster credit d​ecisions."​

What Is KYC?

KYC stands for 'Know your Client', a term commonly used for the Client Identification Process. SEBI has prescribed certain requirements relating to KYC norms for Financial Institutions and Financial Intermediaries, including Mutual Funds, to 'know' their clients. This is in the form of verification of identity and address, financial status, occupation and other personal information.

What is a KYC Application Form?

A KYC Application Form has been designed for Individual and Non-Individual Investors separately. These forms are available on the Mutual Funds website, AMFI and Central Depository Services (India) Limited (CDSL). You may also approach your branch / distributor for a form. It is important to read the instructions printed on the KYC Application Form while filling the form.

What is Amortization?

Amortization is paying off debts in regular instalments over a period of time.

What is Pledge?

A right over the security is created in favour of ABFL. Hence shares cannot be transferred or sold by the customer or shareholder.

What is Un-pledge?

Removal of a pledge from the security to regain the rights over the security is called de-pledge.

What is Guarantor?

A Guarantor is a person who guarantees to pay for someone else's debt if he or she should default on a loan obligation.

What is an Escrow account?

We collect funds from you as part of your monthly mortgage payments, and deposit them into an account which we maintain on your behalf. We use the account to pay your real estate taxes, hazard insurance premiums, and if applicable, your flood insurance and/or mortgage insurance premiums. This allows us to ensure that your annual expenses for real estate taxes and insurance are paid in full and in a timely manner.

What is approved list of shares?

This is the list of shares/securities approved by Aditya Birla Finance against which loan can be availed subject to predefined hair cut or margin. Aditya Birla Finance has approved more than 500 shares with a haircut ranging from 25%-60% depending upon the scrip category. This list is subject to change from time to time

What is Haircut/ Margin?

This represents the amount reduced from the Current Market Value of the stock/ securities the client intends to pledge as collateral against loans to arrive at the loan eligibility.

What is Margin Call?

Margin call is the intimation given by the lender to the borrower for replenishing of the short fall in the market value of the collateral stipulated or the loan

What is Margin Shortfall?

Margin shortfall is the difference between your customers' loan eligibility and his loan/dues upstanding. This is caused when there is a reduction in the value of the customer's collateral/ securities. The minimum margin is defined in ABFL's Approved List of Securities for each company. Margin shortfall occurs when the margin falls due to a drop in the market price of the shares. As an illustration, assume the margin amount for a particular company is 25%. If the value of shares given is Rs. 100, loan provided is Rs. 75 and the margin is Rs. 25. If the value of shares falls to Rs. 95, the margin amount is now Rs. 20.  The shortfall of Rs. 5 must be recouped by the borrower in the form of cash or other collateral.

What is Top-up?

Top-up refers to the pledging of additional approved shares/ securities or making part repayment.

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Home Loan is a Secured loan offered against the security of a house/property which is funded by the banks and NBFCs the property could be a personal property or a commercial one. Home loans consist of an adjustable or fixed interest rate and payment terms.

 

Loan Against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Banks and financial institutions offer this LAP, which can either be a residential/commercial building or a piece of land.

 

A Business Loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. Banks and other financial institutions are there to provide you with suitable lending assistance.

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